Great entrepreneurs know how important it is to understand the business inside and out. Those who own oil-rig companies were once manning the pumps. Big tech companies in Silicon Valley started from literally the garages of their houses. These tech moguls know how to design apps and software. Their people cannot fool them. A great business model starts at the top. If the leaders show the way, their workers will follow.
The same goes for the food industry. If you have been to an excellent cooking school and want to own a food business, make sure that you know how to run everything. You have to learn how to make the dishes. You have to know what dishes people love the most. In short, you need to know the business from inside and out, from top to bottom. There is no beating around the bush. The success of your business relies on how deeply involved you are with the overall process.
Cutting the Costs
When bosses show particular neglect to one aspect of the business, the employees may feel that they don’t care enough for that department. As a result, the team will slack off. It will cost your business thousands of dollars in unproductiveness. And it’s all because you didn’t give the team the attention they deserve.
For example, your business needs to build an online presence. The team proposes to pay an online developer roughly around $20,000 to develop a working website. You say yes without even looking at the proposal. You have the budget for it, after all. Why would you spend your time reviewing the quotation? A better businessman would try to understand the intricacies of web design and development. Even if you don’t know a think about website building, you will surround yourself with the right people to pass judgment on this proposal. That’s what a good businessman will do.
Leading by Example
Your restaurant business is booming. People from all over the place are coming to dine at your restaurant. During off nights, the operations are just fine with the 15 people working for you. But what happens during weekends? People will be lining up to try your dishes. Your people are in way over their heads. They have their hands full.
Can’t you help them man the receptionist area or wipe the table at least? Your employees will respect you more if they see you preaching through your actions. If they see you doing the exact things they’re doing, they’ll know you’re not joking around in saying you want them to give their jobs their best shot.
Challenging the Team
Chefs can become bored when they keep doing the same things in the kitchen. You have to get out there and challenge them. But how can you challenge a culinary genius if you don’t know anything about food? That’s why you need to know to whip up a few dishes yourself. They don’t need to be Michelin-starred dishes, but they have to be good enough to present a challenge to your chefs.
Entrepreneurs should not be blindsided by any aspect of their businesses. They should learn as much as they can about everything that happens in the business—from sourcing ingredients and creating menus to cooking dishes and serving them to diners. This is what separates you from the rest of the restaurant owners.