Lesson #3: Go Big or Go Home
Lesson #3: Go Big or Go Home
Kroc didn’t invent the hamburger; he simply had a dream about what he could do with that burger and where he could take it with the right business model. From the very first day he met the McDonald brothers and witnessed their small operation and successful use of the Multi-mixer, Kroc could sense the possibilities. “When I saw it working that day in 1954, I felt like some latter-day Newton who’d just had an Idaho potato caromed off his skull,” Kroc said. “That night in my motel room I did a lot of heavy thinking about what I’d seen during the day. Visions of McDonald’s restaurants dotting crossroads all over the country paraded through my brain.”
At that time, the most popular restaurants were those where customers came to dine in for a nice meal. But, with its paper plates, speedy service and on-the-go mentality, McDonald’s was breaking new ground. Kroc wasn’t afraid. Instead, he invested heavily in the company. Even during recession and weak economic times, Kroc remained firm in his commitment to the business and refused to let fear stand in his way.
At one particularly hard point in time, when McDonald’s was suffering financially due to wider problems in the economy, the company’s executives decided to slow down construction in its expansion process, Kroc threw a tantrum, insisting that it made no sense to wait for the economy to improve because the cost of building would then also increase. Rather, Kroc said that the perfect time to build was when times were bad. He ignored the risk and was courageous enough to take advantage of both the good times and the bad.
“I don't believe in saturation,” said Kroc. “We're thinking and talking worldwide.” Nothing about Kroc’s business strategy was small. From his talk to his deals to his expansion plan, Kroc liked to bet big. And, it was in betting big that his payoffs were even bigger.
From his early days as a Multi-mixer salesman, Kroc said he developed an eye for what would work and what wouldn’t, and to take risks accordingly. “I considered myself a connoisseur of kitchens,” he said. “I prided myself on being able to tell which operations would appeal to the public and which would fail.”
Growing his business was a continual process for Kroc, one which involved much risk and reward. But, it was only in striving to always be better and take advantage of new opportunities that Kroc became the legendary success that he did. “When you’re green, you’re growing,” said Kroc. “When you’re ripe, you rot.” To fellow entrepreneurs, Kroc posed this question: “Are you green and growing or ripe and rotting?”
Lesson 3 Go Big or Go Home
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“If you’re not a risk taker, you should get the hell out of business,” Kroc once said. He didn’t build a franchise empire with over 3,000 stores in just ten years by sitting back and repeating the same formula that had worked once over and over again. Instead, Kroc strove to constantly improve his company and retain his place at the forefront of the industry by taking advantage of new opportunities. Even when there was big risk involved, Kroc stared the gamble in the face and rolled the dice.
Kroc didn’t invent the hamburger; he simply had a dream about what he could do with that burger and where he could take it with the right business model. From the very first day he met the McDonald brothers and witnessed their small operation and successful use of the Multi-mixer, Kroc could sense the possibilities. “When I saw it working that day in 1954, I felt like some latter-day Newton who’d just had an Idaho potato caromed off his skull,” Kroc said. “That night in my motel room I did a lot of heavy thinking about what I’d seen during the day. Visions of McDonald’s restaurants dotting crossroads all over the country paraded through my brain.”
At that time, the most popular restaurants were those where customers came to dine in for a nice meal. But, with its paper plates, speedy service and on-the-go mentality, McDonald’s was breaking new ground. Kroc wasn’t afraid. Instead, he invested heavily in the company. Even during recession and weak economic times, Kroc remained firm in his commitment to the business and refused to let fear stand in his way.
At one particularly hard point in time, when McDonald’s was suffering financially due to wider problems in the economy, the company’s executives decided to slow down construction in its expansion process, Kroc threw a tantrum, insisting that it made no sense to wait for the economy to improve because the cost of building would then also increase. Rather, Kroc said that the perfect time to build was when times were bad. He ignored the risk and was courageous enough to take advantage of both the good times and the bad.
“I don't believe in saturation,” said Kroc. “We're thinking and talking worldwide.” Nothing about Kroc’s business strategy was small. From his talk to his deals to his expansion plan, Kroc liked to bet big. And, it was in betting big that his payoffs were even bigger.
From his early days as a Multi-mixer salesman, Kroc said he developed an eye for what would work and what wouldn’t, and to take risks accordingly. “I considered myself a connoisseur of kitchens,” he said. “I prided myself on being able to tell which operations would appeal to the public and which would fail.”
Growing his business was a continual process for Kroc, one which involved much risk and reward. But, it was only in striving to always be better and take advantage of new opportunities that Kroc became the legendary success that he did. “When you’re green, you’re growing,” said Kroc. “When you’re ripe, you rot.” To fellow entrepreneurs, Kroc posed this question: “Are you green and growing or ripe and rotting?”
Lesson 3 Go Big or Go Home
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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