Today is June 14, 2022. It’s Flag Day. It’s the annual holiday that celebrates the symbolism and history behind the American flag each year.
The Continental Congress introduced the American flag in the middle of the Revolutionary War at a time when each colony or special interest had its own flag.
The Declaration of Independence made the introduction of a universal American flag necessary.
Congress made a resolution on June 14, 1777, outlining the purpose for a united American flag for the 13 colonies: “The flag of the United States shall be thirteen stripes, alternate red and white, with a union of thirteen stars of white on a blue field …”
In 1885, a schoolteacher by the name of Bernard J. Cigrand encouraged his students to reflect on the symbolism behind the American flag.
Eventually, he came up with a proposal to establish an annual observance for the nation’s flag and penned an article called the “Fourteenth of June” in the Chicago Argus newspaper. To this day, he is regarded as the “Father of Flag Day.”
Many Americans celebrate Flag Day by displaying the red, white, and blue flags with 50 stars and 13 stripes in front of homes and businesses.
Some towns and cities hold parades and other events to celebrate the flag, and the American flag is flown at all government buildings.
Flag Day is not an official federal holiday, but its observance is proclaimed every year by the president of the United States.
*Credit to Katherine Rodriguez and NJ.com
My final thought for the day…
The sky is just like life. Some clouds are fun to look at as our imagination creates figures out of the clouds. Others are menacing and even scream at us at times. Sometimes there’s the calm before the storm. Other times the combination of fascinating colors depicts the end of the day and thought of the new day ahead. But what I find most exciting is when clouds part and we see some light, some blue skies ahead… creating hope things will turn out okay. At times they may be dark for days but if we just wait for it, blue skies are always ahead!
A while back I had posted a question on LinkedIn, “Are Franchisees personally responsible for their own success or failure?”
Below please find several of the responses from a cross-section of professionals that I believe provide some very interesting perspectives. Certainly, ones that may be different from franchise professionals that may be too far into the forest to actually see the trees, or of the franchisees that would rather point the finger of blame at someone else rather than at themselves.
As I have done in the past, the names of the responding individuals will be kept confidential. Instead, they will only be identified by their LinkedIn statement or profile.
The president of an HR consulting firm responded, “Franchising quickens the start-up of a new business operation with a systemized model. But in the end, a franchise is a business like any other. Each business owner is responsible for the success of their business. Drive, ambition, courage, determination and a keen focus on sales and marketing is critical. You reap what you sow.”
An operations manager from the telecommunications industry added, “I have the fortune of working with some great franchises in a manner where both the franchisees and the franchise are clients. As others have said, it is a combination of what is provided by the franchise and effort on the side of the franchisee. One could write a series of books on the subject; however, I feel that proper guidance and training are more vital than even advertising when it comes to a good ratio of successful franchisees. Often, I will see even the highest revenue producing franchisee left alienated by a brand, it is not uncommon for some franchisees to not even know who the current regional contact is for their brand until there is a problem. On the other hand, I have seen franchises that provide complete packages for their franchisees including market research, technology like database, PBX, and websites, corporate trainers that are easy to contact and on a first name basis, and most importantly a feeling of partnership where the owner often makes contact for advice, ideas, and information. The right franchise provides two vital resources to a business owner: 1. Instant name recognition and consumer confidence. 2. Tools enough for a business owner to focus on growing his business and not burdened with reinventing solutions to common problems.”
Finally, an expert in the HR field stated, “They are totally responsible for their own success or failure. If the franchiser does not support them, they have to remember they are the ones who made the decision to buy the franchise. They decided who to hire and to approve the location. If the system is not working, then figure out what needs to happen and make it happen. When you buy a franchise, you do not buy a job you buy a business. Would you let your employees blame it on you if they did not produce?”
As I read through the responses, I realized that several were adamant that the fact individuals invested money with a franchisor, they should be guaranteed success. Others pointed toward franchisees being different than entrepreneurs who know there is risk. Does that imply that those investing in a franchise don’t realize there is a risk when investing in any type of business, even if the investment is made by a successful entrepreneur?
