A franchise is any agreement whereby the owner of a trademark, trade name or copyright has certified others to use it selling merchandise or services. This simply means "A franchisor" who offers his business for sale, Sells the business to a new owner "franchisee" with the name and everything to run it as it is

There are several sources of innovative ideas. From Kuratko's Book "Introduction to Entrepreneurship" There are 8 sources which are:

TRENDS
Trends signal shifts in the current paradigm (or thinking) of the major population. Observing trends closely will grant an entrepreneur the ability to recognize a potential opportunity. Trends need to be observed in society, technology, economy, and government.

UNEXPECTED OCCURRENCES
These are successes or failures that, because they were unanticipated or unplanned, often prove to be a major innovative surprise to everyone. The infamous 9/11 terrorist attack on the United States is a good example of an unexpected occurrence; it produced an influx of innovative solutions to the newly created challenge of homeland security.

INCONGRUITIES

Incongruities occur when a gap or difference exists between expectations and reality. For example, when Fred Smith proposed overnight mail delivery, he was told, “If it were that profitable, the U.S. Post Office would be doing it.” It turned out Smith was right. An incon- gruity existed between what Smith felt was needed and the way business was currently conducted; thus, he created FedEx.'

PROCESS NEEDS

These occur when an answer to a particular need is required. Venture capitalists often refer to these needs as “pain” that exists in the marketplace—the entrepreneur must recognize an innovative solution, or “painkiller.” Examples include the creation of new medical devices, health foods, pharmaceuticals, and time-saving innovations.

INDUSTRY AND MARKET CHANGES

Continual shifts in the marketplace are caused by developments such as consumer attitudes, advancements in technology, and industry growth. Industries and markets always undergo changes in structure, design, or definition. An example can be found in the health care industry—hospital care has undergone radical changes, and home health care and preventive medicine have replaced hospitalization and surgery as primary focus areas. The entrepreneur needs to be aware of and seize these emerging opportunities.

"DEMOGRAPHIC CHANGES

These arise from trend changes in population, age, education, occupations, geographic loca- tions, and similar factors. Demographic shifts are important and often provide new entre- preneurial opportunities. For example, as the average population age in Florida and Arizona has increased (due largely to the influx of retirees), land development, recreational, and health care industries all have profited.

PERCEPTUAL CHANGES

These are changes that occur in people’s interpretation of facts and concepts. Perceptual changes are intangible but meaningful. Perception can cause major shifts in ideas to take place. The current fitness craze, caused by the perceived need to be healthy and physically fit, has created a demand for both health foods and health facilities throughout the country. Another example is people’s desire to better use their personal time. As a result, the travel industry has capitalized on consumers’ current need to “see the world” while they are young and healthy, and time-share condominiums and travel clubs have increased.

KNOWLEDGE-BASED CONCEPTS

These are the basis for the creation or development of something brand new. Inventions are knowledge based; they are the product of new thinking, new methods, and new knowledge. Such innovations often require the longest time period between initiation and market imple- mentation because of the need for testing and modification. For example, today’s cell phone technology has advanced to include not just phone service but cameras, Internet access, and music. This has revolutionized the way we use different technologies today. These concepts were not thought possible just five years ago

One of the filthy rich billionaires of this world is Prince Al-Waleed from Saudi Arabia. He is a Saudi Arabian Business tycoon and investor and he is a member of the Saudi Royal family. He is worth $20billion. He is the founder, CEO and 95% owner of Kingdom Holding Company. He spends his money buying customized mega yachts, jumbo jets and what not. He built his own elegant Palace which has 317 rooms.

Wow! Filthy rich billionaires spend crazy money! wheeeeew!http://www.youtube.com/watch?v=Lt89AYksS5k

"Social entrepreneurship is a new form of entrepreneurship that exhibits characteristics of nonprofits, governments, and businesses. It applies traditional (private-sector) entrepreneur- ship’s focus on innovation, risk taking, and large-scale transformation to social problem solving. The social entrepreneurship process begins with a perceived social opportunity that is translated into an enterprise concept; resources are then ascertained and acquired to exe- cute the enterprise’s goals." (Source- Introduction to Entrepreneurship, Author: Donald F. Kuratko, Page: 81).

HowStuffWorks "10 Awesome New Inventions You'll Never Hear About" http://science.howstuffworks.com/innovation/inventions/5-awesome-new-inventions-youll-never-hear-about.htm#mkcpgn=tw1 via @howstuffworks

i have ENT exam tomorrow so i'll not be able to post till after the paper. wish me luck....