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What are the most common mistakes in logical reasoning when it comes to franchising?

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Franchising can be a great way to start or grow a business, but it also involves some complex decisions and risks. To make the best choices, you need to use logical reasoning and avoid some common fallacies that can cloud your judgment. Here are some of the most common mistakes in logical reasoning when it comes to franchising and how to avoid them.

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Subhash Karthikeyan Menon

LinkedIn Top Voice badges in Franchise Consulting, Business Strategy, Team Management, Retail Sales, Sales Management…
Pragya Dujari

IIM Indore | Franchise Consultant | Business Advisor | Brand Strategist I Network Builder I AI Enthusiast I Building…
Adriana Rodrigues

Gerente de Marketing | Gerente de Produtos | Coordenadora de Opera??es | Coordenadora de Trade Marketing #performance…

1 Confirmation bias

Confirmation bias is the tendency to look for and interpret information that confirms your existing beliefs or preferences. For example, if you are interested in buying a franchise, you might only focus on the positive aspects of the opportunity, such as the brand recognition, the support system, and the success stories. You might ignore or downplay the negative aspects, such as the costs, the restrictions, and the potential challenges. This can lead you to overestimate the benefits and underestimate the risks of franchising.

To avoid confirmation bias, you need to seek out and consider different sources of information, both positive and negative, and weigh them objectively. You also need to challenge your own assumptions and ask yourself if you are being influenced by your emotions, preferences, or expectations. You can also seek feedback from others who have different perspectives or experiences with franchising.

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Adriana Rodrigues

Gerente de Marketing | Gerente de Produtos | Coordenadora de Opera??es | Coordenadora de Trade Marketing #performance #marketingdigital #planejamento
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Em rela??o a franquias os erros comuns incluem subestimar custos, negligenciar pesquisa de mercado e n?o compreender contratos. Adequa??o pessoal e expectativas realistas s?o fundamentais. Ignorar feedback de outros franqueados pode ser prejudicial. Prudência exige avalia??o criteriosa dos custos, pesquisa de mercado e compreens?o do contrato. Sucesso em franquias requer abordagem lógica, consultando experiências passadas e entendendo contratos. Nunca abrir uma franquia pensando que n?o exigirá esfor?o é um grave equívoco. Trabalho consistente é essencial para o êxito.

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Fernando Casas Jiménez

Management | Strategy | Franchising | Marketing | Operations | Retail | Restaurants | B2C | Leadership | MBA
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Puede ser muy común sentirse atraído por una franquicia en particular con una historia de éxito en diferentes mercados. Para evitar cometer errores en la selección de su franquicia vaya más allá de los casos de éxito, investigue a cerca de los mercados en donde no funcionó la franquicia, intente hablar con los franquiciados y conozca el porqué no funcionó. El mercado en donde operó, el perfil de los franquiciados, la ubicación o las condiciones, etc. Esto le permitirá también tener un mapa de los NO hacer.

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Pragya Dujari

IIM Indore | Franchise Consultant | Business Advisor | Brand Strategist I Network Builder I AI Enthusiast I Building EdTech and creating Possibilities
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This occurs when individuals favor information that confirms their existing beliefs or hypotheses while ignoring or dismissing contradictory evidence. In franchising, potential franchisees may seek out positive information about a particular franchise they're interested in while disregarding any negative reviews or warnings. This can lead to a biased assessment of the franchise opportunity and potentially overlook red flags.

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2 Hasty generalization

Hasty generalization is the fallacy of drawing a conclusion based on insufficient or unrepresentative evidence. For example, if you hear that one franchisee in your area is doing very well, you might assume that all franchisees in your area or industry are doing well. Or, if you have a bad experience with one franchisor, you might conclude that all franchisors are unreliable or dishonest. This can lead you to make unrealistic or inaccurate predictions or judgments about franchising.

To avoid hasty generalization, you need to gather more evidence and check its reliability and relevance. You also need to avoid making sweeping statements or generalizations based on a few examples or anecdotes. You need to recognize that there may be variations, exceptions, or other factors that affect the outcomes or situations of different franchisees or franchisors.

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Subhash Karthikeyan Menon

LinkedIn Top Voice badges in Franchise Consulting, Business Strategy, Team Management, Retail Sales, Sales Management, People Management, Direct Sales, Business Ops, Sales Coaching, Decision making & Leadership.
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The most common mistakes are: - Assuming that once the set up is operational, business would happen on its own or by default. - Staff can manage the business and the franchisees involvement is not essential. - The brand has great pull and hence I need be location agnostic. - The brand would do all the marketing & I can reap the benefits - Constant change in team composition doesn't impair business. - I can expect the business to always fund itself through operational income. - Profits are for sure

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Pragya Dujari

IIM Indore | Franchise Consultant | Business Advisor | Brand Strategist I Network Builder I AI Enthusiast I Building EdTech and creating Possibilities
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Making a hasty generalization involves drawing a broad conclusion based on insufficient evidence. In the context of franchising, this could happen when someone assumes that because one franchisee had success or failure with a particular franchise, all franchisees will experience the same outcome. Each franchise location may have unique circumstances, and extrapolating from a single case can lead to flawed decision-making.