And that brings to mind, the off again, on again discussion about whether franchisees are entrepreneurs?
Are Franchisees Entrepreneurs?
In business circles we frequently hear and make reference to “entrepreneurial spirit.” It’s this spirit that drives an individual to taking risks, sometimes calculated, but not always. “Spirit” is often associated with “free.” Sir Richard Branson of Virgin Airways fame, among other successful business ventures, would definitely be considered a risk taker, an entrepreneur and free-spirited.
It’s often been said that individuals explore franchising due to it being less risky than starting a business from scratch as the franchise comes complete with a proven business system. The old adage about being in business for yourself, but not by yourself, creates a nice, warm sense of security that a franchise can ultimately provide.
Minimized risk. Proven system. Sense of security. Could you really see Sir Richard as a franchisee? So, if Sir Richard Branson epitomizes the true entrepreneurial spirit, my question is, “Are franchisees entrepreneurs?”
Come to think of it, I don’t believe I’ve ever seen the word, “entrepreneur” in a word cloud about franchising… Wait, there it is in tiny print next to the pinky finger!
I’m anxious to hear what franchise professionals, franchisees and others have to say. Please post your comments below. Thanks.
Sunday at Acceler8Success Cafe is the time for looking back over the past week. It’s a time for review as with so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly my Question of the Week slipped by without you noticing, or an announcement I may have made just seemingly got lost amongst the busy news feed.
Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.
Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My goal is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.
78 years ago on June 6, 1944, thousands of Americans in unity stormed the beaches of Normandy and changed the course of World War II. Many lives were lost in the effort to keep the world free. In light of current unrest and discord I appreciate our freedoms even more than ever before. As the threat against freedom has again reared its ugly head, it will take unity to prevail once again.
Mistakes are a part of life. However, so is learning from mistakes. But if you could learn from the mistakes of others rather than your own, wouldn’t you? In this article we took a look at some common mistakes individuals make when exploring and investing in a franchise in order that you avoid them and improve your chances of success within your new business.
Business owners and entrepreneurs are not the only players responsible for building up the economy. If everyone doesn’t participate in the growth, then it will not spread and take root. There is one entrepreneur on the stage but there is also a cast of characters, orchestra pit, and the audience. Without those ecosystem stakeholders, change will not be successful.
An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level.
Question of the Week: I don’t believe it could be argued that an entrepreneur is a businessperson. But I do believe it can’t be argued that not all businesspeople are entrepreneurs. So, what differentiates an entrepreneur from a businessperson?
Back in 2009 while in the midst of an uncertain economy, and a few times thereafter, I have shared this article and inspirational video. Almost every time I’ve done so I’ve heard from individuals thanking me and letting me know that it had helped them cope with difficult times. Recently, I heard from someone who reminded me of the original post and how much it meant to him back then and how he often refers to it when facing a current challenge. It made me think about how it might help others today as we’re once again experiencing economic uncertainty. Here’s hoping that sharing it once again may help a few more that may need some inspiration and hope that tomorrow will be better than yesterday.
“Weekends are days to refuel your soul and to be grateful for the blessings that you have.” – Anonymous
This quote from billionaire Dallas Mavericks owner Mark Cuban addresses the common dilemma of which field we should pursue in our entrepreneurial life.
Too often, we end up pursuing paths that aren’t optimal for our own lives, abilities, and interests. At the same time, it’s impossible to choose a perfect path in advance. Things will inevitably change along the way.
Given both the difficulty and importance of choosing a path in this life of ours, how do we go about putting Mark Cuban’s ideas into practice?
Ikigai. Have you heard of Ikigai? It’s a Japanese philosophy for finding a balanced life. Ikigai takes Mark Cuban’s quote and runs with it. To correctly follow Ikigai, you must seek a balance between not only what you love and are good at, but what the world truly needs, and you can also be paid for. This framework might help you find the way when considering different paths.
