Do College Football Players Get Free Tickets For Their Family Entrepreneurial Aptitude – A Measure of a Franchise Business Owner’s Probable Success

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Entrepreneurial Aptitude – A Measure of a Franchise Business Owner’s Probable Success

Keys to Franchise Business Owner Success

Brand value, location, support provided by the franchisor, quality of product or service, local competition and economic environment… all influence the success of the business. We would expect a potential small franchise business owner to thoroughly investigate these factors as part of the due diligence process.

But the biggest variable is the small franchise business owner himself or herself and his or her skills in managing the business. If you’ve never run a business before, how do you know you have what it takes to succeed? A potential small franchise business buyer needs to extend the due diligence process to include an objective self-evaluation, which is usually not done by the franchise buyer in any formal way.

Assessing your entrepreneurial aptitude is a great way to gauge your potential success as a small franchise business owner.

Entrepreneurial aptitude may not be what you think. The things that make you successful in corporate America are not the same skills you need to succeed as a small franchise business owner. Graduating with honors, being a great team player for many years at a Fortune 100 firm, or captaining your college football team or cheerleading squad has little to do with your entrepreneurial aptitude.

The dictionary defines “competence” as “the ability to acquire a skill”. Ability to acquire skills to manage a business when applied in an entrepreneurial environment. Who would want to buy a franchise without knowing that they have a good ability to acquire the skills to manage the business?

But can Entrepreneurial Aptitude be measured in any meaningful way?

In fact, entrepreneurial aptitude can be measured. Studies of highly successful entrepreneurs define common family backgrounds, childhood experiences, core values, personalities, and many other characteristics. Testing yourself against those profiles of highly successful entrepreneurs is an excellent way to gauge your personal entrepreneurial aptitude. We encourage every prospective franchise business buyer to “test before you invest.”

The proof is in the results

The ideal test profile of the most successful entrepreneur I have ever known matched almost exactly. Although he would have had limited success working for someone else, his results as a business owner were phenomenal.

At the age of twenty, he started a software business. He was a wonderful looking man with a wonderful identity. He didn’t have a Harvard MBA; In fact, he never finished college. His experience as a software developer was limited to a few years. He had never managed anyone before starting the business. He was neither a charismatic personality nor a dynamic communicator. Clearly he was not the typical corporate executive profile.

I worked with him for eleven years. I am constantly amazed by his invaluable instincts and skills that are indicative of a natural born entrepreneur. He had a clear vision of where he was taking his business and a passionate, infectious, uncompromising commitment to getting there. He was brilliantly creative. He had a strong bias towards action rather than debate, even if his superiors disagreed.

He had started the business without any outside investors and retained full ownership. When he decided to get out of the business, he sold it for an undisclosed amount of more than $500,000,000 (yes, I mean half a billion dollars with a “b”). And it was all his!

He had great entrepreneurship.

Test before investing

A high score on the Entrepreneurial Aptitude Test we provide to our clients is not a guarantee of success in running your franchise business, nor is a low score a guarantee that you will fail. But it clearly shows how easy it is for you to develop the skills necessary to run a small franchise business and whether you have the will to do so. This is a very important step in the due diligence process of purchasing a franchise business that should never be overlooked.

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