Here are five of the characteristics most often found with men and women who have started a successful restaurant.
Willing to take a risk
Starting a business is inherently risky, and there are those who say that starting a restaurant business is riskier than other types of businesses. It is certainly true that many restaurants do not survive after the first three years. For this reason, you need to be prepared to take this type of risk. Of course, this does not mean you are planning to fail, but you need to understand what the risk is. Once you understand the chances of success and failure, you must have the courage to take the risk on a new restaurant.
Believing in your product
This simply means that you know the value of your restaurant. This includes the menu, service and the overall experience you are providing your customer. It is difficult to get a restaurant started, and then move on to making it a success story. During this period of time, there will be many who will say negative things that may trigger discouragement. A successful restaurant entrepreneur is able to shake off these negative comments and move forward with the restaurant, because he or she has the confidence in the success of the business.
Willingness to do all jobs
Few restaurants are started and attain success by entrepreneurs who were afraid to do the dirty work. Any job that needs to be done, an entrepreneur is willing to do. This is all part of the hands-on management approach so many restaurant entrepreneurs have. Although you will see them delegate responsibility when necessary, they never let another do the work that they wouldn’t do themselves. They are always working close to others in the restaurant, and know exactly how everything is running on a day to day basis. They have the pulse of the restaurant.
Willingness to adapt
When mistakes are made, they are identified and corrected. Successful entrepreneurs make mistakes like any other business owner does, but these mistakes do not linger with the company too long. They are corrected quickly and never repeated. If a dish on the menu is not popular, it is removed and replaced with something that will sell. If it is the restaurant owner’s favorite dish, it is still removed. There are no sacred cows in the world of the entrepreneur.
Loyalty is valued
This includes both loyalties to the restaurant and to the restaurant entrepreneur. Many large, successful restaurant chains began with a single restaurant. Those who work side by side with the owner to achieve success are always remembered and rewarded as the business grows. A successful restaurant entrepreneur understands that he or she cannot succeed doing everything alone. Some of the most famous success stories of a successful restaurant are stories of a single person, but when you read their stories carefully, inevitably, they were able to put together a winning team from the beginning.
The above characteristics are only five of the most important. The best way to get a feeling for the attitude, personality and values of a successful restaurant entrepreneur is to read the stories of their success. The history of business is filled with such stories, and these stories are still happening even today. There are many examples in recent times. One example is Rick Schaden; a successful entrepreneur who has been involved in several start-up restaurant businesses.