James Carville: You only learn something by doing that something. Like Babe Ruth didn't read books about baseball and watch YouTube videos about baseball. He swung the bat a lot. People think you have to- there's a little benefit to watching how-to YouTube videos and doing Duolingo to learn a language in order to be an entrepreneur. But 80 to 90% of the learning is doing what you have to do. And so if you are a parent, I think that your kids need to go through a lot of experimentation to figure out the thing they're ultimately going to really engage with.
By popular request, Entrepreneur editor-in-chief Jason Feifer returns for a follow-up episode devoted to the fundamentals of starting and building franchises, a pillar of the Entrepreneur ecosystem.
Starting from the very basics, James peppers Jason with the critical few questions necessary to understanding how franchises operate, which types of business are suited to part-time operators, and what kind of financial returns a franchisee might expect based on their business.
Additional Topics Include:
- Jason: "What is the minimum amount of me a job requires so that I can figure out how to expand myself in other directions?" (03:28)
- James: "You only learn something by doing that something" (04:55)
- James: "80% of the learning is doing what you have to do"
- Jason: "It is only to your benefit that people do things outside of what you're asking them to do." (07:36)
- Entrepreneur's evolution from within the franchise space to brand independence (09:49)
- How do you build wealth from a franchise? (27:38)
- Franchise Disclosure Documents (34:32)
- Franchise fees and revenue shares (39:14)
- What type of profit can a franchisee expect (42:57)
- What franchising success stories has Jason seen (47:25)
- Has Jason ever considered franchising? (52:41)
Editor’s note: Topic times don’t account for sponsor ads and may appear a few minutes later in the episode on your podcast player)
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