Chapter
The Challenges of Running a Restaurant Business
55:01 - 1:01:31 (06:29)
The restaurant industry is a difficult field for entrepreneurs to enter with only a low success rate. Even with high execution skills, there are many obstacles to overcome in making a business successful such as lower trust platforms like Craigslist and Facebook Marketplace, as well as competing with many other big companies in the industry.
Clips
The creators of the new app decided to focus on perfecting the product before adding payment integration, for fear of deterring potential users.
55:01 - 55:25 (00:24)
Summary
The creators of the new app decided to focus on perfecting the product before adding payment integration, for fear of deterring potential users. When they do add payment integration, it will be a percentage of the transaction.
ChapterThe Challenges of Running a Restaurant Business
EpisodeUniversity of Michigan Students Pitch Us Their Startups For $5000 Prize Money
PodcastMy First Million
The speaker discusses the challenges of creating a successful online marketplace in an already overcrowded space dominated by big companies like Craigslist and Facebook.
55:25 - 59:40 (04:14)
Summary
The speaker discusses the challenges of creating a successful online marketplace in an already overcrowded space dominated by big companies like Craigslist and Facebook. He argues that it would take a series of fortunate events for a newcomer to challenge their dominance.
ChapterThe Challenges of Running a Restaurant Business
EpisodeUniversity of Michigan Students Pitch Us Their Startups For $5000 Prize Money
PodcastMy First Million
The speaker compares the opportunity of starting a restaurant business to a two out of ten, pointing out the high competition and the difficulty in building a successful chain.
59:40 - 1:01:31 (01:51)
Summary
The speaker compares the opportunity of starting a restaurant business to a two out of ten, pointing out the high competition and the difficulty in building a successful chain.