Podcast Summary
Focus and execution lead to success, even without originality: Stay focused on what you do best and execute it exceptionally well, rather than trying to be overly original or different. Supportive work cultures and opportunities for growth can help individuals and businesses thrive.
Having a clear focus and executing it well can lead to great success, even if the idea isn't entirely original. Todd Graves's story on How I Built This illustrates this concept. He didn't invent fried chicken fingers, but he executed the idea exceptionally well, resulting in one of the most successful fast food chains in the US, Raising Cane's. With a menu consisting of only four items, the pressure was on to make each one exceptional. Graves could have added more options to lean on, but he stayed focused and resisted the temptation to deviate from his simple menu. Similarly, in business and other areas, it's essential to focus on what you do best and execute it with excellence, rather than trying to be overly original or different for the sake of it. Additionally, having a supportive work culture, like the one offered by Insparity, can help individuals and businesses thrive and reach their full potential. And for those looking for a career with a mission, the National Security Agency offers opportunities to work on cutting-edge technology projects while enjoying perks like flexible work schedules and professional development.
From high school football star to restaurant entrepreneur: Graves' diverse experiences growing up made him well-rounded and empathetic, allowing him to connect with people from various backgrounds and build a successful business based on his passion for food and connecting with others.
Todd Graves' journey from growing up as a high school football star in Baton Rouge to opening 600 Raising Cane's restaurants was filled with unexpected twists and turns. Before starting his restaurant empire, Graves had dreams of playing college football like his father, a former New Orleans Saints lineman. However, he didn't have the skills to play at a major college level and instead attended the University of Georgia, where he fell in love with the restaurant business while working at various eateries around campus. Graves' experiences growing up, from playing sports to bridging different social groups, made him well-rounded and empathetic, which helped him connect with people from diverse backgrounds. Despite not being able to play college football, Graves found a way to experience the college life he desired and eventually built a successful business based on his passion for food and connecting with others.
Discovering a Passion for the Restaurant Business: Through learning to cook, understanding food cost, and experiencing teamwork, the speaker discovered a deep passion for the restaurant industry, leading him to dream of opening a business during college.
The speaker discovered a deep passion for the restaurant business through a combination of learning to cook from an amazing chef, understanding the importance of food cost, and experiencing the teamwork and immediate gratification of working in a high-stress environment. This passion was evident even during his college years when he dreamed of opening a boneless chicken restaurant near LSU, a place he loved and understood well. The speaker's experiences taught him the importance of hard work, love for the business, and the satisfaction of providing a good meal and service to customers.
Focusing on a simple concept for a business: Determination and focus on a single concept can help young entrepreneurs succeed in the business world, even without prior management experience.
Focusing on a single concept for a business can be a smart strategy, even for young entrepreneurs. The speaker, Todd, had a dream of opening a college restaurant at LSU with a simple menu of chicken fingers, fries, and drinks. He recognized that this focus would make the business less intimidating and more manageable for him, despite not having prior management experience. Todd and his friend Craig collaborated on the business plan during Craig's business classes, while Todd worked and sought advice from local business executives. Despite potential skepticism from others, Todd's determination and focus allowed him to bring his dream to life and eventually succeed in the restaurant industry.
Overcoming negativity and securing funding for a business: Encountering negativity can fuel motivation, seeking advice and knowledge from experienced entrepreneurs and vendors is crucial, and a well-written business plan and determination are key to securing funding
While pursuing a dream, one may encounter negativity from those around them, but it's essential to use that negativity as fuel for motivation rather than letting it deter you. The speaker encountered significant negativity from acquaintances in Baton Rouge, but received valuable encouragement and advice from those with entrepreneurial experience. The hardest part was securing funding, but with a well-written business plan and determination, the speaker was able to overcome obstacles and turn their dream into a reality. It's important to remember that every detail matters when starting a business, and seeking out knowledge from experts and vendors can lead to a successful and well-prepared launch.
Planning a foreign business concept in a skeptical region: Thorough planning, resilience, and adaptability are crucial in entrepreneurship, even when facing initial skepticism or unfavorable feedback
Starting a business involves extensive planning and research, even when facing initial skepticism. In this case, Todd and his team developed a detailed business plan for a chicken finger restaurant named Follies, despite it being a foreign concept in South Louisiana's Cajun and Creole food scene. They put a lot of effort into the plan, but received a disappointing grade due to the professor's concerns about the regional fit and the trend towards variety and healthier options in quick service restaurants. However, Todd saw this as an opportunity to refine and improve the concept, using the feedback as motivation. The experience demonstrated the importance of thorough planning, resilience, and the ability to adapt to criticism in entrepreneurship.
