I have found that when you put ideas, good or bad, out there (in the universe) they seem to come back amplified. I have always believed in karma and other golden rules like treat others as you wish to be treated. I have never taken it as far as Rhonda Byrne’s "The Secret" but have found that the more you talk about something the more energy you create towards it.
Since deciding to leave the comfort of corporate America to go off on my own I have had a number of happy coincidences occur in my life. While contemplating whether or not to go to culinary school or start a restaurant I met my current business partner at a local Sunday brunch spot. Coincidence or fate?
As you can see there may be more to success than willing good things to happen.
There is no substitute for sheer hard work and perseverance. The more that my partner and I talk about our business the more unique opportunities present themselves. The problem, if you can call it that, is that all of these fantastic opportunities come with deadlines. If we are going to be able to take advantage we have to move fast.
People always tell me that you can measure a man by how he performs under pressure. I believe this to be true. Based on my calculations we have 30-60 days to raise the rest of the money before a few of these happy coincidences potentially find other ways of becoming reality. So here goes, with fingers crossed, "please bring me qualified investors, please bring me qualified investors, . . . oh yeah, and a winning lottery ticket."
Tuesday, February 16, 2010
Thursday, February 11, 2010
plan ahead?
I have always envied the so called "prepared." But what does prepared mean when dealing with a start up business? If I have learned anything along my journey thus far it is that you can never have all of the answers all the time. I feel good these days if I have some of the answers most of the time.
Seriously though, one of the highlights of being an entrepreneur is that everyday produces different challenges as well as rewards. One of the challenges to starting any new venture is coming up with a viable plan. Who do I write it for? Where do I get solid information to use in my forecasts? How do I conduct a focus group? Where do I get accurate traffic counts? Should I be worried about merchant groups and neighborhood associations? So many questions, so little time.
In my experience, although limited, I have found that the best way to approach the business plan is to come up with a plan for the plan. Tackle one section at a time and realize that more than likely all of it will change - a lot. Evan Smith, CEO of The Texas Tribune, addressed a group of aspiring young business men, "its ok to have a bad plan - it is just not ok to not have a plan at all." Words to live by.
I have also found it helpful to surround myself with people that have different skill sets than my own. Since I consider myself to be a very extroverted big picture person I needed to find a more introverted detail person. Since I knew that I needed a partner I wanted to make sure that our skill sets complemented each other and that both of us would add value to the business in different ways.
The most fun and least productive partnership I ever had was with one of my best friends right after graduating from USC. We had a great time dreaming of all of the ways that we were going to spend the inevitable wealth that our new venture would bring - girls, cars, boats, vacation homes. However, since we both had similar skill sets neither of us wanted to do the "hard" work. The "hard" work being defined as anything outside of our comfort zones. The problem is that "hard" work also defined half of the necessary business functions (sadly, the profitable half).
I guess you can tell that as it turns out creating wealth is never inevitable. This time around however I am armed with the right team and I have done the "hard" work putting together a well-researched business plan. People say that it is possible to start a business without going through the planning process. Take it from me; these are the people who make up the 90% of businesses that fail in the first five years. My goal is to not be one of them.
Seriously though, one of the highlights of being an entrepreneur is that everyday produces different challenges as well as rewards. One of the challenges to starting any new venture is coming up with a viable plan. Who do I write it for? Where do I get solid information to use in my forecasts? How do I conduct a focus group? Where do I get accurate traffic counts? Should I be worried about merchant groups and neighborhood associations? So many questions, so little time.
In my experience, although limited, I have found that the best way to approach the business plan is to come up with a plan for the plan. Tackle one section at a time and realize that more than likely all of it will change - a lot. Evan Smith, CEO of The Texas Tribune, addressed a group of aspiring young business men, "its ok to have a bad plan - it is just not ok to not have a plan at all." Words to live by.
I have also found it helpful to surround myself with people that have different skill sets than my own. Since I consider myself to be a very extroverted big picture person I needed to find a more introverted detail person. Since I knew that I needed a partner I wanted to make sure that our skill sets complemented each other and that both of us would add value to the business in different ways.
The most fun and least productive partnership I ever had was with one of my best friends right after graduating from USC. We had a great time dreaming of all of the ways that we were going to spend the inevitable wealth that our new venture would bring - girls, cars, boats, vacation homes. However, since we both had similar skill sets neither of us wanted to do the "hard" work. The "hard" work being defined as anything outside of our comfort zones. The problem is that "hard" work also defined half of the necessary business functions (sadly, the profitable half).
