Entrepreneur: individual who starts own business or who agressively expands existing ones, organize other production factors for purpose of producing goods or services, and assume risks of running business
Franchisee: party who is granted franchise Franchiser: party who is granting franchise to franchisee Franchise: license or privilege granted by corporation (franchiser) to another corporation or individual (franchisee) for a particular product or service with an advertised trade name (e.g. Tim Horton's) |
Article Excerpts:
"The founder and director of operations of Vancouver-based Wow 1Day Painting achieved great success running his business, but when he decided to turn it into a franchise the challenge became convincing others to recognize the potential. For the next 10 years, he built and ran a successful business. In the spring of 2008, he lost a lot of jobs to painters who were accepting work at low prices to stay in business. In July, 2010, Mr. Bodden was getting frustrated and he decided to try to find a business partner who had experience selling franchises. About that time, the founder and CEO of 1-800-GOT-JUNK, Brian Scudamore, was looking for someone to paint his house. Shortly after that Mr. Scudamore became Mr. Bodden’s partner and the company was renamed Wow 1Day Painting. Mr. Bodden became the first franchisee and Craig Jooste, who was the director of initiatives for 1-800-GOT-JUNK, purchased the second franchise. Mr. Jooste also became the company’s managing director, responsible for the corporate operations of the company. Mr. Scudamore’s 22 years of experience with 1-800-GOT-JUNK helped him understand that they weren’t looking for painters to become franchise owners – they needed to find business-minded people who understood that quality and speed can be done together." |