Regular Reflection. It’s important to reflect along the way during your entrepreneurial growth. Taking the time to sit back and assess whether you’re still in love with your work and whether your time might be better used elsewhere is an important part of the process.
Skills & Improvement. In order to remain good at something, we can never rest on our laurels. We need to remain committed to pursuing education and development anywhere we can. Once you’ve chosen a particular path, keep seeking ways to strengthen yourself while you walk it.
No matter which area of business you are in, Mark Cuban’s ideas are valuable. Always seek out exciting opportunities you love and have a chance to be skilled in.
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To most, weekends are considered the end of the week. To me, it’s the start of a new week, a new beginning.
I love the quiet and solitude of weekend mornings as I awake by 5AM. I use the time to think about possibilities as I catch up on reading, reviewing the many publications, newsletters & blogs to which I subscribe. Weekend afternoons are typically reserved for family time, and/or more quiet time.
Today that will include spending time with our daughter-in-law, Erin as plans come together for her and our grand dogs, Bella & Lola to join our son, Paul in Amsterdam to complete their relocation. Tonight, my wife, Laureen and I will celebrate our 45th wedding anniversary.
Preparing for the week ahead is reserved for Sunday evenings and typically takes me well into the night. This ensures a stress-free start to the week ahead and goes a long way toward achieving goals. Doing so actually helps plan for free evenings during the week. This allows me to maintain a work/life balance as family commitments & events are firmly in place on my calendar, not to be interrupted by work.
Please share this with others as there are far too many that have a difficult time managing stress and especially so amidst the seemingly endless negative news surrounding us every day.
Here’s to a great day, a super Sunday and a very productive stress-free week ahead. Make it happen. Make it count!
Back in 2009 while in the midst of an uncertain economy, and a few times thereafter, I have shared this article and inspirational video. Almost every time I’ve done so I’ve heard from individuals thanking me and letting me know that it had helped them cope with difficult times. Recently, I heard from someone who reminded me of the original post and how much it meant to him back then and how he often refers to it when facing a current challenge. It made me think about how it might help others today as we’re once again experiencing economic uncertainty. Here’s hoping that sharing it once again may help a few more that may need some inspiration and hope that tomorrow will be better than yesterday.
Life is Like a Cup of Coffee
As one might imagine, I spend a great deal of time seeking out articles and information that may be of interest to the franchise industry, and readers of this site. Most of the time I’m looking for things relevant to franchising, entrepreneurship and small business.
Recently, I came across an inspirational video, “Life is Like a Cup of Coffee.” I watched the video several times, as I’m sure most of the people that have already seen this video have done. The message conveyed by the video made me think long and hard about the current economy and how it might be affecting people within the franchise community.
I thought about the franchise executives, who may be wondering when and where they’ll work next. Or the entrepreneurs who invested large amounts of money developing new franchise systems, only to find themselves anxiously waiting for credit markets to ease up just a bit. And I could not help thinking about the many franchisees, with life savings invested, watching their personal lifestyles drastically change, as they try to squeeze dollars out of cents.
This video provides a simple, yet profound look at life that may shed light on how challenges being faced today need to be addressed, and hopefully, resolved. Maybe, just maybe, it can be looked at as the simple approach to tackle complex problems. And I’ve asked myself if it could really be instrumental in making people look at things differently and provide hope, where hope was not even considered before.
I know that hope is not a sound business strategy, but neither is waiting. At least with hope, it may provide inspiration to do things that may help in turning things around.
Anyway, take a look at the video and give this some thought. Then, please share it with your family and friends and request they share it with people they know. If we can ultimately help just one person, or just one family, we will have made progress. Progress that’s necessary to survive this rough economic storm.
When Life Knocks You Down
A conversation the other day had me thinking long and hard about this quote. Sometimes it’s easier said than done, but it’s always possible to get back up. Honestly, I should practice what I preach. Well, not so much to get back up, but to do so quickly and without leaning on excuses. Even if there are justifiable reasons, they’re still excuses. I should know better. I do know better. So, from me to you, here are my thoughts on getting back up after being knocked down by life.
