Peter Birkeland | Franchising or Entrepreneurship — Which is the Best Fit for You?

On this week’s episode of Franchise Freedom, we’re joined by special guest Peter Birkeland. Peter is the author of Franchising Dreams: The Lure of Entrepreneurship in America and Legal Cannabis: The Great Social Experiment, and is currently doing ghostwriting on business and entrepreneurship. He is also the former radio host of Franchise Boot Camp.

“I started studying franchising and found out that there was really nothing written about it. At one point in my career, I gave a job talk at a top tier business school to be an assistant professor, and at the end of my talk, they said we would only maybe spend 20 minutes out of an entire course on franchising, so there’s just not a lot. There wasn’t a lot written about it. So, I did research. I worked with franchisees and wrote the book Franchising Dreams, and it was really the first of its kind. And so that kind of started me,” says Peter.

We chat about Peter’s thoughts on franchising, as well as: 

  • The pros and cons of franchising vs starting your own business
  • The role of a ghostwriter
  • The integral role vision plays in the success of your business
  • Writing a book as a means of promoting your business
  • And more

Listen now…

Mentioned in this episode:

Transcript

Giuseppe Grammatico: Welcome to the Franchise Freedom Podcast. I’m your host, Giuseppe Grammatico, your franchise guide, and today we have a very special guest. Today we are speaking with Peter Birkeland. Peter is the author of Franchising Dreams, The Lure of Entrepreneurship, and Legal Cannabis: The Great Social Experiment. He’s also the former radio host of Franchise Boot Camp, currently writing ghostwriting on Business and Entrepreneur. Peter wanted to welcome you to the show today. Thank you.

Peter Birkeland: Thanks, Giuseppe. Thanks for inviting me and I’m happy to be here.

Giuseppe: Yeah, very excited. I wanted to, you know, we had some time to chat before the show today and, you know, our listeners, we have current Franchise owners, current employees looking to make that leap into entrepreneurship. Some have possibly been furloughed or laid off. And we also have current business owners, not just franchise, but non-franchise business owners looking to diversify their investments, figure out their exit strategy. So that is the audience. If you could fill everyone in on, a little bit on your background, how you got started in your business and what does that journey look like?

Peter’s Entrepreneurial Journey

Peter: Well, it’s a long journey. And, you know, I feel almost that my career was based on necessity. I never really had a corporate job that I could, you know, to have like a steady paycheck. But I went to graduate school at the University of Chicago and I was always interested in organizations. And I started studying franchising and found out that there was really nothing written about franchising. 

And at one point in my career, I gave a job talk at a top tier business school, you know, like to be an assistant professor. At the end of my talk, they said we would only maybe spend 20-minutes and an entire course on channels, you know, on franchising. So there’s just not a lot, there wasn’t a lot written about it. And so I did research. I worked with franchisees and wrote the book Franchisee Dreams. 

And it was really the first of its kind. And so that kind of started me on, you know, I tried to be a public speaker and figured out I’m better at writing than I am at speaking. And then I did some consulting work, I did strategic planning. And then I really focus 100% on writing. I wrote my second book on legal cannabis and then I worked for a law firm in writing cannabis applications. So to start a cannabis business in Massachusetts, you need to fill out an application and it’s a thousand pages of written content. 

And then I ended up working doing some ghost reading for the founders of TechStars. And TechStars is an accelerator, startup accelerator. So their model is common in the accelerator space, but they have an accelerator in a town and they asked for applications, they get, they can get 1000 people that have an idea want to be an entrepreneur, and you apply to TechStars and they pick the 10 best promising ideas from their perspective. 

And then they pay a little bit of money, take a little equity and then help them create their business. So it was within TechStars so they started expanding and working with entrepreneurs and business leaders and so forth on books for them. So I know a little bit about franchising and a little bit about entrepreneurship. So kind of, that’s the book end.

Giuseppe: Right. Did quite a bit as we talked about. Been around and have accomplished quite a bit and, yeah. We were, I’m curious in your thoughts, we had a chance to speak a little bit prior to the show on franchising and your thoughts. I as a consultant coach assist individuals, as I mentioned, basically the artist in finding a franchise. But, you know, one key differentiator, you know, is that not all franchises are built the same. 

