Are you ready to enter the franchising world? Do you have the necessary personality traits of a successful franchisor? These are a few questions you need to ask yourself before entering this industry. Every entrepreneurial journey is full of challenges, which needs to be tackled timely. Inhibiting such personality traits can help you fight off challenges.
Adopting the following traits help in solving issues without stress, increasing productivity as an organization.
Flexibility and Risk Taking
As a franchisor, be ready to face any challenge that comes along. You need to be flexible with your strategy, sorting out the situation. Often a single strategy never leads you to the finish line.
As a franchisor, you’ll be hosting an unaccountable number of challenges which will put your patience and faith to test. Only the ones flexible and are ready to take risks are believed to survive.
Communication Skills
Franchising is an art which can’t be achieved alone. Building a great team to get the work done is necessary, which requires good communication skills. If your words and emotions do not complement each other, then most probably the work is going to remain fragmented.
Ashish Gupta, CEO, New Idea Farm Equipment Company shares, “You have to drive the employees and if any work isn’t executed well, it is definitely the lack of proper communication which resulted in a blunder.”
Leadership Quality and Employee Management
The success of an organization depends on your entire team. The essence of teamwork can be meaningful only when the right kind of employees are hired. A single hiring mistake can result in your venture’s loss. Ashwani Duggal, Diamond Merchant from Jaipur says, “Hiring a smart guy is much better than hiring two people who do not understand the system.”
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