The 10 Personality Traits of Successful Franchisees
As franchising continues to fuel small business growth in Canada, it’s interesting to look at the personality traits of immigrants that may contribute to successful franchisee candidates. A 2016 Statistics Canada study revealed that immigrants to Canada are more likely to own businesses than Canadian-born citizens. There is growing research both in Canada and around the world that shows how immigrant entrepreneurial success is greater than that of Canadian-born entrepreneurs.
Personal Attributes of Successful Franchisee Candidates
Academic research shows that work ethic contributes to greater immigrant entrepreneurial success than Canadian-born entrepreneurs. Immigrants may often demonstrate traits related to:
- positive work ethic
- tendency to work longer hours
- greater self-reliance
These factors may explain immigrant entrepreneurial success relative to Canadian-born entrepreneurs. But, what does it say about people who are willing to pick up and immigrate to another country? Willingness to leave a home country, often leaving family behind, may indicate someone who is highly:
- open to change
- tolerant of risk with an ability to deal with uncertainty
- determined and not willing to give up
- positive and optimistic about new ways of doing things.
In a Harvard Business Review article, the author discusses the immigrant mindset. As the author states:
People who are willing to uproot their lives in search of something better are the types of people who are determined to make change happen themselves. To migrate to a new country also takes a high level of confidence in one’s ability to change and a high level of tolerance for uncertainty. More importantly, they believe in their ability to figure out and adapt once they get there.
Immigrant Entrepreneurial Success and Franchising
These findings support what we know about the 10 traits that highly successful franchisees demonstrate. If you possess these traits, you would likely be a successful franchisee candidate.
10 Traits of Successful Franchisee Candidates
Ideal franchisee candidates will be most happy working with a group, and will thrive in a leadership role.
Ideal franchisee candidates want group harmony among their work team, with everyone working towards shared goals.
Ideal franchisee candidates want to do what is right, and do it in the best way.
Ideal franchisee candidates will be calm under pressure. They will remain logical and objective, even when things go wrong or if business gets exceedingly busy.
Ideal franchisee candidates will consider implementing new methods of working, if there is a strong business case for trying something differently.
Ideal franchisee candidates really care about their jobs, and take personal pride and enjoyment from their work.
Ideal franchisee candidates will stand out for consistently following through on their commitments to others.
Ideal franchisee candidates are natural leaders who are focused on achieving success.
Ideal franchisee candidates have a positive outlook regarding people and processes, and are usually enthusiastic about innovation and new ways of doing things.
Ideal franchisee candidates are not suspicious of others. They will delegate tasks to staff and trust them to deliver results, without needing to constantly watch over them.
If you’re interested in exploring franchising as a business opportunity, it’s important to have self-awareness and to consider if you would be a fit for franchising. This information will help you determine if you would be a successful franchisee candidate. This is one of the first critical steps to take before exploring franchising any further. As a new Canadian, your immigrant mindset and experience may lend itself nicely to franchising success in Canada.
To learn more about Franchising in Canada, download our free e-Book, Am I a Fit for Franchising?