This paper examines the relationship between franchising and entrepreneurship. The paper begins with a review of studies on franchising in leading entrepreneurship and management journals over a 12 year period. It illustrates how although the franchisor, franchise and the franchise organization are important elements of entrepreneurship, there has been only a tenuous link in the contribution of studies in franchising to entrepreneurship theorising and vice versa. The paper suggests fruitful new avenues for franchise research which would integrate franchising as an important, yet heterogeneous, form of entrepreneurship, namely: opportunities, networks and social capital and entrepreneurial learning.