Hello everybody! I am so glad to hold this chance to come and talk for you here today. First of all allow me present myself. My name is Mark Rice and I am the dean of Babson Business School and specialized in entrepreneurship which I will be taking about today. In this address I will be taking about what it takes to get down up your ain concern and what you have to most cognizant about when you do it. I will be taking about how other enterprisers successfully started their concerns and what pros and cons about get downing a franchise can be. Then I will pull some attending to some of the most common errors and booby traps in get downing a franchise and how to avoid making them. Last I will discourse the increasing success of the franchise construct as a manner to get down your concern from abrasion. And when I am done taking there will be an chance to notice and inquire inquiries about the address. so please keep your inquiries to after the address. thank you. So what does it take to get down your ain company and go your ain foreman? First you have to hold a good thought or construct to get down with.

This can be whatever comes into your head to foremost. but it has to be something you are good at. It can be something that has already been done earlier. the key is merely that it is something you are good at and hopefully besides better than others. When you have found your concern thought it is all about making the right research on the sector you are traveling in to. Make certain that you are suited for the challenge of running your ain concern. But before you take the large measure and open your concern you have to hold the fundss it takes. It is besides a good thought to engage a attorney and comptroller to do certain that the legal and fiscal rudimentss are O.K. . If you do non hold an thought of your ain and if you are non certain how to get down your concern from the underside. you can travel with a franchise. A franchise theoretical account of concern is where you buy an bing thought and get down your ain concern in that name. Some of the most known franchises are McDonalds. Burger King and 7 Eleven.

One of the possibly less know franchises amongst these elephantine corporations is Cold Stone creamery. who sell their homemade ice pick in 1200 different locations all across the provinces. Two of these shops are run by franchise taker. Gino Frerich. She started up with merely one shop. but her thrust and passion for the merchandise of the franchise gave life to hive away figure two non long after and she has programs of opening a 3rd. I spoke to her and she said that the most of import thing as an enterpriser and franchise taker is to hold the “I will make whatever it takes” attitude. She besides spoke to me about so of the downsides of holding a franchises.

The fact that you are your ain foreman is something you have to take really earnestly because you are on your ain. Even though the franchise helps you in the start with acquiring the belongings and building the shop. you have to hold in head that the franchise is interesting in their ain net income and non yours. The 5 most common errors for new franchise takers are: holding excessively small hard currency. believing to little. scanting on the engineering available. undervaluing the importance of gross revenues and losing focal point. All these errors can be avoided if you plan in front and have a clear vision of what you want to make with your concern. But the most of import thing is to hold the thrust. Entrepreneurship is non for everybody and if you are non able to set to the ever-changing landscape of entrepreneurship and seeing the chances that are presented to. it can be a difficult clip acquiring the concern running.

So to cite up the thing I have talked about today. If you have a great concern thought. by certain to believe it through over and over once more until you are 110 % certain that this is something you want to make. Find the sector of concern that is the best for you and do certain to be in front of the competition. If get downing really own does non work out. franchising is besides a good option to get downing your ain. You still hold your ain concern but the construct you are running have already been tested and it is about certain to keep up. the remainder is fundamentally up to you. Thankss you for holding me here today. you have been a great audience. and if you have any remarks are inquiries about what I merely said. now is the clip ask. Once once more. thank you.