There are, you’re getting into franchising for their systems. People like a system built for you in place that they can simply follow and scale. But none of them, are just not built the same in that they just are not offering the support, they’re kind of like here’s the franchise and run with it. So and full disclosure, with franchise or non-franchise businesses there’s always a risk, so, you know, as there is with any business or investment. So, you know, what’s some of your research and your thoughts on franchising?

There’s Never a Perfect Fit, But There Are Great Fits

Peter: Well, I understand at least in the United States, there’s a huge cultural, not a bias, but just kind of a pervasive culture of being an entrepreneur, of starting your own business. You know, from the inception of our country of people, you know, going west and getting their plot of land and trying to become a farmer or going farther west and trying to figure out if there’s silver or gold. So I understand the drive to do that. 

But I think when it comes to franchising, you’re better served working with someone like you that’s an expert that understands the pros and cons, that can look at your personality and understand your strengths and weaknesses and maybe help you get a better fit. You know, so, there’s some franchise, just the nature of the business varies from franchise to franchise. I will say every franchise, I mean, there’s not a perfect fit. There just won’t be. 

There’s pros and cons and you just have to, you just kind of have to deal with kind of what your, what shows up. I mean, you could buy a franchise because you love the executive team, and then the franchise is sold and you have an entirely new executive team. That to me is not the best reason to buy a franchise. But having said that, I think there are some things that are not as well understood by first-time franchisees. They’re just, I don’t know, they’re not as well understood. 

One, there’s going to be gaps in everything and a lot of franchisees will complain about it. The marketing isn’t very good, we’re missing this, we’re missing that, rather than managing around that. So I don’t think you can change, I don’t think as a franchisee you can really change the system. And if that’s your personality to improve systems, then I think you’re better off starting your own business, you know, and getting it the way you like. 

The benefit of franchising is that you don’t have to create things from scratch. So like, all of the marketing, the branding, if you start a company from scratch, that’s a huge, you know, building a website, you know, doing the colors, doing the logo, getting the word out so people know who you are. Very few franchises, just the first handful of people are in that same kind of startup mode. Everyone else is moving, buying something that already exists and has already been figured out. 

So with that, then you can focus your energies on other things that help you be successful. So, you know, there’s the saying, work on your business, not in it. I don’t know if I agree with that for franchisees. I think to be really successful, you should be the leader, the boss that you never had in corporate America. You should be authentic with your employees. You should try to build their skills. You should try to help them sell problems. So I believe in active management for franchisees versus passive. 

So I think there’s some things that can, I don’t see franchising as a solution for everyone and I don’t see it as a problem for everyone. But I think for the person that doesn’t know anything about it making this career transition from something that was maybe more stable to, you know, first-time franchise owner, which you can have ups and downs and you might not be able to generate a consistent revenue source for a while. I think working with a consultant is, will kind of whittle down the 4000, 5000 franchise opportunities to maybe a dozen that you could really do research on and get to know and make a good choice. 

Giuseppe: Right. Yeah, we’re definitely the same page and I appreciate that. We call it franchising, almost like the unfair advantage. When I do presentations in that, you know, you do have the leg up in that the business is already set up. But to your point, business ownership isn’t the right fit for many people. And then if it is, franchising isn’t always a fit. It is for many and it’s also not a fit for others in that, you know, what they’re looking to do with their lives. What do they expect from the franchise company or the business? 

So that’s where we kind of hone in and figure out. And but I will say one thing that, you know, and obviously, this is a topic for another show, but what’s really nice is with franchise, with a franchise company, the major benefit you have over any other business is you can speak not just with the franchise company, you could speak with the hundreds if not thousands of franchisees and get their feedback. 

So, you know, is the company truly supporting me because that’s important to me, it’s important to the person looking to invest. The million-dollar question, $10 million question, hundred million, whatever you want to call it is simply the question is this, knowing what you know now, would you do it all over again? 

If you’re looking at it, right? People are not giving you good answers to that consistently, you may get one here and there. Yeah, absolutely. You may want to look at a different business. So what are their answers because sometimes you have successful and unsuccessful franchise owners need to find that why. Did the person follow the system? Did they not follow it? But more importantly, they just get matched up to the wrong business. 

