What are the Ideal Personality Traits for a Successful Franchise Recipe?
Successful players in the franchising industry generally share the same traits and characteristics according to research. These common character traits are the predominant indicators of their success and often outweigh education, family ties, skills and experience. Franchisees who choose business ventures that are syncronised with their true personalities, tend to experience the greatest level of success and fulfillment.
General successful personality types in Franchising:
- Leadership skills
Although often overlooked, leadership skills are hugely important traits for a franchise owner. It is vital to be able to effectively influence and motivate people, while at the same time listening in a reasonable and objective manner. A strong leader must also be able to take charge of a situation and express him- or herself directly and calmly. In addition, you must know how to perform exemplarily under pressure, and not only take decisive decisions, but follow through with them.
- Interpersonal skills
A successful franchise owner must be able develop a strong rapport with both customers and suppliers to create mutually beneficial and strong, long-term business relationships. This will lead to sound partnerships that will lead to repeat business.
- Decision-making skills
In order for a franchise owner to become successful, he/she has to be a practical problem solver, based on their experience, accumulated knowledge, and common sense. You must be able to weigh up the advantages and disadvantages of every situation, enabling you to take calculated risks, but also know when to walk away.
- Time-management skills
Successful franchise owners have a strong sense of structure and organisation, and are sensitive to organisational guidelines and requirements – they operate by the rules.
Additional personality types that ensure franchising success:
Four additional and more generalised personality types have been identified by researchers for ensuring successful franchise business ownership.
- Trailblazers: These are very competitive, ambitious and goal-orientated people, who are also independent, persistent and decisive. Trailblazers are logical, analytical, practical and realistic, taking decisions based on facts rather than emotions.
- Go-getters: They have a higher-than-average level of both dominance and sociability, and are very driven and independent. Although they are also very competitive, their drive to succeed is sometimes tempered by their interest in concern for others. Therefore, these individuals’ natural style lends itself to managing and leading both processes and people.
- Manager: Also very goal-orientated and quite analytical, these individuals focus more on processes and outcomes than on people. They tend to look at people as vehicles for helping them accomplish their goals. Consequently, they sometimes unwittingly offend people with their straightforward style of communication.
- Motivator: These individuals have a high level of sociability, an above-average level of dominance, and are both driven and independent. Therefore, they work well under pressure and in autonomous situations. It also means they are great consensus builders, good collaborators, and drivers of change. They are consummate motivators who do well working with and through others.
Common personality traits shared by most successful franchisees:
- Motivated by results: They are known to focus on production; create benchmarks; meet goals; and evaluate results.
- Big thinkers: They are known to imagine the future, while recognising the necessary tasks to be completed today.
- Chief cheerleaders: They are known to make business happen; care about success; and recognise efforts.
- Optimists: They are known to look forward; create solutions; and stay positive.
- People persons: They are known to relate to clients; keep the morale high; succeed at networking; and be active in the community.
- ‘Safety’ specialists: They are known to like direction, mitigate risks, and seek proven track records.
- Resilient: They are known to trust in the future and keep setbacks in perspective.
- Cool, calm and collected: They are known to remain consistent; keep their composure; and address Issues.
By understanding your own personality traits, you can leverage your strengths; work to improve your weaknesses and limitations, and discover the type of franchise opportunities that will work best for you.