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Daves Success With the Wendys Restaurant - Case Study Example

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This essay describes Dave's success who comes up with new and fresh business ideas assumes risks. In other words, he does things which no one had thought of before. Dave’s success with the first Wendy’s restaurant came from the fact that he offered something completely new…
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Daves Success With the Wendys Restaurant
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Dave’s Success With the Wendy’s Restaurant
1. Dave Thomas is an entrepreneur because he is an individual who comes up with new and fresh business ideas, assumes risks and does something he loves. In other words, he does things which no one had thought of before. For instance, Dave was willing to assume the risk involved in starting a restaurant for selling fresh hamburgers despite warnings and discouragements from his bankers and other financial people, telling him that the market was saturated. His entrepreneurship skills began at KFC where invented the rotating bucket sign that stands outside KFC restaurants. Dave afterwards opened his own restaurant and called it Wendy’s restaurant and started selling the food that he loves-fresh hamburgers, inspite of being advised that the market was saturated. This is a true spirit of an entrepreneur; an individual who sees an opportunity where there is none and creates something completely new and different from what everyone is offering. In addition, Dave Thomas comes up with fresh ideas and starts a strategy that is different from other businesses by providing fresh and quality food. Earlier on, he had worked at KFC selling fried chicken, but then he saw an opportunity in the market for selling fresh hamburgers. This is also something that he loved and entrepreneurs usually should start something that they love. All Dave’s ideas are successful which proves that he has the makings of a great entrepreneur.
2. Dave’s success with the first Wendy’s restaurant came from the fact that he offered something completely new, appealing and different from what others were doing –Dave offered quality and freshness and allowed customers to make orders for what they wanted. Dave was able to differentiate his product offering by selling made-to-order hamburgers, chili, French fries, (real) milkshakes and soft drinks. For an entrepreneur to succeed in any business s/he must cut a market niche for himself/herself and offer customers unique and quality products/services not available anywhere else. This unique competitive advantage became a game changer in the industry and by the sixth week, Dave had broken even.
3. Dave simply implies that for a business to be successful it has to satisfy the needs of its customers by offering what the customer wants; in other words providing value as well as satisfying the customer. He also implies that the business owner should aim at achieving his key objectives/reasons for starting the business. Striking the balance between the customers’ demands and the business owner’s objectives is usually a delicate and difficult affair and that is why Dave thinks that turning this into reality is an enormous task.
4. For Dave’s business to be sustainable he must continue listening to his customers by providing several ways for them to give feedback on what they want improved, added to the menu etc. Dave should also market his restaurants by participating in such programs as food-and-wine competitions, online marketing by using such platforms as Facebook, twitter and others so that he can interact with his customers one on one in addition to updating them of the latest menus/activities in his restaurant. Dave should also offer first class food service to his customers every time he serves them. This can be constantly enhanced by frequent feedback from customers as well as his staff. He should also conduct his own surveillance from time to time so as to rectify any lapses. This way, Dave will be able to satisfy his customers and thus remain relevant to them for a very long time. Read More
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