Missouri Small Business and Technology Development Centers Blog

Many people considering business ownership are attracted to opening a franchise. They see franchising as an easy way to enter self-employment as the opportunity comes pre-packaged with a business model, processes and procedures, marketing and product already proven in the marketplace.

However, franchising is not for everyone. To begin to assess your fitness for franchise ownership, ask a few simple questions.

• Can I accept guidance and direction, or do I prefer to chart my own course?
• Can I give total commitment to a product or service not of my own design, and which I may perceive has some flaws?
• Can I accept that part of my profits must be paid to the franchiser?
• Will I resent having to send information on sales and other documents from my business to the franchiser?
• How will I feel about the franchiser’s representative visiting my location to check up on the quality of my product or service?
• Am I proficient at following operations manuals, implementing prescribed processes?
• Can I accept that my franchise ownership may be for a fixed term, with an option to renew for an additional fixed term? (more…)

At a recent holiday gathering, I overheard a gentleman talking about his grandson.

“He’s really got some entrepreneurial DNA in him,” said the proud grandfather, of the 13-year-old boy, who has started a business planning birthday parties for his friends, including having his 14-year-old sister provide the birthday cake, party favors and invitations. “He has his older sister on contract!” boasted Grandpa.

His mention of “entrepreneurial DNA” reminded me of a young man we met through our center when we held our first Entrepreneurship Camp for high-school students here at MU last summer. (more…)

In the Peanut’s comic strip, Snoopy always began his novels with this line:

“It was a dark and stormy night.”

That’s how I’ll begin my story now.

Last Tuesday was a dark and stormy night. But in a warm banquet room at an area hotel, 200 people were oblivious to the weather as they listened intently to 18 entrepreneurs describe how their dreams are coming true.

All 18 are clients of the Missouri Small Business Development Center and the Missouri Procurement Technical Assistance Center, which are housed in central Missouri in our University Center for Innovation and Entrepreneurship at MU. All 18 are in different stages of development, they represent different industries and their owners hold different aspirations.

What they hold in common is their tremendous success and the ability to inspire. (more…)