Look at Figure 1.4, Causes of Business Failure. If a restaurant business goes under (as Kenny Laos
Question:
Look at Figure 1.4, “Causes of Business Failure.” If a restaurant business goes under (as Kenny Lao’s eventually did), what do you think are the most likely reasons?
Everyone likes to eat. . .you love food. . .why not open a restaurant? It may not be quite that easy. Kenny Lao, 30, knew better when he started his New York City Rickshaw Dumpling Bar in 2006. But Lao says, “If you have a strong concept and have your execution and operation strategies down pat, any time is a good time to open a restaurant—even now.” Lao built his dumpling empire on six varieties of dumplings (including a chocolate dessert dumpling) and simple add-ons like Asian salad, noodle soup and green-tea milkshakes. It takes approximately 25 minutes from order to delivery. Rickshaw sells about 1.4 million dumplings per year for $1.3 million in revenue.
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