You know, the person that loves the sexiness of a restaurant but they don’t want to manage a lot of people, they don’t want to be open seven days a week and etc, etc. Not a knock on the food industry, but, you know, the guidance is something that would be sexy to them that they got to see, they saw lines out the door but was not a match for them in the role that they would have with the business. And so you, whenever you hear someone not happy, always ask the question why, why and why? Figure out exactly what happened there because there may be more to it than that. So, some great advice.

It All Comes Down to Management

Peter: I was gonna say one other thing. And this is overlooked I think by a lot of people. But when I did my initial research on franchising, this dates me, but there was a metric in a government publication that said, 95% of all franchises are successful. And no one believed that number at the time, but man, was that a good selling point for someone who was going to buy a franchise. It’s like we can’t fail because, you know, 90% of businesses fail, but 95% of franchises succeed. 

And so I dug into that number a little bit and I questioned it. And it turns out that the franchise itself, the location survives, but the management team and the franchise owner can often go out of business. So we kind of have a mismatch. So you look at I don’t know if anyone uses that statistic anymore of, you know, franchisee success and turnover and so forth, but it’s misleading if they do because there’s a lot more turnover. 

So, one of the great benefits to being a franchisee, however, is, you know, suppose you do have 1000 other franchisees, is you have tremendous opportunities to buy other franchises at a bargain because there are other people that are struggling and they’re struggling not because of the brand, probably not because of location. Franchisors have very high incentives to have the best location possible. 

They won’t let you put your store, if it is a storefront, let’s say brick and mortar, they’re not gonna let you put it in a crappy location because if you bought a business, they can’t sell it to someone else. So it’s almost invariably going to be management. And if you’re a good manager, you can get an underpriced, undervalued franchise unit at a bargain and institute your management principles and create something that’s profitable. So we tend to think of franchising as just like a one time purchase or single unit but you could think of it as a growth strategy and you could, there will be people and or people want to retire. 

The kids can’t take it over the, you know, whatever. You know, they want to go live in Florida and their unit is in, you know, Seattle or something. So I think there’s a lot of opportunities for the entrepreneurial person who sees, who would like to grow and maybe develop some managers or have a regional presence. You can do a lot more. You can find better ads, you have more money for advertising and that helps all your stores. 

So I think that looking at it just as you buying one franchise unit is fine, but I would suggest anyone buying a franchise to think more strategically about ways to grow within the franchise system that are not just, you know, your own company revenues. You can do other things and you can get partnerships with the other franchisees in your area and, you know, do special marketing or do a community event. So I think there’s a lot of opportunities for potential franchisees to be strategic in their growth beyond just whatever that the numbers are for the franchise that you’re considering. 

Giuseppe: Right. Yeah, you know, it’s almost a, I say you hear about masterminds all the time and joining these mastermind groups and the meeting of the minds, all different industries. And yeah, to your point, working with local franchisees, but even at the national typically the franchise company will have a national conference and yes, everyone may be with the same company, but everyone has different backgrounds. 

You have corporate guys, you have guys that have owned thousands of franchises. So it’s kind of a mini mastermind, a meeting of the minds where everyone kind of gets together and says, Oh, well, we’re trying this out in California. You might try this out in New Jersey. It’s working well for us. So, you know, sharing of ideas is huge. And to your other point with the percentage of the success that does 95%, yeah, I mean, a business, you know, there’s going to be a risk if it’s franchise or non-franchise, I don’t know the percentage. 

And to be honest, I really don’t even go into that. I’ll tell everyone that yes, with a franchise you will have advantages and increase your odds of success. But, you know, at the end of the day, the most important thing is if you want to go the franchise route, just so we’ll assume Hey, yes, franchising is definitely for you, figure out the franchise not by the product or service, figure out what, you know what your role will be. So if you want to be, keep your job and run it to the side or if you want to be full time in the business, you know, what’s your role? Are you a salesperson? 

Are you more of overseeing the digital marketing in a storefront where people come to you? So that’s some things I always encourage people to think about before our first call. And if not, we go through those questions. But really good stuff there. What I wanted to, so off the topic of franchise, I wanted to switch gears and, you know, currently, I know you’re doing quite a bit of, I know you’re working on multiple books right now and have wrote various articles and books in the past. 

