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Business Opportunity Ideas – How to Be a Businessman like Ray Kroc (McDonald’s)
Evan Carmichael discusses how you can find your next big business opportunity like Ray Kroc from McDonald’s, one of the most recognized companies in the world.
“Luck is a dividend of sweat. The more you sweat, the luckier you get.” – Ray Kroc
Raymond “Ray” Albert Kroc (October 5, 1902 — January 14, 1984) was a Czech American businessman who took over the small-scale McDonald’s Corporation franchise in 1954 and built it into the most successful fast food operation in the world. Kroc was included in Time 100: The Most Important People of the Century, and amassed a $500 million fortune during his lifetime.
Action Item #1: Always Be On The Lookout For Opportunities
Most entrepreneurs don’t end up being successful with the product or service that they start with. There are always tweaks and changes that will happen once you start talking to customers and they tell you what they want. Your prospects and customers will lead you to many potential opportunities to grow your business – the key is to jump on those opportunities and take action.
In Ray Kroc’s own words: “The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it.”
Kroc started out as a salesman for paper cups and his customers twice brought him to new business opportunities that he acted on. Sometimes this can mean selling a completely different product or service than you were offering before. Look at your current customers – are there hidden business opportunities you can develop with them or improvements to what you currently sell that can bring them more value and put more money in your bank account? If you’re always on the lookout for new opportunities to grow your business you will eventually find the one you can hit a home run with.
Action Item #2: You’re Only As Good As The People You Hire
As your business grows beyond yourself you’ll realize the importance of having a good team. They are the ones representing your company, making decisions every day, and talking to your customers. Having a good staff will make or break your ability to build a successful company beyond yourself.
To make sure he had the best team possible in the early stages of the business, Ray Kroc personally took charge of the entire hiring process. Once he had made the decision to bring someone on board the McDonald’s team, Kroc would give each and every one of them a badge with the title of Management Trainee. It didn’t matter what their actual job was; Kroc wanted every employee to feel valuable and like an important part of the team. Kroc would then tell his workers to think of a better way to do their job or of any improvements that could be made in customer service, which could then be written down and placed into a Suggestion Box. The Suggestion Box led to countless successes like the Happy Meal, Filet-o-Fish, Big Mac, Hot Apple Pie, and Egg McMuffin.
When you hire a new employee make them feel like they are an important part of your team. Encourage their suggestions on how the business could be run better, create opportunities for them to advance, and let them know that you value their contributions. A loyal and hardworking team will reward you with outstanding business results.
Action Item #3: Be A Part Of Your Community
Ray Kroc launched a number of initiatives to help build the communities around each McDonald’s restaurant. First off he insisted that his franchise operators lived in the communities where they worked. He also hired regional advertising agencies so they could work “on the ground” and organize grand openings, birthday parties, and community programs. Finally he believed in community involvement through charities and the company continues to give back to this day as part of its corporate philosophy.
You don’t have to run a restaurant to be involved in your community. Just think about the people you sell to and where they hang out. Can you get involved in making their lives easier and better? It’s a longer term strategy but an extremely profitable one if you can win the hearts and minds of your customers by giving back.
Shark Tank: Meet the Sharks at Babson
ABC Television Shark Tank Hosts/Entrepreneurs Daymond John & Mark Cuban visited Babson College Tuesday, November 29th.
The entrepreneurs held a Meet The Sharks event with Babson student businesses True Intentions and Spy Games as well as participated in a Q&A with the student audience.
Daymond John is the Entrepreneur-in-Residence at Babson College 2011-2012. Daymond’s creative vision helped revolutionize the sportswear industry in the 1990s. As founder, president and chief executive officer of FUBU—”For Us, By Us”—Daymond created distinctive and fashionable sportswear and a host of other related gear. FUBU’s phenomenal success made mainstream apparel companies realize the potential for fashionable sportswear that appeals not just to trendsetting urban youth, but to mainstream teens as well.
Mark Cuban is the highly successful entrepreneur and investor who founded HDNet, Broadcast.com and MicroSolutions. He has also been an investor in startups, including Mahalo, JungleCents.com, motionloft.com, Filesanywhere.com, Naked Pizza and 140Fire.com. Mark may be best known for his purchase of the Dallas Mavericks on January 4, 2000. Under his leadership, the team’s home games have become a total entertainment experience. Despite initial criticism, he added much more to the usual game-day experience by introducing original video content, advanced technology and unique entertainment options like the Mavericks ManiAACs. His successful efforts have brought a sense of pride and passion to the fans.
Exclusive interview of Larry Ellison – ceo of oracle corp
Billionaires per millions in the US
Oprah Winfrey Is World s Most Powerful Celeb for the Fifth Time
Oprah has done it again. She is the world s most powerful celeb, according to Forbes.
Justin Bieber: Budding Venture Capitalist
The pop star is putting his money into tech startups like Spotify.
The Economical Gap: Distribution of wealth in China
The focus is on the economical gap in China. More specifically how the distribution of Chinese wealth is a huge problem.
Mexico’s wealth gap
Mutli-Millionaires Buy Montana Land to Create American Serengeti
May 22, 2013 (Bloomberg) — Bloomberg Pursuits shows you how members of the mega-wealthy are snapping up vast tracts of the American West and returning them to their natural, pristine state. The American Prairie Foundation is looking to create a national park the size of Connecticut in northern Montana, but not everyone is pleased. Bloomberg’s Adam Johnson explains.
A Q&A Audience With Bill Gates
Bill Gates, Microsoft founder and co-chair of the Bill & Melinda Gates Foundation, joins ABC’s Q&A to face questions from the audience. He answers across a range of topics including global health, corporate tax evasion, robot warfare, philanthropy and social media.
Bill Gates Speech at Harvard University
Be inspired by Bill Gates – the most successful and the richest dropout in the world!
The Ultimate Life Movie Promo
This is a Behind the Scenes of the shooting of The Ultimate Life. It has been shot, and is now in Post-Production
Checkout the website Http://theultimatelifemovie.com
Andrew Hay, Knight Frank‘s Global Head of Residential Research answers common questions on why HNWIs are investing in prime property, where HNWIs are coming from and going to, where are HNWIs investing in prime property? Where are HNWI located? Where would I invest $30 million?
The Wealth Report: Commercial Property discussion with Jeremy Waters & James Roberts
CommercIal property is back. As private investors look to increase their exposure to the global economic recovery, the Wealth Report 2013 looks at where the smart money is heading. Jeremy Waters, partner at Knight Frank and James Roberts, head of Commercial Research discuss the findings.
The Wealth Report 2013: Examining High Net Worth Individuals from around the world
Creating wealth, it seems, is hardwired into us as a species. The total number of HNWIs around the world is increasing once more, despite the global economy still suffering from the aftershocks of the credit crunch and the ensuing financial crisis. much of this wealth creation is taking place in the world’s new economic powerhouses, but london and new york are still considered the most important cities for the super-rich — at least for now…