When life knocks you down, you MUST get back up. Always!
Often, it’s quick to jump right up on your feet. Other times it takes getting up on one knee and pulling yourself up, sometimes holding onto something, but all the while progressing to an upright position. And yes, there are times you’ll actually stumble and fall back down, but you must push again to get back up.
An unforeseen weight causes you to fall down and is making it difficult to get back up? Find a way to push it aside. Dig deep inside for extra strength, for the will to get out from under it, crawling out if you must.
When all is said and done, you must get back up. You can do it. You must do it.
Now, I’m thinking about what I believe is one of the greatest motivational and inspirational speeches in movie history. The speech I’m referring to is by Rocky Balboa to his son… I believe that anyone that has seen the movie, Rocky Balboa will remember the speech but whether you do or not, take a minute or two to read through the words below:
“Let me tell you something you already know. The world ain’t all sunshine and rainbows. It’s a very mean and nasty place and I don’t care how tough you are it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain’t about how hard ya hit. It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That’s how winning is done! Now if you know what you’re worth then go out and get what you’re worth. But ya gotta be willing to take the hits, and not pointing fingers saying you ain’t where you wanna be because of him, or her, or anybody! Cowards do that and that ain’t you! You’re better than that! I’m always gonna love you no matter what. No matter what happens. You’re my son and you’re my blood. You’re the best thing in my life. But until you start believing in yourself, ya ain’t gonna have a life. “
The hit ABC reality television show Shark Tank continues to be one of the highest rated shows on television today. The show’s panel typically consists of its recurring millionaire and billionaire venture capitalists: Kevin O’Leary, Robert Herjavec, Daymond John, Barbara Corcoran, Lori Greiner and Mark Cuban with appearance by others with similar backgrounds and experience.
The premise of the show is for these venture capitalists being presented with new ideas, inventions, products and services from individuals and partners that are seeking investments. The people that enter the “Tank” are given the chance to present these VCs, or “Sharks” as they are known on the show, with an opportunity to invest in their companies.
Many of the people who walk into the “Tank” are told by the Sharks that their business is not a business and that they are not even entrepreneurs. Some are dumbfounded when they hear this because they believe that they are serious entrepreneurs — not just another businessperson looking to make a buck.
So, what differentiates an entrepreneur from a businessperson? Therein lies the basis of our Question of the Week but let’s set some groundwork that possibly could help answer the question.
An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level. In order to understand this concept, we’ll have to use the Sharks themselves as examples.
Kevin O’Leary earned his way to fame and fortune by building his educational software company SoftKey, right out of college. As his empire grew, he eventually acquired The Learning Company for over $600 million — taking the name as well. Eventually, O’Leary sold his business to a company called Mattel for $3.8 billion in a stock swap. In 2003, O’Leary moved on to his next venture, Storage Now, which was later acquired for $110 million.
O’Leary now sits on several boards and operates as an advisor to many companies. O’Leary eventually made his way to the Shark Tank after the success of his other show Dragon’s Den, which Shark Tank is modeled after. O’Leary is known as “Mr. Wonderful” on the show for his outlandish and often brutal honesty — as he so puts. He approaches his investment decisions with the cold hard truth that he believes some ideas are just not meant to be businesses.
Robert Herjavec got his start by building up his Internet security empire, BRAK Systems, until he eventually sold it to AT&T Canada in 2000. After an early retirement, Herjavec found his way back to the Internet security world when he founded The Herjavec Group in 2003, where he currently operates as the CEO. Herjavec also started out on Dragon’s Den with O’Leary and now holds a recurring spot on Shark Tank. Herjavec appears to be more optimistic than the other “Sharks”, with more of a sensitive side. Maybe it’s the fact that his working-class father immigrated to America in pursuit of the “American Dream” and taught him that hard work pays off — which he’s used as the model for his success.