I guess you can tell that as it turns out creating wealth is never inevitable. This time around however I am armed with the right team and I have done the "hard" work putting together a well-researched business plan. People say that it is possible to start a business without going through the planning process. Take it from me; these are the people who make up the 90% of businesses that fail in the first five years. My goal is to not be one of them.
Wednesday, February 10, 2010
and so it begins . . .
Ah, I am finally free from my role as an intermediary in the product driven war waged by large financial firms that only care about the bottom line. Don't get me wrong working for the "man" has taught me many valuable life lessons. The most memorable of these lessons is simple - if you do not have passion for what you do you will not enjoy it.
It is amazing how basic this principle is; however, many people continue to push forward with careers that do not inspire them. I believe that all of us were put on this planet to achieve something great, or at least be a part of something great. How do we accomplish this if every morning we wake up wishing that it were Saturday? If your weeks/months/life flies by with you constantly struggling to remember what you accomplished day-to-day it may be time to get on Monster.
Today I leave the cushy corporate office behind and embark on a life long adventure armed with nothing more than my determination and a well-researched business plan. Today I make it a point to stop and "smell the roses" or in my case the fryer oil. If I achieve nothing else on my journey it will be to develop the self-awareness needed to make everyday count.
I need to raise an additional $80,000 (out of $170,000) in the next 30 days. Luckily I have discovered two words in the English language, that when combined, entices people to believe in something bigger than themselves - "entrepreneurial spirit." Anyone with means, which can be defined as a potential investor, likes to believe that they can see the big picture and are intelligent enough to spot trends before they make someone else rich. My job is to draw this "entrepreneurial spirit" out of everyone that I encounter and inspire them to believe that le truc is the project they have been waiting for.
I meet with a very successful financial advisor today for lunch. If you do not consider financial advisors to be entrepreneurial you’re kidding yourself. Setting client expectations correctly while consistently under promising and over delivering has got to be one of the world's great balancing acts. This FA in particular has mastered his craft. By the end of lunch I would like to think that he has become a believer - stay tuned to see what interesting prospects he sends my way.
Raising money in one of history's most volatile economic climates is no different - you have to balance investor expectations with realistic performance metrics. Still it has to be sexy or why should they take the time to hear your pitch. Every successful entrepreneur needs an elevator pitch. What is that you say? An elevator pitch is 3-5 sentences that you can spit out if you were riding up 10 floors in an elevator with a potential investor.
Here is mine, let me know what you think. le truc is a sustainable street food project that places emphasis on three things: food, customer service and making our investors rich. Catchy huh? I have found that while this sounds ridiculous it always gets a response, as they are shocked by how forward my approach is. Most people will at least give me a chance to clarify how I plan to accomplish making them rich. Hello new opportunity!
The bottom-line is that they are getting off that elevator and will likely disappear forever - if it takes a little shock value to get them to hand over that business card it is well worth it. My new credo: when you get a chance, no matter what it is, make it count. Entrepreneurs’ will continue to find creative solutions to raise money in any economic climate. If I play the number game for long enough the odds have to eventually stack in my favor (right?).
It is amazing how basic this principle is; however, many people continue to push forward with careers that do not inspire them. I believe that all of us were put on this planet to achieve something great, or at least be a part of something great. How do we accomplish this if every morning we wake up wishing that it were Saturday? If your weeks/months/life flies by with you constantly struggling to remember what you accomplished day-to-day it may be time to get on Monster.
Today I leave the cushy corporate office behind and embark on a life long adventure armed with nothing more than my determination and a well-researched business plan. Today I make it a point to stop and "smell the roses" or in my case the fryer oil. If I achieve nothing else on my journey it will be to develop the self-awareness needed to make everyday count.
I need to raise an additional $80,000 (out of $170,000) in the next 30 days. Luckily I have discovered two words in the English language, that when combined, entices people to believe in something bigger than themselves - "entrepreneurial spirit." Anyone with means, which can be defined as a potential investor, likes to believe that they can see the big picture and are intelligent enough to spot trends before they make someone else rich. My job is to draw this "entrepreneurial spirit" out of everyone that I encounter and inspire them to believe that le truc is the project they have been waiting for.
I meet with a very successful financial advisor today for lunch. If you do not consider financial advisors to be entrepreneurial you’re kidding yourself. Setting client expectations correctly while consistently under promising and over delivering has got to be one of the world's great balancing acts. This FA in particular has mastered his craft. By the end of lunch I would like to think that he has become a believer - stay tuned to see what interesting prospects he sends my way.
