Five Guys’ Burgers and Fries|
Tina HolmesProfessor: Dr. FigielBUS 508January 27, 2013|
Entrepreneurs are risk takers; they take necessary risks to start-up and operate a business that allows them opportunities to make a profitable. (Boone & Kurtz, 2012) Sexton, from New York University (2011) states entrepreneur means seizing new opportunities. Entrepreneurs now have technologies to help them research and understand the economic market. Five Guys’ philosophy
Entrepreneurs sometime take big risks when they in venture into the business world consider Jerry and Janie Murrell and their five sons, Five Guys’ founder, who started the first Five Guys’ opened in 1986. Wanting to achieve his goal Jerry felt he would need to focus on the quality of the product and approval of their customers in order to be able to compete against their competitors who have been in the fast food chain much longer. Jerry planned to make it as simple as possible his business was “Sell a really good, juicy burger on a fresh bun. Make perfect french fries. Don’t cut corners” (Welch, 2010). Five Guys’ ingredients keeping their business strategy simple (menu just burgers and fries) while carry out quick and essential cooking procedures (no timers in the kitchens, fries must be shaken fifteen times, no more, no less), burgers are press down just once this keeps the juice in them so they won’t be dry. The five Guys’ ingredients can be somed-up as being apart of it’s philosophy is to concentrate on just a few things and do them right. (Hart, 2010) Weise, from Business Week (2011) stated the family had opened five lcoation around DC metro-area between 1986-2001. Welse, a columnist for Inc.com (2011), says they decide to take the leap and franchise in 2002 after much nudging. In the first two years they sold the rights to 300 stores, which the franchises run as independent businesses but according to Five Guys’ standards. The next two years they sold the rights to...