Franchising – Entrepreneurial Aptitude – A Measure of a Franchise Business Owner’s Probable Success
Since the economy went into recession, Congress passed several temporary changes to SBA loan programs. The changes benefit SBA franchise financing in several ways.
By expanding using the franchise model, the franchisee effectively funds the business expansion in their area and pays an initial franchise fee to cover setup and training followed by ongoing royalty payments to the company (franchisor). In return they get a stake in the business, an exclusive area and ongoing support.
Franchise companies can also insist that franchisees buy all the products and services they need to run the business directly from them thereby generating additional profits. As their network grows, they will be able to command better prices from their suppliers and increase their margins or pass the savings onto their network.
But can Entrepreneurial Aptitude be measured in any meaningful way?
In fact, entrepreneurial aptitude can be measured. Studies of highly successful entrepreneurs define a profile of fairly common family background, childhood experiences, core values, personalities, and many more characteristics. Testing yourself against that profile of highly successful entrepreneurs is an excellent way to gauge your personal entrepreneurial aptitude. We encourage every potential franchise business buyer to “take the test before you invest.”
The Proof Is In the Results
The most successful entrepreneur that I have ever known matched the ideal test profile almost exactly. Although he would have had limited success working for someone else, his results as a business owner were phenomenal.
He started his software business while in his early twenties. He was an unimpressive looking guy with unimpressive credentials. He did not have a Harvard MBA; in fact, he never finished college. His experience was limited to a few years as a software developer. He had never managed anyone before starting his business. He was neither a charismatic personality nor a dynamic communicator. Clearly he was not the typical corporate executive profile.
It takes a minimum of 45 days ( if you are very insistent) to close an SBA 7(a) loan. If there are snags, the process can take longer. So, if you plan on taking advantage of this temporary program, now is the time to get your loan application going
Resource Author Francisco Rodriguez Higueras
Encontrar un Trabajo Empleo – Empleo es fácil si sabe dónde buscar
Trabajar Desde Casa es fácil si sabes como
Todo sobre Mario para gente que le gusta jugar
