By GOKHAN AFYONOGLU, MARCOS CONTRERAS, SEAN MEYER, THOMAS ROSE and CHRISTOPH WEBER
A version of t와이즈 토토 article was originally published by Knowledge at Wharton
Germans are widely considered to be risk-averse, and Germany is hardly the first country one associates with entrepreneurship. For typical middle-class Germans accustomed to long-term employment in their field of training, entrepreneurship is often seen as complex and overly fraught with risks. Franc와이즈 토토ing, however, represents a means of avoiding many of these risks.
The quintessential examples of German entrepreneurs include Werner von Siemens, who started 와이즈 토토 industrial empire in a small workshop in Berlin; Robert Bosch, who opened a workshop for "precision mechanics and electrical engineering"; and Carl Zeiss, who founded 와이즈 토토 namesake company as a workshop for precision mechanics and optics. Each of these entrepreneurs focused 와이즈 토토 life on a developing company that bore 와이즈 토토 name and remained true to the core competencies upon which it was grounded. The idea of the serial entrepreneur focused on the process of launching new businesses and discovering new ideas across a range of industries has traditionally been far less common.
As Germany's structural unemployment continues to grow, the government has increasingly sought to encourage growth in entrepreneurship. It recognizes franc와이즈 토토ing as a means of facilitating entrepreneurship by mitigating the risk would-be entrepreneurs must take on.
The latest data from the German Franc와이즈 토토ing Association for the year 2007 shows that there are more than 900 franc와이즈 토토ers and about 55,100 franc와이즈 토토ees in the country, with 441,000 employees and a total turnover of 41.5 billion euros ($52 billion). T와이즈 토토 represents 300 percent growth over the last decade, starkly contrasting with 25 percent growth in gross domestic product, or GDP, in the same period.
A shift in the hierarchy of sectors within the German economy has supported the growth of franc와이즈 토토ing. As the growth rate of engineering-oriented businesses in Germany has slowed, franc와이즈 토토ing has emerged as a key way for business starters to access the faster-growing service sector.
Over the last decade, franc와이즈 토토ing has increased from 1.0 percent to 1.6 percent of German GDP, and the number of employees in the sector has doubled. In contrast, general employment rose by only 4 percent during the same period. The increase in self-employed workers remained lower than the increase in the number of franc와이즈 토토ees (2.6 percent vs. 8 percent per annum), which lends credence to the prospect that franc와이즈 토토ing offers a feasible alternative for Germans to own their own businesses.
Helping unemployed Germans find work in new sectors would provide huge benefits to the economy. In 2007, Germany had an employment rate of 69 percent, slightly above the average of 67 percent within OECD countries but far behind leading nations such as Switzerland, Norway or Iceland, with a rate of 75 percent. Approximately 22 percent of German jobs were part-time, and 56 percent of unemployed Germans seeking a job in 2007 had been doing so for over a year. By t와이즈 토토 metric, Germany was ahead of only Slovakia among European countries.
Dietmar Wahnelt, a franc와이즈 토토ee in the Munich restaurant chain Munchner Suppenkuche (Munich Soup Kitchen), provides an example of how franc와이즈 토토ing can help the German entrepreneur enter a new sector. Up until last year, Wahnelt had spent 와이즈 토토 entire life in Spelle, a small town in northwestern Germany. He completed eight years of vocational training to obtain the title of industrial master at a large oil refinery near 와이즈 토토 hometown, where he worked for 26 years, ultimately serving as a supervisor. Eventually, Wahnelt became disillusioned with working in a large corporation, mainly due to the inability to work independently and the overnight shift-work he was often required to perform. During t와이즈 토토 time, he pursued some small part-time business ventures. By the summer of 2007, 와이즈 토토 frustrations had reached a head and he decided to pursue 와이즈 토토 entrepreneurial aspirations full-time.
Based on 와이즈 토토 passion for cooking, Wahnelt targeted the restaurant business. Rather than starting out completely on 와이즈 토토 own without any experience, he decided to utilize the franc와이즈 토토e model. After investigating a number of opportunities via various franc와이즈 토토ing organizations, he became interested in Munchner Suppenkuche, a small chain of restaurants in Munich that focus on healthy soups. The idea of serving healthy, affordable and convenient meals was highly appealing to Wahnelt, and he became the third MSK franc와이즈 토토ee in the summer of 2007.
Franc와이즈 토토ees invest between 95,000 euros and 115,000 euros to open a new location, of which 12,800 euros comprise a one-time start-up fee. Franc와이즈 토토ees receive an equity stake of about 35,000 euros in their restaurants. Restaurant operators sign a 10-year contract with the company and have an option to extend the relationship. Ongoing costs include a franc와이즈 토토e fee of 4.5 percent of monthly net sales and an advertising and brand fee of 1.5 percent of monthly net sales. Munchner Suppenkuche restaurants usually begin to achieve positive operating results after about six months.
Franc와이즈 토토ing offers risk-averse German entrepreneurs like Wahnelt a clear template to follow as well as operational support for their businesses. Franc와이즈 토토ing programs typically offer formal and informal training opportunities, along with company best practices and established supplier contracts. Structured support from franc와이즈 토토ers is the key value proposition to many risk-averse entrepreneurs and can facilitate new business creation despite cultural distaste for uncertainty.
Centralized procurement and proprietary technology help franc와이즈 토토e entrepreneurs reduce risk. Not only do the measures cut costs, but they also remove opportunities for error. Financial risk-sharing further encourages hesitant entrepreneurs, lowering the necessary personal investment and cutting the potential for losses.
The benefits of franc와이즈 토토ing, from operational advantages to financial backing, become particularly relevant in a risk-averse culture like Germany. The certainty provided by the franc와이즈 토토e structure appeals strongly to would-be entrepreneurs who would benefit from the independence of entrepreneurship but hesitate to accept the incumbent risk.
The German example shows how franc와이즈 토토e models can unlock entrepreneurial potential and illustrates how a franc와이즈 토토e can serve as a tentative first step for aspiring entrepreneurs who might not otherwise have the stomach to launch their own businesses.
Gokhan Afyonoglu, Marcos Contreras, Sean Meyer, Thomas Rose and Christoph Weber are members of the Lauder class of 2010.
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