Entrepreneurship Lessons That Franchisors can learn from their Mentors who are like father figure
Starting and operating a business is similar to raising a child. From taking baby steps into the business world to helping it grow and mature, is just like how a father raises their child. Fathers have always been inspirations; someone we often tend to look up to as our role model. They have a great influence on our career choice and paths.
As Umberto Eco once wrote, “I believe that what we become depends on what our fathers teach us at odd moments when they aren't trying to teach us. We are formed by little scraps of wisdom.”
Hence, this Father’s Day, Franchise India brings you a few entrepreneurship lessons that franchisors can take from their mentors, who are like father figures.
Learning by Doing
Just like no one can become a perfect father by reading parenting books, similarly one cannot operate a business with going by the book. One has to understand the fact that one can never be perfect from the beginning; the trick is to learn by doing and practising. Taking risks is a part of the game and it is important to learn simultaneously through failures and successes.
Maintain a Balance
Parenting is a balancing act. Fathers have to constantly juggle between personal and professional lives. But they have their priorities clear. Similarly, in the case of entrepreneurship, running a franchise business is a handful. There will be a lot of things you would have to deal with on the work front, but you cannot neglect your personal life and family. With the help of prioritisation, proper planning, strategy and implementation, you can achieve the balance, ensuring true success on both fronts—personal and professional.
Be a Good Listener
Fathers have always been known to be good listeners. They have always listened our every tantrum and problems without flinching and tried to come up with solutions.
Franchisors, too, should learn to be there for their team and staff. A compassionate and considerate leader goes a long way in keeping the team together. Your staff and team are the pillars behind the success of your franchise business. Thus, it becomes extremely important to lend an ear to their issues and problems and try your best to resolve them. In fact, if reports are to be believed, 65 percent of employees were ready to give up a pay hike for a good boss.
Be Quick to Praise and Careful to Criticise
This is not uncommon that children are always pushing boundaries and testing the world around the parents, both of which can be frustrating. However, our fathers knew this fact that shouting or continuous criticism can render negative effects. They have always been careful while criticising, making us understand our mistakes politely as positive reinforcement makes the children feel good.
It's the same for employees as well. Studies show that positive encouragement works better than criticism in motivating staff and service providers. Giving positive feedback gives a sense of accomplishment and motivation, making for a happier team, thus encouraging good staff to stay with your business and ensuring loyalty.