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Pizza Hut. When I was in grad school I took a finance course called New Ventures. The whole class was your project to start your own business. I had been making pizza at home and got pretty good at it, and I wanted to open a pizza restaurant. I did a lot of research. Not only how much are rents, utilities, used pizza dough refrigerators, wood fired ovens, etc, etc, but also market research. My concept was make the absolute best pizza. Great crust, freshest ingredients (traditional, no BBQ chicken wing pizza, etc). And sell it at premium prices to my affluent Avon / Simsbury / Farmington neighbors.
What I learned with my market research is even if you're a lawyer making $750,000 a year, or you own Micro-Ban and you're worth $25 million, you're very likely to value these 2 things in pizza: Price & Delivery. Just like college kids. Unfortunately the posters on this great thread are a very small minority of all "pizza lovers."
I ended up not opening my restaurant, 1) not wanting to lower my standards, and 2) recognizing the reality that - although if you pass the break even point (# off pies) early enough in the month, all the rest of the month you're buying BMW's and putting your kids through the very best colleges - everybody that opens a restaurant thinks they're going to get "x%" market share. When you add all the x's up it totals about 900%, so most new restaurants have very short lives.
Anyway - love this thread. I will never eat at Pizza Hut again. Life is too short
What I learned with my market research is even if you're a lawyer making $750,000 a year, or you own Micro-Ban and you're worth $25 million, you're very likely to value these 2 things in pizza: Price & Delivery. Just like college kids. Unfortunately the posters on this great thread are a very small minority of all "pizza lovers."
I ended up not opening my restaurant, 1) not wanting to lower my standards, and 2) recognizing the reality that - although if you pass the break even point (# off pies) early enough in the month, all the rest of the month you're buying BMW's and putting your kids through the very best colleges - everybody that opens a restaurant thinks they're going to get "x%" market share. When you add all the x's up it totals about 900%, so most new restaurants have very short lives.
Anyway - love this thread. I will never eat at Pizza Hut again. Life is too short
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