A friend of mine is what you'd most certainly call a serial entrepreneur. He's created lots of businesses - talk

His latest thing is creating franchises. I'm not talking about Taco Bells or McDonald's franchises. People who run franchise businesses like these are in a lot of ways not much different from employees of the company itself. Not that it's necessarily a bad thing. Large companies who do business this way have their process down to a nearly exact science. If you follow the recipe, you're virtually assured of business success. That's why it's so hard, and expensive, to land one of these franchises.

The kind of franchise I'm talking about go back to the meaning of the term franchise itself. According to Wikipedia, the term franchise generally means a right or privilege. Selling rights is exactly what my friend the serial entrepreneur is doing. Here's how it works:

He's a truly creative individual. Ideas just pop into his head seemingly out of nowhere. Now most of these ideas might be completely unworkable as business ideas; but some of them, with careful planning and lots of work, can actually work. When he finds one which he thinks can stand on its own he takes his business plan to his network of potential investors - friends, family, bankers and other business people - and raises the capital he needs to get his new idea off the ground.

As soon as the business opens its doors he goes into sell mode. Everything in that place of business is for sale except one thing: the idea behind it. You see, the kind of franchises he's creating are business concepts. Do you see where he's going with this? Let's take it one step further and it will become clear.

He's sold the first business location, but he still owns the idea. So his next step is to take the idea and build another location. He'll either build it in a neighboring city or if the location is too remote he'll take on a business partner and outsource the startup. Now he has an even better proof of his concept. His proven his idea will not only work in one place, but in two. That's when my friend the serial entrepreneur gets his payoff.

His payoff isn't with the profit from selling the first, or even the second, location. His payoff comes when buyers start knocking on his door asking to buy rights to use his idea.

And that, friends, is how the mind of a certain serial entrepreneur works, he's seldom in business to find customers for the business operations he builds. He's in business to find people who can afford to buy an idea - his proven idea.

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