Raising money in one of history's most volatile economic climates is no different - you have to balance investor expectations with realistic performance metrics. Still it has to be sexy or why should they take the time to hear your pitch. Every successful entrepreneur needs an elevator pitch. What is that you say? An elevator pitch is 3-5 sentences that you can spit out if you were riding up 10 floors in an elevator with a potential investor.
Here is mine, let me know what you think. le truc is a sustainable street food project that places emphasis on three things: food, customer service and making our investors rich. Catchy huh? I have found that while this sounds ridiculous it always gets a response, as they are shocked by how forward my approach is. Most people will at least give me a chance to clarify how I plan to accomplish making them rich. Hello new opportunity!
The bottom-line is that they are getting off that elevator and will likely disappear forever - if it takes a little shock value to get them to hand over that business card it is well worth it. My new credo: when you get a chance, no matter what it is, make it count. Entrepreneurs’ will continue to find creative solutions to raise money in any economic climate. If I play the number game for long enough the odds have to eventually stack in my favor (right?).
Tuesday, February 9, 2010
Imagine le truc
(The following excerpt from our business plan was written by Chef Hugh)
There is no law requiring catering trucks to serve unwholesome, careless cuisine. The “roach coach” has traditionally served food that provides instant gratification without much thought to nutrition or health. In fact, San Francisco law prohibits the sale of street food within a quarter mile of any school due to the assumption that all such food is devoid of nutrition, full of fat, and unworthy of children’s lunch dollars.
Enter le truc, which will create a new standard for street food. Imagine healthy, carefully sourced, artfully prepared food, yet served out of the side of a full-sized bus that runs on its own fryer oil. Imagine eating a balanced meal for $10. Imagine going to a concert and eating something besides pizza, hot dogs, or hamburgers. Imagine le truc.
le truc is the brainchild of Chef Hugh Schick, and will be brought to fruition with the help of Blake Tally. As a consultant for start-ups, Chef Hugh has noticed the struggle of brick-and-mortar eateries in the current economic climate. High-profile fine dining establishments continue to open as if nothing has happened, but there is more competition than ever, and value is the only guarantee of success. Many eateries are lowering prices and even retooling to accommodate the change in consumer spending habits.
Simultaneously, interest in street food is booming. Suddenly, taco trucks are just one of many games in town. In San Francisco, we now have crème brulee carts, bacon-wrapped hot dogs, pork-belly-and-jicama sandwiches, creperies, and myriad other options.
My goal for this blog is to share some of my experiences in the hope that people share and support my vision - food, service, fun. My number one priority is to take care of my "believers" and my team. I know that I will not always have all of the answers but I promise that I will tell you how it is, no-matter how ugly it gets. The last fortune cookie I ate said, "your luck is about to change" . . . well here goes . . .
There is no law requiring catering trucks to serve unwholesome, careless cuisine. The “roach coach” has traditionally served food that provides instant gratification without much thought to nutrition or health. In fact, San Francisco law prohibits the sale of street food within a quarter mile of any school due to the assumption that all such food is devoid of nutrition, full of fat, and unworthy of children’s lunch dollars.
Enter le truc, which will create a new standard for street food. Imagine healthy, carefully sourced, artfully prepared food, yet served out of the side of a full-sized bus that runs on its own fryer oil. Imagine eating a balanced meal for $10. Imagine going to a concert and eating something besides pizza, hot dogs, or hamburgers. Imagine le truc.
le truc is the brainchild of Chef Hugh Schick, and will be brought to fruition with the help of Blake Tally. As a consultant for start-ups, Chef Hugh has noticed the struggle of brick-and-mortar eateries in the current economic climate. High-profile fine dining establishments continue to open as if nothing has happened, but there is more competition than ever, and value is the only guarantee of success. Many eateries are lowering prices and even retooling to accommodate the change in consumer spending habits.
Simultaneously, interest in street food is booming. Suddenly, taco trucks are just one of many games in town. In San Francisco, we now have crème brulee carts, bacon-wrapped hot dogs, pork-belly-and-jicama sandwiches, creperies, and myriad other options.
My goal for this blog is to share some of my experiences in the hope that people share and support my vision - food, service, fun. My number one priority is to take care of my "believers" and my team. I know that I will not always have all of the answers but I promise that I will tell you how it is, no-matter how ugly it gets. The last fortune cookie I ate said, "your luck is about to change" . . . well here goes . . .
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