Leaving aside those career-focused young minds that are pre-prepared to track the directions of the line of their perceived career, there are other youngsters who are busy meandering over numerous courses, try to link it up with their interests. Perhaps, one wrong choice could shatter the enthusiasm of pursuing dreams inside these curious young minds. In India, we have large population of those who are active and energetic, who are ready to mould their goals more creatively and purposefully. However, elevating competition with each step ahead of education, and high-pitch inflation, is leading the group towards the confusion of deciding right career for their future.
There are majority of youth outside who share common concerns of ‘now what’ after completing their schoolings. Even after that, they tend to opt for a career path that perhaps is in fashion, or in demand. Even the social pressure forces them to go for something that is not their cup of tea. Thus, we see flood of talent flowing in wrong directions with vague objectives. However, what is commonly observed out of today’s economical status and transforming lifestyles is the tendency to acquire a big chunk of success in the early stage of life itself.
With modernization influencing the lifestyles of youngsters, it is getting less likely for them to restrain themselves in 9 to 6 jobs. Rather they are seeking out for something that could help them to be financially independent, as their priorities and demands are altering into something glittery. For them there are ample of opportunities in the business platter that could suit their lifestyles in their way. One of them is franchising, which is another way of doing business development.
Franchising allows aspiring entrepreneurs to start their own business without brining strategies onto the drawing board. In this mode of business, the recipe to initiate and develop business is made and tested by the company owner, and then it is offered to the franchisees or investors to follow, to ride on company’s success without lofty efforts. Besides, it is seen in franchise community that more of these young entrepreneurs are looking to launch a business that could help them achieve their income and lifestyle goals. Even for the business owners, exploiting these young minds could prosper their brand through modernistic approaches towards their consumers as well as business.
Thus, encouraging youth in franchising entails several advantages, particularly now when franchise platform is gathering huge volume with varied options in industries, than before, and opportunities that are multiplying with those options. Let’s here discuss the advantages below:
1) Motivation through Self-Dependency: The foremost advantage that franchise industry could bestow upon these young entrepreneurs is the ability to get self-motivated by their own hard work. Here motivation is coming through the way of self-generated income and responsibility. Maybe in franchising one is getting pre-established business formula to run, though the work demands plenty of consistency and seriousness. Being a franchise partner, re-establishing and enduring the reputation of its franchise brand become utmost priority. Thus, by holding a business to run, young entrepreneurs will learn to handle the onus of a commitment to work. Moreover, deciding one’s own income is itself is a big motivation; especially for youngsters who carry luxurious dreams in their pockets, and strive to make it a reality.
2) Utilization of entrepreneurial skills: After getting over with studies in schools or colleges, youngsters are eagerly looking out for something that could unfold exciting opportunities for them. For somebody at young age who is having a serious business head, it is always not possible for him/her to get their business on a fast track. In India, establishing a brand new business is like riding a lion with risky option of getting down. On the other side, franchising validates a person to start a business with a chance to escape the initial risks and high capital investments. Since, in franchising, investments do not cost much, in comparison with cost involved while venturing into a new business, and certainly franchising will be a safe initiative in the business world, in a bid to advance and evaluate one’s entrepreneurial capabilities.
3) Empower their working enthusiasm: Franchise business embraces two key reasons that can energize young entrepreneurs to work with a sincere mind. One is the investments that are poured in. It becomes a tendency of the investor/franchisee to grant extra efforts to accumulate healthier profits out of business. And apparently working earnestly will bear fruits, which will surely compliment the working stamina within young entrepreneurs. Second major reason is occupying the position of a boss in a business. Having a supremacy to run a business with own creativity brings huge passion in working atmosphere. And certainly, the young generation is having a fine articulation over technology, so it gets actually enjoyable for them to manipulate their upgraded working techniques into business development.
4) Open their minds to creative ideas and imaginations: There ideas and imaginations will receive a platform to discover new methods. By owing a business, young entrepreneurs could conveniently employ their imaginations into their work without any hesitation. The originality and tech-sound ability in youth will find a window to generate out-of-the-box techniques into own business. Also, any business in its development process demands change, which is to move along with a change, and accept bright young concepts to capture customers’ attention.
5) Increase the level of employment: Franchise business could accelerate the level of employment among youngsters. Companies that are coming out with lucrative franchise models with nominal investments impress not only young entrepreneurs, but also capture their parent’s attention to it. For they also desire to invest their child’s future in something prosperous and promising. In that way, aspiring young entrepreneurs find parent’s approval for one time investment, which is franchise fee, to begin with franchise business. Therefore, the decision persuades the economy to grow with employed youth in a promising direction.
6) Franchising can associate them with interested companies: The franchise pattern is widening up with options, due to the participation of series of brands. The move is catering to the needs of young entrepreneurs who are seeking to get associated with the brands that represent their tastes and lifestyles. Be it a fashion industry, education, software, cars etc, more and more brands under various industries are joining the league, which is hence producing substantial opportunities for young aspirants, helping to make them accessible to their dreams.
One the other side of the coin, young entrepreneurs also have to face several setbacks when entering into business arena.
First of all, coming from a background that contains minimum or no business experience can be a troublesome beginning. Though not many franchise companies demand prior business knowledge as they itself offer special training and support programmes to their franchisees, to help them grab basic formulas of business managements.
In regard to the age and experience, young entrepreneurs usually face some sort of challenges of getting termed as a premature starter. In that sense, these young fellows need to stand upright with immense pressure of proving themselves among experienced business mates or competitors.
Lastly, getting an advantage of being one’s own boss is a task that could not be handled by everyone. Eagerly keeping eye over results is what making young population restless and short of temper. What is needed is steadiness to allow pressure to go with an ease and capability to handle each situation with a firm mind, only then it will get possible to sustain the responsibility of running a business.
As it is rightly quoted that with great power comes great responsibilities.