Daymond John, who is most famously known for his start-up company FUBU, which he grew with the help of celebrity endorsement and a mortgage from his mother’s house. John built FUBU into the global empire it is today, with global sales at over six billion to date. Although he is known to be a more reserved Shark, taking careful consideration before jumping on a deal, John is known to have a compassionate side and one that has been seen before on Shark Tank.
Barbara Corcoran built her empire with nothing more than a mere $1,000 loan that she used to start her real estate company The Corcoran Group — which she co-founded. In 2001, Corcoran sold her company to NRT Incorporated for $66 million. Corcoran is responsible for pioneering many revolutionary techniques that changed the real estate market. Corcoran is a wild one — the fun-loving Shark, who astounds the others with her business decisions but somehow always proves that she still has her business swagger.
Lori Greiner began her career with the invention of a revolutionary jewelry box that was capable of holding over 100 earrings. Greiner is now known as the “Queen of QVC”, since she has helped launch hundreds of products via the network and holds over 120 U.S. and international patents. She is also the president and CEO of the company For Your Ease Only. Greiner is a savvy investor who has helped grow hundreds of companies. She is a force to be reckoned with — despite her physical appearance she is not to be underestimated.
Mark Cuban, the richest of the Sharks, made his billions despite some claims that were ultimately defeated in court, with the start of his company MicroSolutions in the 1980’s. In 1990, Cuban sold his company for $6 million. After that, Cuban moved on to his next venture AudioNet, which became Broadcast.com and eventually sold to Yahoo! for $5.7 billion. Cuban is probably the deadliest of the Sharks, with the biggest bite. He’s known for his ruthless execution and ability to swoop in at any moment and steal a deal right from another Shark’s mouth. Although this is true, Cuban has been known to drop out of the race if he feels he can’t contribute more than another Shark.
As far as the term “entrepreneur” is concerned, assuming that it’s not as subjective an idea, but more literal: Mark, Kevin and Robert seem to fit this definition best and more so than Barbara, Lori and Daymond. The reason for this is due to the fact that these individuals have started their companies, sold them and started new ones, continuing this trend indefinitely. Daymond is sort of in the middle since his claim to fame is mostly FUBU. Barbara and Lori predominantly gained success from one business, which generated most of their wealth, later allowing them to invest in future companies.
At some point in their lives I believe that all of these Sharks were full-time entrepreneurs but as time progressed and success achieved, Barbara and Lori, and to some extent, John actually “switched” positions and became businesspeople, just managing their day to day operations, investing in some other companies, but letting others follow through on the vision, actually passing the entrepreneurial torch on to the next eager person, or better stated, igniting the entrepreneurial torch for others.
I don’t believe it could be argued that an entrepreneur is a businessperson. But I do believe it can’t be argued that not all businesspeople are entrepreneurs. So, what differentiates an entrepreneur from a businessperson?
As always, I look forward to your response. I appreciate all comments and perspective. Thank you in advance for taking the time to share your thoughts.
An obvious answer to the question of how to stimulate local economies is job creation, but that’s only a fraction of the answer. Steady growth of local business improves communities as well as the overall economies and ecosystem of these communities – small cities, college towns, rural markets, and essentially, areas beyond larger cities and the first ring of suburbs.
If there was a silver lining in the pandemic, it’s the realization that work could be efficiently and effectively performed away from the office. Mind you, I’m not a big proponent of all work being performed remotely, but the flexibility of a hybrid work structure would enable individuals and families to live further away from urban areas and close suburbs. It provides opportunity to reside 50-80 miles or more away from the office as commuting would be limited to a couple of days a week. Thus, many, if not most wouldn’t mind a longer commute if it wasn’t required every day.
As well, college towns like Auburn, Alabama and College Station, Texas, always attractive to its alumni and former students, but lacking opportunities for a wide range of careers beyond those at or related to the local university. Yet, being able to live there was a consideration, but really not much of an option. But the dream remained.
Even with the flexibility to live further away from the ‘big’ city and crowded suburbs, how does a small town attract individuals and families to their area? There must be amenities. There must be conveniences they’ve grown accustomed to. There must be good schools for their children. There must be restaurants and movie theaters. And the list goes on.
