In The News
Mike Welch Featured in All Business Magazine
Dec 21, 2011
FranNet consultant talks about college degrees, why they don’t always spell success in franchising
All Business Magazine
College tuition is on the rise and these days, many people are starting to wonder what the purpose of a degree is. In an article by Sara Wilson for Allbusiness.com posted on Oct. 27, an interesting discovery is made: having a college degree does not necessarily guarantee success in the franchise industry. Mike Welch knows this first hand. As a very successful franchisor and current franchise consultant, Welch never actually received a degree. In the article, Welch gives us some insight into this decision.
Mike Welch
“I’m quite certain that the lessons that I learned in my time in corporate America and as a small business owner have served me better than anything that I might have picked up in English Lit as a 19-year-old,” Welch says.
Not having a college degree has not hindered Welch’s personal success, but is it something that franchisors look for? “Most franchisors are going to give little weight to a person’s degree during the selection process,” says Welch. “Good franchisors with proven track records are looking for transferable skills that the franchisee can leverage in order to be successful as an owner. Skills like marketing, management, team building, administration, etcetera, are most often built during a person’s working years, not their college years. Thus, franchisors tend to gravitate to corporate refugees because they already know how to implement systems and follow processes. In stark contrast to corporate America, franchising, in most cases, prizes the wisdom that comes with battle scars more highly than the wisdom that comes with a sheepskin.”
The article continues on to note that it’s really up to the individual to bring out the best in his or her franchise. A degree can be a a great start in the right direction, but in the franchising industry, it’s not necessarily the only means of success.
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