Black MBA - Spring 2008 - (Page 89)

ENTREPRENEURSHIP | How to… | Franchising Opportunities in Japan How to… Buy a Franchise Understanding the Basics of Acquiring a Franchise By Matthew Shay, President and CEO, International Franchise Association GET READY FOR THE NBMBAA® ENTREPRENEURIAL INSTITUTE Co m e e a rly t o t h e 3 0 t h A n nu a l Conference and Exposition September 17-20 in Washington, D.C. and attend the inaugural NBMBAA® National Entrepreneurial Institute, sponsored by Wells Fargo. Beginning with an opening reception on Tuesday, September 16, on Wednesday, September 17, the Institute features a full day of seminars and activities designed to build your knowledge and entrepreneurship skills through workshops, panels, speakers and networking opportunities. Targeted toward first-time or aspiring entrepreneurs and business owners, the Entrepreneurial Institute will also offer professional development on the road, Et i l I tit t ill l ff with local institutes convened in select U.S. cities. The Entrepreneurship Institute is designed to advance the knowledge, practice, and pursuit of entrepreneurship through a broad range of experiences including education, leading edge research, conferences, professional coaching, access to capital and community outreach. With the launch of the Entrepreneurial Institute, NBMBAA® continues to support and encourage the growing emergence and economic importance of entrepreneurship within the African-American community and our nation, and to encourage the building of economic and intellectual wealth for Blacks. The Institute also offers NBMBAA student and professional members important, hands-on experiential learning and establishes relationships with local and national entrepreneurial communities. Investing in a franchise is a major undertaking, one that involves not only money but possible lifestyle changes. But owning a franchised business that is part of an industry providing more than 21 million jobs and generating more than $2.3 trillion to the U.S. economy can be very fulfilling and profitable when approached with adequate investigation, attitude and energy. These figures on establishments, job creation and economic output were recently unveiled in a PricewaterhouseCoopers study conducted for the IFA Educational Foundation. The International Franchise Association, founded nearly 50 years ago to protect, enhance and promote franchising worldwide, offers online educational resources for prospective franchise small-business owners on its Web site, www.franchise.org. There are several questions to ask yourself to determine whether franchising is the proper avenue to explore when entertaining your entrepreneurial interests. Ensuring you have the proper capital, dedicated interest, willingness to work within a structured business and a firm understanding of the importance of customer relations are just some preliminary necessities to determining your qualifications for small-business ownership. A THOROUGH INVESTIGATION First and foremost, a thorough plan for investigation should be made prior to signing a franchise agreement. The scope and size of the industry today is particularly extensive, and knowing what opportunities exist is useful for those just beginning. Several studies have been conducted for the IFA Educational Foundation to document the growth of the industry in a variety BlackMBA • Spring 2008 89 WHAT MANY INDIVIDUALS whose careers face a fork in the road might not know is that their path to financial independence could be right around the corner – literally. More than 900,000 franchised establishments are in operation in local communities across the country, and many of the franchise owners left behind other careers, military service or even retirement to be in business for themselves, but not by themselves. http://www.franchise.org

Table of Contents Feed for the Digital Edition of Black MBA - Spring 2008

Black MBA - Spring 2008 Passion, Purpose and Power Contents Web Browsing From the President & CEO Up Front Advertising for Change CEO to CEO: Straight Talk with Barbara L. Thomas and Renetta McCann The New Executive Search Wealth Building: A Head Start on Investing and Saving Young Continuing Education: Lifelong Learning is Easier than You Think Making Good: Catching up with some of NBMBAA’s 2007 Scholarship Winners On Campus: Universities Win Grants to Fight Poverty Public Service: Does Your MBA Fit in the Government Sector? Bridge Building: Make a Career of Giving Back Steady Speed: Kim Harris Jones Shares what Drives a Successful Auto Industry Career Financial Planning: A New Way to Work Your MBA Global Focus: Keeping up with the Competition Clock On the Move: Member News, Promotions and More Industry Focus: Biotechnology, Energy, Food & Beverage, Global Media and Entertainment Employer Profiles: Campbell Soup, FINRA Financial Finesse: Denise Hales Harrod and CompuCredit Advocate for the Financially Underserved Creating Lasting Change: GE Impacts Quality of Life in Africa William W. Wells Jr.: Finding Strength in Diversity Leaders of Tomorrow® Community Service Program: NBMBAA® and Wal-Mart Partner to Reward Students Who Give Back Reaching Out: NBMBAA® Chapters Give Back to Their Local Communities How To… Buy a Franchise: Understanding the Basics of Acquiring a Franchise After the Gridiron: Keith Sims – Dunkin’ Donuts Franchise Confidential: Paul Hubbard – Papa John’s pizza Strength Through Adversity: Bob and Hortense Bobbitt – McDonald’s On the Ground Floor: Valerie Daniels-Carter – Pizza Hut, Burger King, Auntie Anne’s Use Your Superstar Status: Black Entrepreneurs Break into Japanese Economy Marketing Maven: Odyssey Media Entrepreneur Linda Spradley Dunn Staying the Course: Black Marathoners Share Lessons from the Race Relationship Forum: Soul-Mate Strategies for the Career-Minded Vacations that Matter: Travel to Make a Difference Advertisers Index

Black MBA - Spring 2008

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