Unfortunately, many small towns have seen better days, but a renaissance of sorts has started. City and county economic development departments are extremely busy looking for ways to showcase their local market. Sure, a few may become a destination such as what’s going on in Johnson City, Texas as a growing Texas wine market.
But truly, what is sustainable for towns over the long-term? How do they achieve balance as opposed to having all their eggs in one basket? The answer is local entrepreneurship.
Businesses move their headquarters there or open a branch in the region. This attracts executives who want to work for these companies. It’s a ripple effect that makes local entrepreneurial growth the gift that keeps on giving. Said Daniel Isenberg, founding executive director of the Babson Entrepreneurship Ecosystem Platform, Associate at the Harvard Kennedy School of Government, and Adjunct Professor at Columbia Business School, “There is not one greatest impact these programs create; that’s what makes it so self-sustaining and a true ecosystem: it is self-organizing.”
Ultimately, local entrepreneurship has great potential as an economic development strategy for rural communities with or without stagnating or declining economies. A thriving local economy can substantially alter a city’s image, making it a more attractive place to work and to live. Local entrepreneurship also stimulates a sense of community. Think back to Main Street of yesteryear where neighbors and friends often see each other in the local grocery store or cafe. Small business owners all knew each other, often referring business to each. Local sports teams were sponsored by local business owners.
Similar to Main Street was the town square. Often Main Street ran into the town square but in some small cities, town sqaure was the town with businesses surrounding a common area for meetings, events, and relaxation in a park-like setting. It was the center of the community. A common place for all but one that was supported by local business owners, and entrepreneurs of the day. The same can hold true today. Actually, it must hold true for tomorrow.
Business owners and entrepreneurs are not the only players responsible for building up the economy. “If everyone doesn’t participate in the growth, then it will not spread and take root,” said Isenberg. “There is one entrepreneur on the stage but there is also a cast of characters, orchestra pit, and the audience. Without those ecosystem stakeholders, change will not be successful.”
Isenberg has witnessed firsthand how big influencers are coming around, realizing they must invest in growth for the greater benefit of not just business, but of the entire ecosystem of a region and of themselves. Change takes a village, but once it has taken a hold of a region, growth will be substantial and impactful.
Shared from CameoNetwork.org… A shift is needed to move from old strategies that may have worked for a different economy to a new innovative, creative and flexible method that will work for today’s economy – strategies that are based on creating jobs locally and based on building a Local Entrepreneurial Ecosystem. This will create a strong and diversified infrastructure of many small, locally owned businesses that will be a major source of job creation, economic stability, and community success in the new economic reality.
“Connected economies have higher median incomes, lower-income volatility, more high-wage service jobs, lower median ages, higher population growth, and greater educational attainment than their isolated peers.” – “The Challenges and Opportunities of Running a Small Business in Rural America,” John Lettieri, Economic Innovation Group
There’s a lot of work to do but I believe small town USA will be the driving force behind recovery for our great country. Resources must be committed to assisting current and aspiring entrepreneurs alike. A return to Main Street is inevitable. It’s already begun. But it must be stimulated further, proactively. The time is now.
Today’s Entrepreneurs. Are you one of them?
The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… a job offer, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.
Well, technology along with our lost feeling of security, job and other has provided us opportunity and reason that we must keep our eyes open, explore beyond our comfort zones and maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, to think and act outside the box (of complacency, fear and procrastination).
We’re in an environment where the visionaries continue to create the playing field but it will only be doers who will win… the ones will act swiftly, yet deliberately – often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to succeed. Those doers are today’s entrepreneurs.
Mistakes are a part of life. However, so is learning from mistakes. But if you could learn from the mistakes of others rather than your own, wouldn’t you?
Let’s look at some common mistakes individuals make when exploring and investing in a franchise in order that you avoid them and improve your chances of success within your new business.
Mistake 1: Not Learning About Life as a Franchisee
While you have instincts for a reason, when investing in a franchise, relying solely on your instincts is not necessarily the best decision. Rather than just trusting your instincts, which could land you in hot water with your franchisor, landlord or tenant, choose to learn all you can before you finalize any agreement.