So I find it very interesting because at the Franchise Freedom Podcast, we’ve been doing the podcast since January, and we decided to put together a book. Kind of whatever was in my head, I said, we need to put that on paper. And I didn’t, I’ve never written a book, didn’t know where to start, didn’t know how to self-publish or utilize Amazon, all that stuff. So we had our agency put together some of our podcasts and basically transcribe it, did some edits and we put together a short little book that we give to anyone that is interested in the book just about business ownership and franchising in general. 

Talk to us a little bit about, you know, I talk to dozens of people. Even people that are franchise coaches and consultants that have asked, you know, what does it take to write a book? And, you know, what’s a ghostwriter? I’ve heard of this. It sounds kind of mysterious. A ghostwriter. What exactly do they do? Can you talk to us a little bit about someone that’s ever thought about either writing a book and or just a book to promote their business? Their consulting practice?

The Role of a Ghostwriter

Peter: Sure, be happy to. Well, I should start by saying, I believe the written word is one of the most powerful ways to impact people. Yeah, there are podcasts. Nothing against podcasts and there are TED talks and there are YouTube videos. But if you really want to impact people, there’s nothing like a written book. So if you need to build credibility, if you want to be a thought leader and maybe transition out of something, if you have, if you’ve made mistakes and you just, you don’t want anyone else to make those mistakes, then a book is the way to go. And most people that I work with are first-time authors. 

So they have an idea, they are passionate about something, but they’re, they just don’t know how to do it. A lot of them have full-time jobs. Like well, how can you, I mean, writing is a full-time occupation. So how can you do it? Ghostwriting, I don’t like that term. It’s the term that everyone uses. That’s like the tagline. But I really think of it as collaborative writing. 

So I get to know the authors that I’m working with as well as the spouses know them. I mean, I know their values, I know what drives them, I know how they think about things. And so I can, like interview them or talk to them and then write up their ideas pretty close to the way that they would write them themselves. And then they’ll go through and make edits. I can say, Oh, we need a story here and they can think of a story, I can help them. A lot of times the structure is all wrong. 

The key to writing well is to really think about how people read. So people read things in particular ways. And if you violate the way that we read, then it’s very, and readers struggles and things don’t make sense. But a very, like, a good editor can just go through and help you restructure and kind of reorganize your thoughts so that the narrative flows and so forth. So the first thing is to get a well-written book. I do have connections with publishers, so if you want to go to an established, you know, like a random house or a wily or whatever, I can make an introduction. 

That’s essentially what an agent would do for you. And then, but then I’m not interested in stopping there. And so all the people I work with, they’re entrepreneurs, they’re business people, they want their ideas to have an impact. And so I help them create a thought leadership platform. And that involves some digital, some social media, it involves some speaking, I’ll write their speeches for them. It involves, like their website and promotion, you know, PR, some op-eds. So we can take someone who just has a good idea, help them create a book and then self-publishing is fine. 

You still have to market if you go with a traditional publisher or if you’re self-published. And then get their ideas is out into the world so that they start to get phone calls to speak or to give a seminar or to do an ask me anything, to do a virtual event, whatever. So the book is really the starting point. It’s the foundation to getting your ideas out into the world. And so I’m interested in working with people and all the authors that contact me are mostly first time, but a lot of them I’ve worked with for so they want to do second book or third book. 

But it’s not the book itself that they’re most interested in, it’s the message that they’re conveying. It’s the idea that they want to get out there. It’s the impact that they want to make on the world. So yes, super exciting. It’s different ideas. You know, it could be, you know, women in entrepreneurship, it can be diversity. I’ve got one guy who’s writing a book on late in life founders. And his definition for late in life is age 40. So that’s like over half the population in the United States, late in life. 

But yeah, it’s all focused on business, entrepreneurship. nonfiction. It doesn’t have to be academic. But books that are going to be read, some of them are pocketbooks, you know, very small, like, books that you find at the airport, you know, bookstore and you could read it on the airplane, but still give you some good ideas, you know, cheaper. So yeah, it’s all over the place, but it is within entrepreneurship and business. Those are the topics that I like and those are the people that I want to help create their thought leadership platform.

