Skip to main content

An Interview with Stephen Starr: A Successful Restaurant Entrepreneur

I still believe that now is not a good time to start a restaurant business. If a person “does everything right,” however, s/he can still turn her/her restaurant business into a multi-million enterprise. Stephen Starr, the Founder of Starr Restaurant Groups, is one of the examples. He shared some of his experience and advices in an interview on Fox News.

It seems to me that the quality of food and a unique “theme” of a restaurant contribute to his success. Starting from one restaurant in Philadelphia, the group now has 17 locations and earned $125 million in profit last year. His advices to (restaurant) entrepreneurs include:
  • Be very careful if they want to open a new restaurant now because it is really not a good time.
  • Get ready to wreck apart their business idea and make sure everything is “undefeatable” before executing a business plan.
  • Be creative, think “cheaper, smarter,” and “be persuasive in selling” their ideas in financing.
What do you learn from Stephen Starr’s interview?



References:
The picture of the Buddakan, NY was downloaded from Blog.Retail-Is-Detail.Org

Comments

Popular posts from this blog

Social media engagement is immune to COVID-19 (by Steven Valenzuela)

In the unparalleled world of COVID-19, individuals are flooded with choices: whether it be what to eat or what church service to watch. While there are marketing strategies to get consumers to purchase products to immediately increase sales, it may be a more beneficial to engage with low spending consumers in the short term, so that businesses can keep them for the long term.   Social media game strong   During this time, it is crucial to keep social media posts constant and consistently more than ever before. A recent podcast by eMarketer reports that social media outlets such as Facebook have seen a significant rise in usage. The reality is that individuals have more time on their hands, which is why it is important for businesses to utilize their free time to create content for their social media channels. In a recent interview with the hospitality net, Leland Pillsbury stated  “Customers are going to come back...And if you allow your competitors to reengage with the guests before

The 7 Ps marketing mix of home-sharing services: Insights from over one million Airbnb reviews

The 7 Ps marketing mix framework is a widely used managerial tool that helps businesses identify the principal components of a service product. The 7 P elements include Product, Promotion, Price, Place, Participant, Physical Evidence, and Process.   The 7 Ps framework can assist marketers in making decisions regarding segmentation, positioning, and differentiation. Even for the same type of products with different brands, marketers can still drive higher sales through the improvement of a product’s marketing mix.     The empirical study about 7 Ps of home-sharing services   Building upon the 7 Ps marketing mix framework, I led a research team in a big-data, supervised machine learning analysis of over 1.14 million English reviews of 37,092 Airbnb listings in San Francisco (SFO) and New York City (NYC). We aimed to discover new meaningful business intelligence through the analysis of an immense quantity of online review information that is created by consumers in the cyber marketplace

The repositioning of Ten Ren’s Tea Time (by Eddie Long)

Ten Ren’s Tea was founded in 1953 and now operates one hundred retail stores globally, providing the finest teas to their loyal customers worldwide. Ten Ren’s combines modern technology and traditional methods when processing tea leaves to provide customers with the highest quality tea that aids in improving the quality of life and health for their customers. Ten Ren’s Tea Time, the restaurant, has a total of nine locations in the Southern California area. New Image: Ten Ren’s Tea Time recently changed its logo, as shown below. We can say that the marketing team wanted a change of the company’s logo to regain customer’s attention and regain their sales.  Just like they changed their logo, they also updated the website to fit the new theme. Their website appears more modernized than their previous design s, which can attract potential customers and returning customers. The company wanted to show its target market that they know what customers want and can accommodate any customer’s