That said, always trust your gut and dig into what may be giving you that bad feeling. Talk with other franchisees. Ask them to share with you a day in the life of a franchisee. As well, speak with other tenants in the shopping center where you’re considering a lease. For both parties, ask whether they would do it again?
Knowledge is power. By learning from a leader within the franchise organization, as well as doing as much research as possible about the franchise before you dive in head-first, you are positioning yourself (and your franchise) for success by providing yourself with the tools necessary in case something goes awry. Ask franchisees how issues and disagreements have been addressed in the past. Same for tenants.
Mistake 2: Rushing Your Due Diligence
Slow and steady can still win the race, including in franchising. While you might be eager to get started as soon as possible, there may be moments where more time—and patience—is prudent.
For example, when choosing a location for your business, never allow yourself to be in such a rush that you choose a bad location or even fail to negotiate not only best rate per square foot but also tenant improvement allowance and other benefits such as free rent. Look to the future by checking current visibility and try to determine if there’s a possibility of that visibility being blocked, maybe by a new building on a pad site along the property’s outer rim or heaven forbid, road construction. Often, plans for both are made well in advance.
Mistake 3: Not Following and Trusting in the Process
Remember, you are making an investment in a franchise. And, when you do so, you’re making an investment in that franchise’s brand, processes and procedures. Understand what that means and what you’ll need to do to adhere to operations manuals regarding the same. It’s a huge responsibility that may carry some significant liabilities if you’re not in compliance.
You will want to make certain before you finalize your investment, to be sure to fully understand responsibilities, both of yourself and the franchisor. Read the small print closely and carefully so that you are fully on board when you sign on the dotted line(s). This applies to all agreements – lease, equipment, suppliers, etc. Remember, it’s difficult to put toothpaste back in the tube. So, be diligent on the front end of all transactions and heed the age-old advice of haste makes waste.
“When it comes to business success, there’s no room for half measures. If you want to succeed, you must go for it with everything you have. Hold nothing back. Give it your all. Then watch just how high you can fly!” – Jim Connolly Marketing Blog
78 years ago, today thousands of Americans in unity stormed the beaches of Normandy and changed the course of World War II. Many lives were lost in the effort to keep the world free. In light of current unrest and discord I appreciate our freedoms even more than ever before. As the threat against freedom has again reared its ugly head, it will take unity to prevail once again.
“You are about to embark upon the Great Crusade, toward which we have striven these many months,” General Dwight D. Eisenhower wrote.
“The eyes of the world are upon you. The hope and prayers of liberty-loving people everywhere march with you. In company with our brave Allies and brothers-in-arms on other fronts, you will bring about the destruction of the German war machine, the elimination of Nazi tyranny over the oppressed peoples of Europe, and security for ourselves in a free world.
“Your task will not be an easy one. Your enemy is well trained, well equipped and battle-hardened. He will fight savagely.
“But this is the year 1944! Much has happened since the Nazi triumphs of 1940-41. The United Nations have inflicted upon the Germans great defeats, in open battle, man-to-man. Our air offensive has seriously reduced their strength in the air and their capacity to wage war on the ground. Our Home Fronts have given us an overwhelming superiority in weapons and munitions of war and placed at our disposal great reserves of trained fighting men. The tide has turned! The free men of the world are marching together to Victory!
“I have full confidence in your courage, devotion to duty and skill in battle. We will accept nothing less than full Victory!
“Good luck! And let us beseech the blessing of Almighty God upon this great and noble undertaking.”
The following article on D-Day casualties is an excerpt from Barrett Tillman’ D-Day Encyclopedia.
Allied figures for D-Day casualties are contradictory, and German figures will necessarily remain inexact. Historian Stephen Ambrose cites 4,900 Allied troops killed, missing, and wounded.
