Posted on June 25, 2010, 5:53 am - Author: Dhawal Shah
25th June 2010:
I enjoy taking business lessons from non-business niche. This time, I take a reflection and philosophical look at 2010 FIFA World Cup South Africa. Of course, I enjoy the football/soccer games, but I also enjoy the wealth of lessons I can benefit from for my entrepreneurial journey. 2010 World Cup is full of surprises. Check out how New Zealand (#78 FIFA world ranking) can hold the all-powerful Italy (#5, 2006 World Cup Champions) to a 1-1 draw. Also check out how USA toys England for a 1-1 draw. How about France's defeat to a weaker Mexico team 0-2?
Lessons for the Franchising Community
Here are the lessons I take during the 2010 World Cup so far:
1. The world is catching up' keep yourself competitive
Brazil defeat Korea DPR (North Korea) 2-1. The win itself is already foreseen, but it's shocking for such legendary footballing country (#1 FIFA world ranking) wins by a minimal margin against the Korea DPR team, #105 in FIFA world ranking. Starting and running a business, regardless of how difficult they are, are even more challenging today. More established countries' business-wise, such as the United States shouldn't overlook how China and the rest of the world are catching up to grab their share of pie in global business.
I understand that the US prides itself as the franchising behemoth' but never procrastinate, as the world is catching up! In South East Asia, Philippine is establishing itself as a successful country in franchising. India is also catching up (although, unfortunately, we dont even quality for the FIFA World Cup)
Never forget the power of Internet; it virtually eliminates geographical boundaries and lower barrier to entry for global businesses to compete with each other. With the ever-increasing in importance of Internet-based business strategy, there will be more successful business people from all oentrepver the world that are competitive incorporating Internet into the core of their business. A lot of franchisees now face the problem of the internet overshadowing their business, for example: BigFlix Franchising model (Online vs. Offline)
The single unit franchisee that your competitor just recruited can be the multi unit, well financed franchisee of tomorrow. Plan for it, and stay competitive.
2. Manage your ego, look for a collaboration to better your business
Strong football (soccer) countries, such as England and France, comprise of multi-talented and world's best players that often come with'better than thou' ego. To get the players to play as a team is a real challenge.Players from weaker football countries, such as New Zealand, are most likely to be more than willing to put their ego aside and think team-working above anything else. From what I've seen so far, teamwork does beat talent. 'I can do this myself' is no longer a valid business strategy today. With the growing importance of social networking sites, such as Twitter and Facebook, for businesses, DIY (do-it-yourself) in Franchising or entrepreneurship is no longer effective.
You need to collaborate with others to keep yourself competitive. Conferences and Expos are great, but today you need to set up a 'cell group' for business or a business club, in which members can help each other out to grow their business, instead of competing with each other; a place where you can share business'secrets' and best practices you know and receive the same in return' take and give in its purest form. We started off by creating Way2Franchise.com , the most popular franchising site as well as the Linkedin Group , where the Indian franchising community can socialise and work together as a TEAM.
How Social / Cooperative are you as franchisees and your franchisee meetings (as a franchisor)?
3. Your business might be small, but your impact is huge
New Zealand might be a 'weak' country in football, but the team performance inspires others' the small guys CAN do something big in the biggest stage of global football. Others can say, 'We might have a chance to make it!' Owning a franchisee is probably the coolest 'job' ever. In whichever part of the world you are living right now, you' a franchisee' are one of the agents of change' you, along with the other fellow franchisees, are the real driving force of your region's economy' you create jobs; you better your local community; all in all, you add value to the community. Enlarge the Impact and Be Proud of yourself.
Are you a football (soccer) fan and in the franchising business? If so, have your say!