Giuseppe: Right. Yeah, I love, I never thought I’d write a book, and it’s a short book. It’s about a 50-page book or so. But what I like about it is you get everything down, right? It’s, you know, for example, we talk about our process and how to, if you want to go do it on your own, figuring out a franchise but unlike a call, which sometimes you start with an intro, then a question comes up and sometimes you get sidetracked or in a different direction, never get to finish a thought or explaining the entire process. It’s almost like an uninterrupted way of getting your, all your thoughts on paper. 

Obviously, the reader can take their time and going through. But yeah, you can go through all that and what’s beautiful is if they can read that book before the first conversation, that’s even better, for us, I should say, in that they get the entire process down and I’m just kind of reiterating what the book said. So it’s nice to just get it all, you know, broken down by phase and this is what you should do first and then second. 

So I’m a big believer, big fan. Never in my life would I have thought of this way. I didn’t know you can self-publish. So this was all new to me and I highly recommend it. So if someone is interested in going down that right, Peter, you know, what’s the best way, I guess anyone looking, I mean, I guess who is your ideal person? Or just as a general question, what is the best way that they can contact you? And we’re going to put all this in the show notes as well.

Peter: Sure. Well, I’m reworking my website because I, when I switched from, like, consulting and, you know, kind of working in companies to 100% writing, I put everything in there, right? So I put blog posts and grant writing and research, white papers and all sorts of things. And I can do all those, but I really enjoy long-form and that’s what I’m best at is the manuscript. So my website is Peter Birkeland. And if you have that on the podcast, people will be able to spell it, Or they can go maybe to Franchising Dreams, and I’ll pop up there. 

And then I have a contact for me that just fill it out and tell me what your ideas and we have conversations that make sense and give you some options. But I do want to circle back to one thing you said about writing your book. From the reader’s perspective, they, you know, say it’s a 50-page book and you’re dismissive about that, but 50 pages is 50 pages. They know something about you. They know your values. They know how you think. They know how structured you are. 

They know how professional you are in your approach or whatever. So by reading something that you’ve written, the people working with you, if they read it beforehand, will have a much better sense of what to expect when they engage with you, how you’re going to think about opportunities, how you’re going to be an advocate for them or what you’re how you’re going to go about coaching them. 

So, we, in reading a book, you really get to understand more than what the words are on the page. You understand the author and you understand maybe their world perspective, their worldview. You understand what their core values are. And they never say, hey, my core values are X, but in reading, it comes out. Oh, this person is a relationship person. Oh, this person is focused on stability, right? 

And security, or this person is focused on, you know, making a lot of money. And there are tons of books out there on how to make a lot of money and that might not fit with you. So it’s, the book’s not the only way to do that. But it’s the quickest. I mean, you could do blog posts, but it would, it might take hundreds of blog posts for people to understand who you are. I just want to put that out there that there’s more trouble in that content and there’s more to the book than what’s written. As readers, we learn more about the author and what they value and how they see the world.

Giuseppe: Now, I like that. That actually, you know what? Wow, that’s, I’m glad you said that. That makes a lot of sense. You know, and that’s kind of one of the reasons I started the podcast in that sometimes, you know, I am not a writer. I was told I had a face for podcasting. Haha, as the agency we jokingly say. 

So I just, you know, I noticed including myself, when I was following certain ones I would binge listen, especially when I was traveling a little bit more. A lot less nowadays, but listening to three or four episodes, listening to the host and saying, oh, wow, you know, just listening to four episodes and hearing their personality and if, you know, making jokes and this and that, you tend to feel like you know the person and then, you know, I throw a book offer in there. 

Let me check out the book and you really feel you personally know the person so that on that first call, I know myself when I signed up for the podcast, Steve Gordon, who has up the Unstoppable CEO, I felt like I knew him personally because I listened to about 10 episodes before we even spoke. He even sent me out a few ebooks which I got to read before our first phone call. So yes, I think it makes a huge difference. 

I mean, can only work with so many people. And that’s the joys of business ownership is you get to work with, you select who you want to work with, which is a better than being an employee and being stuck with your co-workers and your managers. It’s, you know, one of the major benefits. So I got to speak with a few agencies who were all great, but just felt like there was a more of a connection there. So I’m glad you had brought that up. Wow, we covered quite a bit. I’m thinking, did we miss anything? So we, you know, obviously, anyone that wants to reach out. 

