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Chapter 1. Franchising as Entrepreneurship > Modeling Entrepreneurship[2]

Modeling Entrepreneurship[2]

Let’s assume for a moment that you’ve selected a franchise opportunity and completed your investigation of its potential. How will you integrate your entrepreneurial goals with the mechanics of running a franchise? In a nutshell, you will recognize and shape the opportunity to identify both the resources required and the appropriate team. This opportunity is the cornerstone of the entrepreneurial process. Let’s talk briefly about how to recognize an opportunity.

The Opportunity: The Core of Entrepreneurship

Bill Gates once said, “Vision is the easy part.” But when you think you have the vision, the good idea, your very next question must be, Is it an opportunity? You must understand what separates an opportunity from an interesting idea. Think in terms of three subsets of opportunity recognition: market demand, market size and structure, and margin analysis. Let’s examine each concept in turn and make the links to franchising.


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