Staying true to your vision despite external pressures: Believe in your business vision and stay focused, even when faced with criticism or limited resources.
Determination and focus are key elements in building a successful business. Todd and Craig, the founders of a fast food restaurant, received criticism about adding healthy options to their menu. However, they chose to ignore it, believing that their customers wanted their signature chicken fingers and not salads. With a B minus business plan and no family money to start, they went to the banks for a loan. Despite their naivety, they believed they could present their plan and secure the funding they needed. This story highlights the importance of staying true to your vision and not being swayed by external pressures, even when resources are limited. Atlassian, a company that creates software for team collaboration, shares this belief in the power of focus and determination. Their AI-powered tools help teams accomplish what would otherwise be impossible alone, allowing them to make faster, informed decisions and boost productivity.
Overcoming Challenges in Starting a Business: Starting a business involves overcoming numerous challenges, perfecting recipes, seeking advice, networking, and remaining persistent to achieve success.
Starting a business involves overcoming numerous challenges and requires a significant amount of preparation and persistence. A young entrepreneur, determined to open a chicken finger restaurant, encountered numerous obstacles, including rejections from banks for loans and the need to perfect recipes and vendors. Despite these challenges, the entrepreneur remained focused and persistent, experimenting with different recipes and seeking advice from industry experts. The entrepreneur also learned the importance of networking and community support, as they turned to friends for help in raising funds. Through this experience, the entrepreneur gained valuable insights into the business world and the importance of perseverance in achieving their goals.
Meeting a foreman led to new opportunities: Hard work and determination can open doors to new experiences and skills, even without prior experience.
Hard work and determination can lead to new opportunities and experiences. The speaker shares his story of meeting a foreman in the refinery industry who recognized his work ethic and offered him a job as a boilermaker. Despite having no prior experience, the speaker was willing to put in the long hours and learn the trade. This experience not only provided him with valuable skills but also introduced him to In-N-Out Burger, which became a significant inspiration for his own business venture. The camaraderie among the boilermakers further encouraged him to pursue his dreams, even when presented with the opportunity to make more money in dangerous commercial fishing. Ultimately, the speaker's experience in the refineries taught him the importance of perseverance and believing in his goals.
From Bullar-making to Commercial Fishing in Alaska: Determination and passion led two entrepreneurs to dangerous fishing jobs in Alaska, securing them quick money. Despite the challenges, they persisted, eventually launching their business back home.
Determination and passion can lead to lucrative opportunities, even in dangerous and challenging environments. The speaker, Craig, and his friend wrapped up their bullar-making career in Louisiana and decided to try commercial fishing in Alaska for quick money. Despite the hard work and danger involved, they both managed to secure jobs on fishing boats. However, the summer of 1995 was particularly deadly for salmon fishermen, with six deaths reported. Despite earning a significant amount of money, it wasn't enough to launch their business back in Baton Rouge. But they didn't give up. They had already secured a great location for their business and spent a year trying to get investors. When they returned, they found renewed interest in their project, and with their determination and passion, they were able to make it work. The experience of commercial fishing in Alaska was a crucial stepping stone in their entrepreneurial journey.
From bike shop to chicken finger restaurant: Starting with limited resources, determination and resourcefulness led to a successful business venture. Adaptability and focusing on a specific product helped overcome initial challenges.
Determination and resourcefulness can lead to successful business ventures, even with limited resources. The speaker started with two small investors and a loan from an SBA lender to open a bike shop, which they later converted into a chicken finger restaurant. They learned construction skills on the job, saving money and keeping costs low. The name of the restaurant, Raising Cane, came from their yellow lab mascot. Despite initial challenges, they persevered and finished renovations in 1996, starting with raw chicken products and focusing on the tenderest part, the chicken tenderloins. This story highlights the importance of having a strong work ethic, being adaptable, and making the most of limited resources.
Staying true to the vision of quality and authenticity: Focusing on quality ingredients and processes, even in the early stages, can create a unique dining experience and attract customers.
Focusing on quality and authenticity, even in the early stages of a business, can lead to success. Raising the bar for ingredients and processes, such as making sauces in-house, can create a unique and desirable dining experience. Additionally, the personal and professional connections made during this journey, including meeting a future business partner and spouse, can significantly impact the trajectory of a business. The story of this chicken finger restaurant illustrates the importance of staying true to the vision, even during the early struggles and unexpected twists and turns. Despite opening without fanfare or advertisements, the dedication to quality and authenticity eventually attracted customers and contributed to the restaurant's success.
Expanding from one to multiple locations for better profitability: Quick service restaurants like Raisin Cane's need multiple locations for economies of scale, improved margins, and better buying power.
