Entrepreneurs Who Do Not Think Outside the Box But About the Box Itself: An in Depth Experience in Franchising
Martin, Derek J.
The purpose of the franchise project was to find out if I wanted to own a franchise. To truly find out I explored the design and operation of a successful franchise from both perspectives: franchisee and franchisor. From the franchisee's perspective, more focus was put towards daily operation, communication, leadership, team work, and business knowledge requirements. On the side of the franchisor the focus was less directed towards the teamwork and more directed towards the application process of a new franchisee and the financial aspects of the franchise itself. This paper discusses the experience of in store studies and experiences, as well as corporate meetings and day to day operations of the home office. Some conclusions indulge on the importance of the franchisee's communication, general business knowledge, leadership, and team work attributes. Conclusions drawn on the franchisor ability to adapt to changing conditions, offer acceptance only to candidates with the right qualities, and that the franchise builds upon a heavy cash flow approach.
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