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Franchising beyond failure

Not many entrepreneurs feel comfortable discussing the “F” word: failure. Especially at these difficult economic times, failure in business is seen by some as taboo. Yet, there is a growing consensus among business leaders that every risk brings some reward, even if profit is not the most immediate one.

Writing on Blue Mau-Mau recently, Dr Steven Stralser, author and professor of entrepreneurship, offered small-business owners and prospective franchisees some interesting advice about the path to business success.

What we can take from successes stories like Thomas Edison is that the journey to success is a journey with many milestones--some are positive and productive and some are setbacks, mistakes and failure--it is not what we lose from the setbacks, rather what we have learned, and apply, to make the future a success.

It’s a thought worth meditating on. As we’re sensing a hint of life on the economic markets, now might be the time to consider that franchise investment. The conservative  bet is to wait a few months and judge the markets evolving response to the stimulus plan. But for those entrepreneurs looking to learn --- and to profit--- a bit of risk may pay off in the long-run in all kinds of ways.

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