More Thought Required
Tuesday, October 20th, 2009…if I ever want to do such a thing:
Phil Mott, an assistant professor at the Les Roches School of Hospitality Management at Chicago’s Kendall College, has some advice for you.
Q. When someone comes up to you and says, “I love food, I love people, I want to get into the restaurant business,” why try to talk them out of it?
A. I had somebody approach me who had a very good job with a major company and an MBA from a prestigious university. I looked at him and asked, “Is your career in danger?” He said, “No, but I’ve always loved food. I love to cook. I love to have parties.” I told him to invite 20 friends over, throw a great dinner party, and then take a stack of $100 bills and burn them one by one. It will be fun — and cheaper than opening a restaurant.
Full interview here. I have trouble getting over the fact that restaurants have a 60 percent fail rate in the first three years.
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