Conquer Fear With a Vision

Peter: We did, we missed one thing. And it was in your packet. And it was about this is more about career transitions. So if I look at my career, it’s mostly transition. And I don’t know if that’s true of other people. And a lot of it was just necessity. I needed to do something and I either couldn’t get hired or didn’t want to get hired. And so I created, you know, like a consulting business or whatever. 

But I think for a lot of people, especially given the pandemic, right? There’s, you know, 40 million people have been unemployed, and who knows what the economy is going to be. I don’t want to scare people but I think it’s going to get worse before it gets better. I and I can, I don’t know, I think there’s just a ton of challenges and there’s really not a place in the world where you can, maybe New Zealand you can go it but you can’t get in. So, anyhow, I think there’s a lot of people that are going to be in transition. 

And a lot of people might have a little bit of money or be able to get financing. Certainly SBA loans for small businesses. So I think that a lot of people will gravitate towards or consider franchising. And there are a lot of unscrupulous people in franchising. They’re just, they’re like, I don’t know. They make money just based on putting people into franchises. So they’re not particularly concerned. 

But if I look at entrepreneurship, generally or career transitions, generally, and one of the push questions that you did asked me was, you know, what are the challenges that people face and why are some people successful and others seem to struggle? I used to think that people struggled because of fear. That they just, you know, this kind of the fear of the unknown or can I really do this or whatever. And now, after just living longer, I guess, I really believe that the key to being successful in anything but especially in entrepreneurship, because you are kind of a lone wolf. I mean, everything rests on you. I think that a lot of it, it has to do with vision. 

And there’s a saying in business, you know, the first sale is to yourself. And, you know, if you can’t, if you don’t have the confidence to sell what you’re selling, then why would anyone buy it from you, right? So you have to believe that you’re the best person for this or that you’re talented enough to do this or whatever. But I believe that having a vision for the future and a vision for your life helps to take that fear, we all have a fear of the unknown. 

We all Have a fear of failure. We all have a fear of financial insecurity and so forth, and that, those fears don’t go away just because you buy a franchise or just because you start a business or even just because you get a job. But if you have a vision for your life, a vision of what you want to accomplish, a vision of who you’d like to be as a leader within a small business or a large business or whatever, then the fear goes away. And then you can get unstuck and you can go live towards your own self-perceived vision, what you have created. 

But I think that’s really helpful given external factors that are pretty dire on all fronts, you know, politically, economically. You know, the future is really pretty murky at this point. Is there a new normal? Probably not. Are we going to be able to go back to what we were? Absolutely not. We have to create a new future. But if you can come up with a vision for yourself on what you’d like to do, what you’d like to achieve, then I think that’s the best way to approach a transition and that’s the best way to be successful as an entrepreneur. And that that’ll sustain you.

Giuseppe: Yeah, the vision is key. It’s a part of our first phone call. You know, we have various vision exercises, where do you want to be? I mean, how do you obtain anything? How do you, you have to have a vision what that future looks like. We, you know, we in three years from today for talking, you know, basically what has to happen, not just personally but both personally and professionally for you to be happy with your progress. That’s the R factor question from Dan Sullivan. And it talks about the vision you know, what, what does the future look like, you know, for you to be happy both personally and professionally. 

And I think without that vision, you are stuck. You know and it’s and, you know there’s definitely always going to be a fear aspect but the idea of where you’re going, people say yes, I’m fearful of the economy and fearful what’s going on, fearful if there’s a new norm, what it looks like. And we can’t forget about that vision. I mean, eventually, things will come back to somewhat of a normal, whatever you want to call normal. People are pivoting businesses, right? 

I mean, we have gym franchises, obviously many gyms, especially in New Jersey can’t open so they’ve gone the Zoom route. They’ve gone where they’re actually able to offer a lot more coaching because they’re able to work various hours and this and that and working with small groups. So, you know, people, companies as well as, you know, other, not just franchise, many businesses have pivoted towards, you know, working with technology to make things happen. 

But I always tell people that are maybe fearful of looking at something in brick and mortar, but just say Listen, don’t forget your vision, you know, where you want to be in the next years. Is there a way to make this happen? Or do we have to pivot in our search in your initial, or maybe your first franchise? But to your point, based on vision in general, yes, that’s part of our, I feel like you you watched our webinar that we just posted yesterday. We did a live webinar. We had, we talked a bit about that.

