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Successful Franchisees

 

A 2016 Statistics Canada study revealed that immigrants to Canada are more likely to own businesses than Canadian-born citizens. And, there is growing research that shows immigrant entrepreneurial success is greater than that of Canadian-born entrepreneurs. In Canada, franchising is fueling small business growth. As many new Canadians achieve success in the franchising world, it’s interesting to look at how personality may contribute to their success in franchising.

Personal Attributes of Successful Franchisee Candidates

Research shows that work ethic contributes to greater immigrant entrepreneurial success than Canadian-born entrepreneurs. Immigrants may often demonstrate traits related to their:

  • positive work ethic
  • tendency to work longer hours
  • high self-reliance

These factors may explain their success relative to Canadian-born entrepreneurs. So, what does it say about people who are willing to immigrate to another country? People who are willing to leave their home country, often leaving family behind, may indicate someone who is:

  • open to change
  • tolerant of risk and uncertainty
  • determined
  • 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.


Related Posts:

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 great fit for franchising!

10 Traits of Successful Franchisee Candidates

1. Extraversion

Ideal franchisee candidates will be most happy working with a group, and will thrive in a leadership role.

2. Agreeableness

Ideal franchisee candidates want group harmony among their work team, with everyone working towards shared goals.

 

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3. Conscientiousness

Ideal franchisee candidates want to do what is right, and do it in the best way.

4. Stability

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.

5. Openness

Ideal franchisee candidates will consider implementing new methods of working, if there is a strong business case for trying something differently.

6. Resolve

Ideal franchisee candidates really care about their jobs, and take personal pride and enjoyment from their work.

7. Reliability

Ideal franchisee candidates will stand out for consistently following through on their commitments to others.

8. Control

Ideal franchisee candidates are natural leaders who are focused on achieving success.

9. Optimism

Ideal franchisee candidates have a positive outlook regarding people and processes, and are usually enthusiastic about innovation and new ways of doing things.

10. Assurance

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 exploring franchising as a business opportunity, it’s important to assess if you would be a fit for franchising. This is one of the first critical steps to take before you explore 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?

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Visit our Franchising for New Canadians Learning Center for tools, resources, and information to help you make an informed decision about franchising.