And what should the owner do to (a) create that image, (b) enhance and strengthen that image without being inconsistent and (c) how to create one of the 3 reasons people buy a brand described above? The answers can encompass many aspects of a business. For example, we all understand that advertising can help convey an image. But beyond advertising, what if a business owner wants to appeal to a very broad range of consumers but the prices are more like a high-end department store? Not consistent and it confuses people as to what the brand means.
Now let’s talk Entrepreneurship, what is your description of Entrepreneurship? It may seem like a silly question, but I’ve had some people actually ask that, so for those who are not familiar with this world, what is it?
To me, entrepreneurship is the activity of someone who wants to create or be in a business of his or her own. Like everything, there are pluses and minuses to being an entrepreneur. For example, it is true that the owner of a business may have more control over his or her schedule, but it’s also true that an entrepreneur often works many more hours than any of the employees. And while an entrepreneur may strike it rich, he or she also has an enormous risk. Entrepreneurship is not for everyone.
I love hearing the different reasons as to why people get into business, so Jeff, what made you take a leap into Entrepreneurship?
There are two very different types of people who want to be entrepreneurs. The first is the group of people who have an idea that they can’t pass by and they have to do their best to try to make that idea a reality. The other is the group of people who simply want to have something of their own, be their own boss and build equity in something. The latter group is looking for an opportunity, often with a little help from others who know what to do and, in that case, they may turn to franchising. As to the reasons people go in one of those directions, there are many possibilities from frustration with a job to loss of a job (i.e., necessity), a dream, boredom, wanting to have more control over one’s future (though some would say the stability of having a steady job is better) and more.
As for me, I’ve been both an entrepreneur and an employee; and there are aspects of each that I like. I don’t mind working for someone else; so, in regard to my entrepreneurial activities, it’s because I’ve had an idea that I absolutely needed to see become a reality.
Do you have one of those ideas now that you’re working on?
As a matter of fact, I do. It’s something for a very broad audience, from kids to older adults, men and women. Singles, couples, families, groups. Pretty much everyone. And it’s designed from the get-go to be a franchise, so I’m approaching it differently than if I were just doing one location. Instead, I’m starting it in anticipation of having 200 or 300 locations. The pilot store isn’t open yet, so I don’t want to get into too much detail… I’m a little paranoid, as all entrepreneurs should be. It keeps you on your toes. For now, I’ll say that it’s right in my core strength of hospitality and entertainment, as well as creating added-value for franchisees and licensees … which is what I’ve been doing for the last 12 years.
I understand. Without getting into too much detail, it sounds like a retail concept. With so many big stores cutting back, can you say why you’re so excited about this new project.
Sure. First, what we’re seeing as some very big chains cut back or even shut down is a shift to online shopping. But look at the retailers who are thriving – many do it by delivering something a consumer cannot get online, which is a particular experience. And as convenient as online shopping may be, people still need/want interaction with other people. That’s what I’ve done for 25 years and what I will do in this new project – not just sell a product, but deliver a great experience… something people cannot get anywhere else or online. Our motto will be “quality, fun and value for all ages” because for all the places you go, how many are actually “fun”? And I’m excited not only about the core concept, but also about the numbers. Being an accountant by training, I tend to be a little more cautious in making projections and the assumptions upon which those projections are based. So, in projecting sales for a single store, I don’t go any higher than $1.5 million, which is ok, but not exciting.