Sean: This is a very interesting question. This next one. And Erika asks, should my first business be a franchise?

JM: It really entails a lot there for you to decide if your first business should be a franchise. You really need to study also if it's something that's going to benefit other people in terms of having it as a franchise. I'm not sure, Sean, because for me, I think there are a lot of elements that you need to research and study about it if your first business should be a franchise.

Sean: For me, my opinion here is it would depend on your capital. If you have the capital to start a franchise and you want to learn the systems behind that franchise, I don't think you have any downside to that. The franchise says, do what they do and how they do it because they already kind of studied the system, the economy, the location, where you're going to be putting it up. They already have their hiring process, their logistics, making sure that the food and supply arrives in time, that it will not get easily spoiled or expire.

So, if you want to learn how the franchises do it, maybe in hopes of starting your own business someday, I don't think there's a downside if you have the capital to pony up to buy a franchise. But if you don't, then you would have to start your own. That's really it. Also, I think there's an upside in starting your own business before you get into a franchise. And that is, knowing now what kind of franchise you want to be in, because you have more opinions about what kind of business you want to be in.

I've known some entrepreneurs who started businesses which didn’t actually fail, it’s getting profits. But they found out, they weren't passionate about it. And then they realize what aspects of the business they weren't passionate about. For example, legal. They don't like doing that. Accounting, they don't like doing that. Sometimes it is hard to hear that you don't want to do accounting and you’re a businessman, because that's your profit and loss statement. But not all people are passionate about accounting. I would say, I'm not passionate about accounting.

My wife does our finances really well, and she knows the ins and outs. She's really good at it, so I let her do it. Looking at the financial sheet is not something that I like doing. I would rather close more deals, innovate about more products or services we can offer to the client, and spend more time with the clients we have. So again, it depends on if you would like to do that. You would find that out if you start your own business and then you would be able to choose a franchise better. So either way, works. It depends on where you are right now as an entrepreneur in life.

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