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3 False dilemma

False dilemma is the fallacy of presenting only two alternatives as the only possible options, when in fact there may be more. For example, if you are considering franchising, you might think that you have to choose between buying an existing franchise or starting a new one, or between following the franchisor's rules or having your own creativity. You might overlook other possibilities, such as buying a resale franchise, negotiating some flexibility with the franchisor, or exploring other business models. This can lead you to limit your choices and miss out on better opportunities or solutions.

To avoid false dilemma, you need to expand your thinking and explore other options that may be available or feasible. You also need to avoid using words like "either", "or", "only", or "must" that imply a binary choice. You need to acknowledge that there may be nuances, trade-offs, or combinations that can suit your goals and preferences better.

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Pragya Dujari

IIM Indore | Franchise Consultant | Business Advisor | Brand Strategist I Network Builder I AI Enthusiast I Building EdTech and creating Possibilities
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Also known as the false dichotomy, this fallacy presents a situation as having only two options or outcomes when, in reality, there are more possibilities to consider. In franchising, this might occur when potential franchisees believe they must choose between two franchises without exploring other alternatives or considering custom solutions. This can limit their options and overlook potentially better-suited opportunities.

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4 Appeal to authority

Appeal to authority is the fallacy of relying on the opinion or testimony of an authority figure or expert without questioning their credibility, motives, or evidence. For example, if you are interested in franchising, you might trust the claims or recommendations of a franchise consultant, a franchise broker, or a franchise magazine without verifying their sources, qualifications, or interests. You might assume that they are impartial, knowledgeable, or experienced, when in fact they may have biases, conflicts of interest, or ulterior motives. This can lead you to accept false or misleading information or advice about franchising.

To avoid appeal to authority, you need to evaluate the authority or expert's credentials, reputation, and track record. You also need to check their sources, evidence, and arguments, and compare them with other sources, evidence, and arguments. You need to be aware of any potential biases, incentives, or agendas that may influence their opinions or testimonies.

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Pragya Dujari

IIM Indore | Franchise Consultant | Business Advisor | Brand Strategist I Network Builder I AI Enthusiast I Building EdTech and creating Possibilities
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Relying solely on the endorsement or recommendation of an authority figure or expert without critically evaluating the information can be problematic. In franchising, individuals might be swayed by the advice of a well-known figure in the industry without conducting their own thorough research or analysis of the franchise opportunity. Blindly trusting authority can lead to overlooking important factors or making decisions that are not in one's best interest.

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5 Post hoc ergo propter hoc

Post hoc ergo propter hoc is the fallacy of assuming that because one event follows another, the first event caused the second event. For example, if you buy a franchise and your sales increase, you might attribute your success to the franchise, when in fact there may be other factors that contributed to your growth, such as the market demand, the location, or the marketing. Or, if you buy a franchise and your sales decrease, you might blame the franchise, when in fact there may be other factors that affected your performance, such as the competition, the economy, or the customer service. This can lead you to make false or unwarranted causal inferences or explanations about franchising.

To avoid post hoc ergo propter hoc, you need to examine the relationship between the events and look for other possible causes or effects. You also need to test your hypotheses and look for evidence that supports or contradicts them. You need to avoid jumping to conclusions or making assumptions based on correlation or coincidence.

Franchising can be a rewarding and profitable venture, but it also requires careful and rational thinking. By avoiding these common mistakes in logical reasoning, you can make better and more informed decisions about franchising and achieve your business goals.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Edson Santos

Canal Digital Bradesco Seguros | Sustenta??o de Portais | Gestor de Processos de sustenta??o | Governan?a de Portais | Quality Assurance
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Gostei bastante do conteúdo, creio que um ponto interessante é que também n?o podemos confiar no "dinheiro resolve tudo" n?o é só adquirir uma franquia que a grana vai entrar. Tem que ter muito trabalho e competência no que faz e administra

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What are the most common mistakes in logical reasoning when it comes to franchising?

1

2

3

4

5

6

1 Confirmation bias

2 Hasty generalization

3 False dilemma

4 Appeal to authority

5 Post hoc ergo propter hoc

6 Here’s what else to consider

Franchising

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What are the most common mistakes in logical reasoning when it comes to franchising?

1

2

3

4

5

6

1 Confirmation bias

2 Hasty generalization

3 False dilemma

4 Appeal to authority

5 Post hoc ergo propter hoc

6 Here’s what else to consider

Franchising

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