Money, Talent, Experience vs. GRIT
What would you choose?
I recently read GRIT by Angela Duckworth and if you have not yet had a chance to read it, I highly recommend it.
This book made me re-examine the important decision of franchisee selection and the success of franchisees. Why is it that some franchisees do extraordinarily well, while others just average or even under perform when we have used the same criteria for their selection and they have given them access to the same franchise system?
The elusive franchisee profile
In franchising, we develop a profile of the candidate that would be well suited for business. The criteria may include things like having sufficient money, the right experience, appropriate skills, correct expectations of the business and alignment with the culture of the franchise company.
Some companies may take it a step further and profile their candidates based on a “FranchiseZe” profile such as with Dynamic Performance Systems, or may use tools such as DISC or Myers-Briggs or other leadership evaluation tools.
We create a profile and selection methodology to hopefully ensure that we have recruited a great franchisee with money, full of talent and promise for success in our business.
Unfortunately, as I have repeatedly learned over 30 years, the real franchisee only appears during training or after they are open for business–a little too late. My mentor, Bud Hadfield (IFA Hall of Fame & Chairman of ICED) used to repeatedly say, ‘Son, no matter what we do (and we should do all of that and more) we will be right 50% of the time. Trust your instincts.’
GRIT: Passion + Perseverance
Our instincts may be honing in on a crucial criteria for success: GRIT. At the end of the day we want franchisees that are passionate about the business and have the ability to persevere through the ups and downs of starting and running their business.
Grit may make the difference between success and failure of a business and the performance of a franchisee. Ms. Duckworth asserts that 4 psychological assets are required to develop grit.
1. Love what you do
2. Practice, practice and practice until you get good at what you do
3. Develop an appreciation for a greater purpose in what you do
4. Have hope in yourself and the universe that your own efforts can improve your future
It starts with the franchisor, with grit being the thread woven through its company culture. As the franchisor demonstrates passion and perseverance in building the organization, finding and developing franchisees with the same becomes more seamless. Franchisees, that are encouraged, mentored and allowed to become GRITTIER, may change the trajectory of what is possible in our businesses because they have the passion, perseverance and faith that their efforts can make our business even better.
I would love to hear your thoughts on this important topic.