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The not-so-surprising failure of no-tipping restaurants
Bruce Buschel, who ran a well-respected restaurant in the Hamptons and documented his experience in an excellent collection of posts, says that the hardest part of running a restaurant is “getting the food from the chef to the guest in a timely and polite fashion by a timely and polite staff.” This comment struck me…
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You get what you pay for
We all know McDonald’s pays its employees minimum wage. But did you know that Apple Store employees make about $25k a year? And that full-time employees at Costco make $40k a year? While both stores are seen as being exceptionally successful, they have very different operating philosophies when it comes to how they treat their…
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Dads: An Untapped Market
In the spirit of Father’s Day, I think it’s time that entrepreneurs looked more actively at the dad market. Mothers are increasingly more educated than fathers and are becoming the primary breadwinners in the household (Source). And that means more stay-at-home dads. So why then are so few companies reaching out to these dads? The…
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Make Your Customers Smile
Recently, I was on a plane and paid $3 for a Vitamin Water. When it came, I discovered – to my surprise – that the bottle was half the size of the one that can be purchased at Target for $1. After realizing that I had just paid 6x more for the Vitamin Water than…
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You Should Think like an Entrepreneur
Entrepreneurship is not just a topic of interest for someone starting a business, it is a mindset. In fact, this mindset has been so crucial that I recommend that every college student should take at least one entrepreneurship course – regardless of whether they actually want to start a business or not. Why? First, entrepreneurship…
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It's in the Process, not the Plan
What follows is a post from Dr. Atul Teckchandani, one of the great professors teaching Entrepreneurship at CSUF. The current philosophy in entrepreneurship is being “lean.” In a nutshell, this approach advocates continuous innovation of the firm’s business model. The notion of going into stealth mode for a year and then suddenly appearing in the…
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Is College Necessary for Entrepreneurs?
What follows is a post from Dr. Atul Teckchandani, one of the great professors teaching Entrepreneurship at CSUF. While most of the people who come to my office are college students, I recently had an individual come who had just graduated high school. He came to see me because he wanted to be an entrepreneur…