Entrepreneurial Leadership
Contemporary Business
Michelle Ross
Michael corbin
July 21, 2013
Five Guys Burgers and Fries were started by the Murrell family in 1986 with the first restaurant opening in Arlington, Virginia (Five Guys, 2013). The Murrell brothers were instructed by their parents that they either go to college or start a business, and of course they took the business route (Five Guys, 2013). When Jerry Murrell’s boys neared the end of high school, Jerry gave them two options, go to college, or he could use their education money to start a restaurant (Burke, 2012). The idea was that the entire family would pitch in, this was Jerry’s attempt to keep his family together; his family wasn’t close as he would have liked (Burke, 2012). The name Five Guys came from Jerry, the father and his four sons, later Jerry and his wife had another child (a son) and the term Five Guys then fourth applied to his five sons (Burke, 2012).
Although the business began to grow Janie Murrell wife of Jerry was adamant about the menu staying the same, just burgers and fries, but good ones. The family simply continued to refine what they already did. (Burke, 2012). They tried different things but they were worried that they would not be successful at the new items, and that would take away from the outstanding burgers and fries. As their mission statement sums it up “We are in the business of selling burgers” (About.com). further expanded on in the goal of the company, which is “Five Guys goal is to sell the best quality burgers possible. To sell the best burger possible, we focus on quality, service, and cleanliness (About.com). Jerry believes that the demise of other fast food restaurants, such as Boston Market, comes from adding to many items to the menu and getting away from their core (Burke, 2012). Eventually a hot dog, a veggie sandwich, and a grilled cheese sandwich made it onto the menu (Burke, 2012)
The family values that surround the start-up of the business still remain strong today; they meet every Tuesday at the main office to discuss business. In 2002, the family had to make one of the biggest decisions they had ever faced with their family owned business, franchising. Jerry was initially against it, as he was not sure people would appreciate his restaurants concept. (Burke, 2012). Son Matt pushed the issue and even brought his father a copy of Franchising for Dummies, and after reading the book Jerry agreed. They hired former Washington Redskins kicker Mark Moseley to head up franchising (Burke, 2012). Jerry Murrell looks for a franchisee to have a net worth of at least 1.5 million dollars and liquidity of 500,000 dollars (Burke, 2012). . Franchisees pay an upfront fee of 20,000 dollars, then an additional 75,000 per store (Burke, 2012). They average franchisee has 10 to 15 restaurants, which costs 350,000 dollars to 500,000 to open and average 1.2 million in annual revenues (Burke, 2012). It takes most stores two and a half years to break even (Burke, 2012). There has not been many problems from franchises, most however keep pushing to add new items to the menu. Some feel that Five Guys is the only burger spot that does not serve milkshakes. Others have pushed for chicken, sandwiches and coffee, but Jerry Murrell always sticks to his guns (Burke, 2012).
What sets them apart from other fast-food restaurants that serve burgers is the fact that they use only fresh ground beef, that there patties are handmade and the fries are fresh cut. To accompany that, they only use peanut oil to cook their fries, which makes their menu trans-fat free. (Five Guys, 2013). They also stuck to exactly what they were good at, instead of trying to cook a bunch of products like most restaurants to do appeal to everyone; they took their time and perfected burgers and fries. Another way in which Five Guys is set apart from the rest of the fast-food restaurants is that the Murrell’s do not advertise, instead they focus solely on the food
A Business Plan for the Entrepreneur Reasons for Constructing a Business When setting up a business it is sometimes easy to focus only on the day-to-day running of the business rather than what may happen in the future to the business. Lack of attention to the future of the business could possibly lead to problems such as bankruptcy. A business plan is a ‘living document’ which considers details about where the business wants to end up in the near and distant future. As a business changes, the…
Strategic Plan, Part 1: Conceptualizing a Business Kandis D Lewis BUS/475 March 11, 2014 Timothy Harrington When starting a business it important that you take into consideration the vision, mission and values that you would like for your company to have when creating a strategic business plan. With implementing these; three key functions into your plan, will provide your business the opportunity to become a successful business. The business idea that I would like to one day pursue would be a…
Neuromuscular Center Business Plan XXXXXX HCA 311 Health Care Financing & Information Systems XXXXXXX June 8, 2012 Executive Summary In general, your executive summary should highlight at least one important statement from each of the other sections in your business plan. Think in terms of giving the recipient what they need in order to make a decision about whether or not to invest in your business. If the reader only reads the executive summary, he or she should have a very clear idea…
P5 Business plan Name: Kieron Rogers Business Plan for: A Café in Newport (Please use this template in conjunction with the guide Preparing a business plan) |Document Version: | | |Date: | | |Completed by: | | Business…
BUSINESS PLAN Tippy B's Diner 1234 Jackson St, Jackson Hole, Wyoming January 30, 2014 Table of Contents Executive Summary a. Vision Statement…..4 b. Mission Statement…..4 c. The Company…..4 d. The product.....4 e. The Market…..4 f. The Competition…..4 g. The Operations…….4 Business Plan a. Vision Statement…..5 b. Mission Statement…..5 The Company a. Company History…..5 b. Company Goals and objectives…..5 c. Company Ownership Structure…..5 d. Company Management…
its revenue is less than its expenses. A) True B) False Points Earned: 2.0/2.0 Correct Answer(s): True Correct Incorrect Ungraded 3. Business will incur a profit when expenses are higher than revenue. A) True B) False Points Earned: 2.0/2.0 Correct Answer(s): False Correct Incorrect Ungraded 4. Profit is the money that a business earns in revenue, minus investments, and the cost of salaries. A) True B) False Points Earned: 0.0/2.0 Correct Answer(s): False Correct…
pharmacy business and knowing the start up requirements, you will be able to make it big and earn big! Pharmacies are very important business establishments in a community or city because this is where people buy drugs and other medical supplies needed especially for home medications, hospitals, or emergencies. Some pharmacies are accessible 24 hours while some are open for a certain time of the day Pharmacies are varying in demand anywhere that is why this can also be a good business idea. People…
Foundation for Free Enterprise Summer Business Camp 2013 BUSINESS PLAN COMPETITION Rules and Guidelines OVERVIEW As you may have learned already, the ‘entrepreneurial spirit’ is the key driver of sustainable business growth, the backbone of a free market and is critical for innovation. This competition has been developed to have you gain some hands-on practical knowledge, utilizing the concepts that you have learned through the first portion of our summer program. All businesses MUST be…
Business Plans 7th Period March 4th, 2013 A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are possible. Business plans are essentially strategic. You will get to a point in the future (usually three to five years out) in time when your business has a different set of resources and abilities as well as greater productivity and increased assets. This plan will show how…