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5 Traits You Need To Be A Successful Entrepreneur


March 2, 2019
5 Traits You Need To Be A Successful Entrepreneur

Being ruthless isn’t the way forward to become a thriving franchise business owner. An entrepreneur needs a variety of other personality traits to ensure the longevity of their success.

Here, we explore the characteristics that are absolutely vital.

1. Drive

If there’s nothing motivating you to achieve great results for your enterprise, then it’s unlikely you’ll see them transpire. There needs to be something driving you, such as a passion for the work or a thirst to generate sales and revenue.

A great work ethic is incredibly valuable. Being a franchise business owner requires diligence. So be proactive, and lead the way so that your team members follow suit and are inspired to be self-starters too. Having confidence in the business, and the way you are running it, will also help.

2. Determination

Such drive calls for determination – another necessary trait of a successful franchise business owner. Not all days at work will be plain sailing, so ensure you have fortitude. You can’t let challenging situations stand still either – if there are problems, they need to be dealt with.

This resilience will enable you to ultimately propel the business forward. You should be competitive as well. There’s no need to be ruthless in the approach, but if you aim to win out among similar organisations, you’re much more likely to do so.

3. Organisation

Organisational skills are a common by-product of being determined. Without a thorough strategy built around the goals you’re aiming towards, you risk executing tasks at the wrong time. So thoroughly understand your franchise’s objectives, as well as the deadlines to meet them and the resources required.

You’ll need to carry out research to ensure your objectives are attainable, but time is also key – it’s important to be patient, and know that not everything can be done at once and that long-term results take longer to materialise. Managing time and prioritising tasks effectively will be a necessity.

4. Open-mindedness

These aims can’t all be met by you – the franchisor, your team, and others will all have valuable contributions they can make. Being open-minded is therefore a key trait. Whilst you will ultimately be the one running the business, others’ ideas, processes and thoughts will help lead to its success.

Additionally, you need to be open to learning more. Even if you have years of experience in your chosen franchise industry, there will always be more information and tools that you’ll need to know to continuously improve. A good franchisor will provide you with ongoing training, including keeping you updated with the latest sector trends.

5. Great communication

The teamwork involved in running a franchise, and your relationships with other stakeholders, will require effective communication.

For employees, you should clearly let them know what is going right or wrong – this way they will feel more motivated to either keep producing great results or develop. With existing clients, excellent communication will enable you to retain them, and you’ll find it much easier to gain leads when networking too.

Equipped with all these traits, you can be the successful entrepreneur you want to be. Of course, a fantastic franchisor will be a massive help – ideally one who is an established brand within a thriving industry, like Rainbow.

We’ll help you nurture these characteristics; our continuous training and support will be there to help you along the way to franchise business success.

Want to take advantage of one of our franchise opportunities? Request a callback from our friendly team today.