The idea of franchising has become popular with different industries joining the cue; it has become the new phenomena in the business world with new entrants opting to start with an already established business name. The discovery of franchising by entrepreneurs has greatly reduced there work loads when it comes to putting up a business. When an individual thinks of putting up a business, the first consideration is a ready market for the goods or services offered and this requires market awareness. Joining a chain of a particular product is the easy way out especially for in experienced business people because this solves issues to do with marketing and promotion.
Initially the most popular businesses with franchise were food outlets but with changing lifestyles and busy lifestyles, other opportunities for business have been discovered with more industries growing in franchising. The more the opportunities established, the more the growth in sales volumes and income generation as well as creation of employment and business opportunities which contribute a lot to a country’s economy. Franchising has particularly been a great success due to the fact that it has fewer barriers to entry when compared to other retail businesses.
With the phase at which franchising is becoming popular in almost all industries the good news is that it is going to be viable to interested parties. This is because it is bound to be saturated and therefore with increased competition the fees will be low which is a cause for celebration to the new entrants. If franchising gets to this level whereby fees will be greatly reduced and opportunities readily available, then the idea of putting up business will be an easy task. This means that potentials in business will be utilized to the maximum and the world will be a better place to live in.
To me giving and receiving feedback were quite difficult forms of communication that I would rather not participate in. However the past lessons on feedback as a form of communication made me realize how important feedback is. Feedback can be used as a form of measuring ones progress in job situations or even in studies, Lack of this leads to stagnation because without views from others you can never tell whether you have progressed or shifted to a worse performance. Same case applies to giving out feedback; it is hard for those around you to tell whether you are comfortable with their way of lives, behaviours or habits. There is a simple solution to improving the quality of life especially when interacting with others and this is through feedback.
Constructive feedback is that which is followed by an alternative if it is meant to correct or an encouragement remark if it is meant to compliment. For example, it would make sense if a peer who noted that a friend was indulging in drugs told him that it is not a good habit because it will harm their health; destroy their future and such rather than simply telling him it is wrong. The extra remarks to support the reason for giving this feedback is what creates a positive response from the recipient.
From this discussion we can say that feedback is vital for progress and is applicable in every step of life, it transforms a tense and uncomfortable situation into an experience that we and others can learn from.