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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.
Developing Leaders with 21st Century Skills: Dennis Riksen
Dennis Riksen made a career change from sales to teaching. He learns from the children every day. “Children teach me how M&M’s are far better than money, you can eat them! And McDonald’s is a four star restaurant!” Dennis tells of the “The Leader in Me” program that emphasises a culture of student empowerment, helps unleash each child’s full potential and gives them what they need most in there fast changing, busy and hectic life. It gives them an edge………….
Youngest Woman Billionaire Made Fortune Flipping Burgers
The youngest female billionaire in the U.S. — and one of the youngest on Earth — owes her $1.1 billion fortune to flipping burgers, according to the Bloomberg Billionaires Index.
Lynsi Torres, 30, is owner and president of the In-N-Out Burger chain, whose restaurants have earned a following so devoted, says Bloomberg, that customers line up hours in advance of a new store’s opening.
The chain’s fans include fellow billionaire Warren Buffett, who, according to a story on the UCLA Anderson School of Business website, told a group of Anderson students in 2005 that he’d like to own the chain.
Torres didn’t found In-N-Out; her family did. According to the company’s website, Harry Snyder, Lynsi’s grandfather, introduced California’s first drive-through hamburger stand in 1948 in Baldwin Park. His wife Esther handled the accounting. From the get-go, the chain emphasized its use of only high-quality ingredients. Burgers today are still made one at a time and always to order, according to the company. Lynsi became president in 2010.
Bloomberg says In-N-Out has grown to include nearly 280 stores in 5 states, with 2012 sales of about $625 million. Bloomberg bases its $1.1 billion valuation for In-N-Out on the metrics of five publicly-traded peers, including McDonald’s Corp and Wendy’s.
In-N-Out, in response to Bloomberg’s valuation, called it speculation. The company is private, its financials confidential.
In-N-Out, according to a 2003 Harvard Business School case study cited by Bloomberg, has never franchised, which helps it to maintain strict quality control. Consultants Bain & Co in 2005 estimated the chain enjoys a 20 percent profit margin, thanks in part to the company’s focus on simplicity: its menu is strictly limited.
According to the company’s website, In-N-Out expanded into Texas in 2011, after building a new warehouse and patty-making factory in Dallas.
Torres, says Bloomberg, guards her privacy and grants few interviews. In September she bought a 7-bedroom, 16-bathroom mansion near the San Gabriel Mountains, according to Realtor.com. Her most visible presence so far, says Bloomberg, has been on the racing circuit. She competes in National Hot Rod Association races, sometimes driving a 1970 Plymouth Barracuda, sometimes a 1984 Chevrolet Camaro, according to association records.
Ray Kroc and the History of McDonalds
Ray Kroc Documentary McDonalds History