FIN 444 WEEK 6 Notes
FIN 444 WEEK 6 Notes FIN 444
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This 2 page Class Notes was uploaded by Patricia Soto on Friday February 19, 2016. The Class Notes belongs to FIN 444 at University of Illinois at Chicago taught by John Bintz in Winter 2016. Since its upload, it has received 20 views. For similar materials see Small Business Finance in Finance at University of Illinois at Chicago.
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Date Created: 02/19/16
MGMT 453 Week 6 Guest Speaker - David DMK restaurants Real estate Design – residential Distribution – Midwest grocery Businesses need to add value to the market -fish where there’s not a lot of boats & understand how to catch the fish if you don’t know what your edge is in business then you don’t have one Managers time is dictated by what people around you ask Leaders time is dictated by what they ask of the people Be passionate in what you do. -> how to make a burger better? Visit and try all burgers to find your competitive edge 99% of business fail before they open Think small and realistic. Try it out on a smaller scale Can you find 3 people crazy enough to trust you to allow you to do it for free How to build a brand -you have to be polarizing, have a really strong willingness to have people think about it Tell me not who you are but with whom you walk People invest in you! Not your idea! You need patience and discipline!!! Sleep 5 hours a night and take one day to rest See a therapist every week – business coach Question How to fund businesses? Restaurant side- horrible investment? • Set up investment funds (investing in a portfolio of restaurants is a good idea!) • Achievable revenues 4 times capital investments & 20% profit margin = 80% ROI Do you run all of the businesses or just a shareholder? • Rituals!!! (reading- time management) • Time Management o 4 hour work week /chef Tim o Steven Covey – 7 habits of high effective people § Important & not urgent o Ken Blanchart – 1 min manager MGMT 453 o Built on Business • Live with a high level of trust • Micromanaging- coaching • Data o Profit and Loss Statement every week • Transparency • Close emotionally with people (shared success) Fears & Misconceptions • Terrified of failure • Finding the value in things • Letting people down Buy or rent? • BUY preferably but lease if not
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