What is franchising? Franchising happens when someone develops a business model and sells the rights to operate it to another entrepreneur, a franchisee. The company selling the rigghts is the franchisor. The franchisee usually gets the rights to the business model for a specific time period and in a specific geographic area. Franchising is sometimes referred to as business format franchising or product franchising.
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Entrepreneurship, according to Howard Stevenson of the Harvard Business School, is "exploiting an opportunity regardless of the resources currently available." Stevenson goes on to say, "The key to this perspective is the focus on opportunity" (not resources). 
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Franchising is, at its core, an entrepreneurial alliance between two organizations, the franchisor and the franchisee. There is no franchise per se until at least one company store exists, the opportunity has been tested, and franchisees sought. Once the concept has been proven, the franchisor and the franchisee enter into an agreement based on their believe that there are advantages in the alliance. An advantage is when you can outperform the competition.