Peter: I’m sorry to say I have not read your book, but I will. And then the other thing I was gonna say that holds people back is really just the lack of knowledge. Some of that knowledge you can get on the internet and you do research and so forth. But one of the best ways to reduce that fear and to build up your skills is through mentoring. 

And it happens when people work with you, I’m assuming. But, you know, 30 years there was really no such thing as mentoring. I mean, people didn’t really value, if you want to learn about entrepreneurship, I mean, there’s so many networking events and you can tell people what your vision is and what you’re working on. 

And they can give you advice, they can help you get capital, they can help you sell your company, they can introduce you to people, so there’s way more help in the form of an actual person that has already been there that wants to give back today than there has been probably, you know, in the history of our country. So that ought to take the fear back and that ought to give people really, really good advice on, you know, mistakes. I mean, you can use this when you’re researching franchise opportunities. If you talk to franchisees, what’s the biggest mistake you’ve made. 

And they might, you know, that’s a good thing to know. And if you hear, so you can kind of put that in your Don’t do this process. So anyhow, so I think that, I think there will be a lot of people transitioning. I think entrepreneurship can be right for a lot of people. But the fear of failure, the fear of financial insecurity, that is there. I mean, so, but the vision, mentoring, working with qualified people and so forth I think can give people enough confidence to say, you know what, I can do this and I can be good at it. 

And it’s part of what I want to do. I’m hopeful that, that, you know, given the economy and the major transition that we’re going through worldwide, that some people will emerge stronger and better off and, you know, do something significant. And so I’m hopeful for the future. Short term, I think it’s going to be pretty ugly, but long term I think we’ll be better off. I think we’ll be more diverse, I think we’ll bring in more voices, I think we’ll find more people pursuing something that’s in line with their values and their skills. 

Giuseppe: Yes. In some cases, people were forced to have that wake-up call, you know, they lost their job or they were furloughed and now they’re thinking, Okay, I’m home thinking about what they want to do with themselves. Do they want to go back into the city and work a corporate job? Do they want to own a business? It’s a great opportunity, to your point, on knowledge, yes, you want to fill yourself up with knowledge. You know, your finances Okay, let’s break things up. Let’s chunk things. It’s a term by it’s called chunking by Anthony Robbins, Tony Robbins and he talks about Okay, did people get overwhelmed? 

So break things down. Okay, finances, money is an issue. Let’s break it down. what’s your concern? There’s a risk, there’s an investment, okay. You know, what number of customers do you need to break even? And you go through your finances. What’s your monthly expense? And then you’re like, Okay, well, it’s actually not as crazy as I thought it would be. So I think that’s some great advice. I worked with a coach about a year ago and we talked about content, about information. 

And we, and I talked about this in my book and my presentation. 99% of the info you can find online. But it just, it’s overwhelming. And people don’t know what the heck to do with that info. So I think working with a coach doesn’t, have to be major, with any coach, they’ll be able to apply it and say, Okay, this is what it really is. But more importantly, let me ask you these few questions. And I think they’re just able to apply it and assist you in applying that because sometimes you get all the info. I have all these books and it’s like, Okay, what do I do with it? It’s like, do we need another diet book or workout book or video? I think they’re all great, but I think most people know what to do on a basic level, I should say, but they need that coach or mentor to kind of say, Okay, this is what your specific week looks like and I’m gonna follow up and make sure you’re doing your workout on a daily basis. So I think coaches are great. I think they definitely motivate you and help you apply all that knowledge and just help you get through the process. 

So, really good words of wisdom. I’m glad you brought that up. And Peter, this has been great. I know we went a little bit over what we normally do, but this is definitely a podcast jam-packed with knowledge, has some really good takeaways. We’ll put everything in the show notes. We’ll have a full transcript and I encourage everyone to maybe listen in twice on this one. So Peter, thanks again for being on the show and look forward to speaking again in the very near future.

Peter: All right, Giuseppe. Thanks for having me. I also enjoyed our conversation. So thanks a lot.

Giuseppe: Likewise. Thanks again, Peter.