Everyone likes to eat…you love food…why not open a restaurant? It may not be quite that easy. Kenny Lao, 30, knew he better be unique when he started his New York City Rickshaw Dumpling Bar in 2006.But Lao says, “If you have a strong concept and have your execution and operation strategies down pat, any time is a good time to open a restaurant—even now.” Lao built his dumpling empire on sixvarieties of dumplings (including a chocolate dessert dumpling) and simple add-ons like Asian salad, noodle soup, and green-tea milkshakes. It takes approximately 2.5 minutes from order to delivery.Rickshaw sells about 1.4 million dumplings per year for $1.3 million in revenue.
1. a) Evaluate the business idea of Kenny Lao’s business. Dumplings are his signature menu item on his coolwebsite www.rickshawdumplings.com.
I think that the idea is very good and intelligent because the main purpose of a business is to get the most benefit possible and Lao with him specializing in thedumplings and their combination with other elements as simple as the “star ingredient” makes the economic and human cost very low being able to use this monetary advantage in the expansion andadvertising of their product like he done.
b) If you were to venture into the restaurant business, what would be your signature item? What would be your competitive advantage?
I would use the same ideaof Lao, I would create a restaurant focused mainly to young people consisted in selling many kinds of small sandwiches at an affordable price, so the cost of raw materials for the product were low andcould be possible invest that money in promotion and expansion. My hallmark would be that all should cost a dollar on Thursdays, both the sandwiches and drinks converting every Thursday in a day thatmy target would come to my restaurant and so would know my products getting fidelity.
2. Look at Figure 1.4, “Causes of Business Failure.” If a restaurant business goes under, what do you think...
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