Restaurants and new ventures: Looking past the conventional wisdom

18Jan08

It would appear that growing enterprises and [buffalo wing] restaurants really do have a lot in common.

From Business Week:

Restaurant owners weren’t failing because they had ill-defined competitive strategies. They weren’t failing because they lacked access to capital, or because they chose poor locations, either. (These are factors, Parsa says, just not typically make-or-break ones.) Rather, the single most critical element of a restaurant’s success, Parsa says, is the presence of a distinctive, well-researched concept. This insight is, admittedly, a bit of an anticlimax. The importance of a concept seems like it would be obvious to anyone prepared to invest thousands of dollars in said concept. As it turns out? Not so much.

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