The First U.S. Army, accounting for the first twenty-four hours in Normandy, tabulated 1,465 killed, 1,928 missing, and 6,603 wounded. The after-action report of U.S. VII Corps (ending 1 July) showed 22,119 casualties including 2,811 killed, 5,665 missing, 79 prisoners, and 13,564 wounded, including paratroopers.
Canadian forces at Juno Beach sustained 946 casualties, of whom 335 were listed as killed.
Surprisingly, no British figures were published, but Cornelius Ryan cites estimates of 2,500 to 3,000 killed, wounded, and missing, including 650 from the Sixth Airborne Division.
German sources vary between four thousand and nine thousand D-Day casualties on 6 June—a range of 125 percent. Field Marshal Erwin Rommel’s report for all of June cited killed, wounded, and missing of some 250,000 men, including twenty-eight generals.
By early July the Allied armies had captured 41,000 German troops while sustaining 60,771 casualties, including 8,975 dead. French losses in the Normandy campaign have been calculated at fifteen thousand civilian dead.
The total number of casualties that occurred during Operation Overlord, from June 6 (the date of D-Day) to August 30 (when German forces retreated across the Seine) was over 425,000 Allied and German troops. This figure includes over 209,000 Allied casualties:
Nearly 37,000 dead amongst the ground forces
16,714 deaths amongst the Allied air forces.
Of the Allied casualties, 83,045 were from 21st Army Group (British, Canadian and Polish ground forces)
125,847 from the US ground forces.
The losses of the German forces during the Battle of Normandy can only be guessed. Roughly 200,000 German troops were killed or wounded. The Allies also captured 200,000 prisoners of war (not included in the 425,000 total, above). During the fighting around the Falaise Pocket (August 1944) alone, the Germans suffered 90,000 losses, including prisoners.
“There’s a graveyard in northern France where all the dead boys from D-Day are buried. The white crosses reach from one horizon to the other. I remember looking it over and thinking it was a forest of graves. But the rows were like this, dizzying, diagonal, perfectly straight, so after all it wasn’t a forest but an orchard of graves. Nothing to do with nature, unless you count human nature.” ― Barbara Kingsolver
If you can’t appreciate what they accomplished, just try to imagine what life would be like today had they failed. United we stand. Divided we fall.
Sunday at Acceler8Success Cafe is the time for looking back over the past week. It’s a time for review as with so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly my Question of the Week slipped by without you noticing, or an announcement I may have made just seemingly got lost amongst the busy news feed.
Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.
Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My goal is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.
“America’s fighting men and women sacrifice much to ensure that our great nation stays free. We owe a debt of gratitude to the soldiers that have paid the ultimate price for this cause, as well as for those who are blessed enough to return from the battlefield unscathed.” ― Allen Boyd
Culture lives and breathes in all organizations. It must be nurtured – fed and taken care of. If sick, the virus causing the sickness must be addressed.
Having worked with many, many with entrepreneurs exploring franchising as a business growth and expansion strategy, I’m often asked the question, “How does a new franchise company sell franchises without brand recognition?”
Instead of just focusing on investment level, industry segment and competition franchise candidates should know about the difference between legacy and emerging brands and the advantage of one over the other.
Question of the Week: Is it safer to invest in a recognized brand with a proven system as opposed to investing in something new and relatively unknown?
How will transitioning corporate executives or well-educated young professionals (or combination thereof between partners) consider a brand’s franchise opportunity amongst the growing number of franchise opportunities across a multitude of industries and industry segments? How should a brand be best presented in today’s competitive market… in today’s franchise buyer’s market?
What are you passionate about? If you’re not sure or maybe you’re thinking about doing something different in life, think no more and follow Nike’s slogan to, JUST DO IT!
What must be done to make life in America sensible and great again is a focus on kindness, along with care & respect. It’s nothing new as it’s what most of us were brought up to do – be kind to others and show care for others & respect others. It really is a simple formula, but it must start at home, one person, one family, one community at a time… one act of kindness at a time. What we do makes a difference. Let’s all do our part!
Have a great day (and week ahead). Make it happen. Make it count!
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