Two speakers compare starting a business from scratch versus buying a franchise. Starting your own carries higher risk but lets you build something entirely new. Franchises offer a proven model with less uncertainty, though you're working within someone else's system.
What's the difference between, like, going out and starting your own business versus buying the rights or actually buying an existing franchise that's out there?
One, they both work, right? So to start, I would never discourage anyone from just putting themselves out there, taking a chance to create wealth and to be financially independent. So if you want to hang your own shingle, which is option number one, just go out and do your own thing. Great. I think those folks tend to be a little more entrepreneurial, and they're definitely taking on way more risk than someone that joined a franchise system where the concept was already created. Now, granted, someone can say, well, I'm going to home care. I didn't create it, but I'm going to create my own home care agency and I'm going to scale it. Great. Some folks say I'm going to hang my own shingle and I'm going to go create something, you know, like star, like Elon, you know, he's just creating things and PayPal and, you know, electrifying the phone book and all the things that this guy did. That, that, that to me is visionary entrepreneur.
“Grit is Good” and How to Keep Getting up When Your Business Gets you Down
