Entrepreneurship is all about starting a business and having ideas to maintain the business. Howard Stevenson defines entrepreneurship as “exploiting an opportunity regardless of the resources currently available.” Adding to this, he elaborates “the key to this perspective is the focus on opportunity” (not on resources).
Entrepreneurs can only gain success when they invest so much of their time, money, skills etc in their business. Entrepreneurship involves a lot of risks and failures, these risks which when undertaken well, can be outsmarted. An entrepreneur undertakes the risks ranging right from the inception of the business idea till the time the business is established.
Competition in business has made it business men and women to seek for other ways that are less risky and rewarding. It requires a great deal of efforts to start a business in any sector. But a budding concept for establishing a business for any entrepreneur is to tread on the franchise path.
Franchising in business involves being in business for yourself but not by yourself. this means that you have a business relationship in which a business owner uses you to market their goods and use their business name for a fixed period of time. this creates great business opportunities for young entrepreneurs to become successful. Franchising is inevitable because it offers aspiring new business owners the best possible chance of succeeding. Franchising in business is important for the following reasons;
· It helps to reduce business risks because franchising involves using a system that works.
· It provides training which can starters turn into business experts.
· It also helps to create a sense of independence making beginners feel like their own bosses.
· An entrepreneur receives financial assistance from the franchisor, as he/she makes arrangements with the banks and other financial institutions to lend money.
· It also helps you get mentor support which will help you to be competent in your operations.
· It helps you to get more customers because you were in the business already and know how to fetch customers for yourself.
Franchise investment is one of the safest businesses that involves less cost and more revenue. Besides this, indulging in business franchising is a win-win situation for the three parties involved—franchisor, franchisee and the end-user of the product/service.