[wpietri]

Well, the whole theory of a franchise is that it reduces all risk because the product has already been figured out. And franchising didn't really become popular until after WWII, so I'd have a hard time calling it "traditional".

And just to be clear, I'm not thinking of Bezos as an example of small business owners. He's just the only person I've ever heard of who successfully said, "I'm starting a business. I wonder what it should sell?" As you say, I think he's an enormous outlier.

[Blake_Emigro]

As far as I know, he had a business model involving an emerging technology, and wanted to select a product that would be most successful with it. He felt books was that product. He's said as much in interviews.