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How Can Two Young Restaurant Entrepreneurs with No Relevant Education/Experience Survive in Recession?

It is very difficult to find a job these days, and some people may want to start their own business. Indeed, it may seem to be a good time to start one’s own business during recession because the start-up costs tend to be much lower than those in the good times. Recently, I have shared several successful stories of restaurant entrepreneurs. As a matter of fact, today’s story is also about two young restaurant entrepreneurs featured in a CNN News video. When they started their business, they did not even have any experience in culinary arts or entrepreneurship. So, how can they survive in such a competitive market?  
  • They took advantage of the low interest rate and lower the financial experiences.
  • They tested recipes with their friends before introducing the concept.
  • They took a year to launch a low fixed cost business plan and found a cheap rental space.
  • They did most preparations by themselves.
  • They only offered a limited tasting menu to cut down the food cost (actually, they will also have better control over food quality, operation expenses, and labor cost with a simple menu).  
  • They used social media (blogs and Twitter) to promote their business.
As every entrepreneur, they made mistakes, but they grew and became better business owners. Here they are: two young successful restaurant owners are sharing their experience with us. May the best wishes to Tse Wei Lim and Dianna Kudajarova!

While I am sharing all these successful stories of restaurant entrepreneurs, I still feel that people need to seriously consider the high risk and huge commitment of running a restaurant business and be cautious of the business plan. My last comment is that I do not agree with Diana Kudajarova’s comment about education. She got a Ph.D. before starting her restaurant business, but I do not think she wasted her time on education at all. A good education will always benefit people in some way. I believe that there is a non-linear relationship between her education and her success in whatever she is doing. Do you think she wasted her time getting her Ph.D.?

Comments

  1. When it occurs, it temporarily justifies all the whining you’ve been doing all along. Thanks for this wonderful writeup!
    Hospitality Education Requirements

    ReplyDelete
  2. A business owner always try to get success. So try to collect all previous financial data and should conservative about revenues and expenses. Always try to use the highest estimate for expenses and the lowest of the range for revenues. It is safety. Thanks a lot.

    sugar

    ReplyDelete
  3. It's really nice post dear. i love to read it.I want to go Abroad and i get really nice information from here.

    Human Resource Management

    ReplyDelete

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