For a quick service restaurant like Raisin Cane's to be financially successful, it's necessary to have multiple locations. The business makes tiny profits on large volumes, so having multiple locations allows for better buying power, improved margins, and economies of scale. The founder, Todd Graves, was able to secure an SBA loan to open a second location just 18 months after the first one, and this expansion led to significant growth for the business. However, expanding from one to two locations can be a challenging period for a business, as it requires careful management and resources to ensure success. Despite this, Graves was able to navigate this growth period and build Raisin Cane's into a successful franchise.
Expanding a business brings unexpected challenges: Be mindful of growth's impact on workload and respect partners' individual goals during expansion
Growing a business from one location to two can be a challenging and overwhelming experience. Todd, the founder of Raising Cane's Chicken Fingers, shared how he was initially excited about expanding but soon realized the added responsibilities and workload. He found himself working long hours, managing multiple locations, and dealing with understaffing and high turnover rates. Craig, one of Todd's partners, then surprised him by asking to be bought out of the business due to his own burnout. Todd was shocked but eventually understood that not everyone shares the same passion for the restaurant business as he does. The experience taught Todd to be cautious about overextending himself during growth and to respect the individual dreams and goals of his business partners.
Focusing on areas of passion leads to growth: Identifying and focusing on areas of passion and expertise within a business can lead to unexpected expansion and success, even during challenging times.
Identifying and focusing on areas of passion and expertise within a business can lead to growth and success, even when faced with unexpected challenges or the departure of a key partner. The speaker in this discussion learned that he loved the operational aspects of his business, and this passion drove him to expand his concept beyond what he initially thought was possible. Even when faced with the departure of a co-founder, he was able to find a way to bring him back into the business and continue growing. Additionally, the franchising model proved to be an effective way to expand the business while maintaining control and ensuring that experienced operators were in place to run each location.
Lesson learned the hard way: Expanding without proper planning can lead to financial losses: Thorough planning, local engagement, and maintaining control are crucial for expanding a business successfully
Expanding a business into new markets without proper planning and support can lead to significant financial losses. The entrepreneur in this discussion, Todd Graves of Raising Cane's, learned this lesson the hard way when he expanded into Texas in the late 2000s. He assumed that the success he had in Louisiana would easily translate to other markets, but he failed to consider the unique challenges and differences in those new communities. He also underestimated the importance of marketing and community engagement in building a customer base. As a result, he lost a significant amount of money and faced tension with franchisees who didn't follow his specifications. Despite these challenges, Graves ultimately decided that he wanted to grow his business through internal partnerships with general managers rather than franchising. Today, over 90% of Raising Cane's restaurants are owned by the company itself. This experience taught Graves the importance of thorough planning, local engagement, and maintaining control in order to successfully expand a business.
Maintaining financial balance and equity for business success: Successful businesses prioritize financial management and maintaining equity, even during growth and market trends. Founder-driven businesses with integrity and longevity outperform those focused on short-term profits and frequent leadership changes.
Proper financial management and maintaining equity are crucial for business success, even if it means resisting the pressure to constantly adapt to competitors. The speaker, who built a successful quick-service restaurant chain, shared his experience of leveraging community banks and maintaining ownership through subordinated debt during his company's early growth. However, he also learned the hard way about the importance of financial balance and stability when Hurricane Katrina hit and took down 21 of his locations, leaving him with no cash flow and significant debt. The chicken sandwich wars in the 2000s showed how external market trends could positively impact sales, but the speaker stayed true to his business identity and resisted the urge to follow competitors' menus. He emphasized the importance of founder-driven businesses with integrity and longevity, rather than those focused on short-term profits and frequent leadership changes.
From a simple concept to a billion-dollar business: Determination, hard work, and a bit of luck can turn a simple idea into a successful business. Be open to opportunities and take advantage of them.
Determination, hard work, and a little bit of luck can turn a simple concept into a billion-dollar business. Todd Graves, the founder and CEO of Raising Canes, started with a goal to sell chicken fingers, fries, toast, and coleslaw. He faced numerous challenges but remained committed, growing the business to over $3 billion in sales and 613 locations. Graves attributes his success to having a great concept, working hard, and receiving help and luck along the way. He shares that finding the name of his company and discovering the logo were instances of luck that he took advantage of. Despite his achievements, Graves remains humbled and continues to work hard, attributing his success to the initial difficulty in starting the business. As he reflects on his journey, Graves is always amazed by what he's built and remains committed to the business. He believes that complacency is the sign that it's time to move on. The Graves family still owns a majority of the company, and Todd's wife and kids are all involved. They even have a pet yellow Labrador Retriever, Raising Kane III, who serves as Grand Marshal of the Muts Parade in Baton Rouge every year.
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