Contemporary Business Essay

1446 words - 6 pages

Entrepreneurial Leadership
Contemporary Business (BUS508)

Strayer University, Takoma Park Campus
October, 2014

In the beginning, Jerry and Murrel had to make a choice, either to convince their two oldest sons to go to college or consider the other alternative that is keeping them at home and save their college fund to start up a family business. With this decision Five Guys was found in mid 1980’s including all the children in the family into the business. In less than a period of ten years, the business expanded to different locations. Gaining experience, franchising the business to operators, getting recognition from its customers, the business grew up rapidly. ...view middle of the document...

For instance, they could buy cheaper potatoes which grow in California or Florida but the family prefers solid and tasty potatoes which grow in Idaho.
Analyzing the original values
Starting, owning and running a successful business is one of the great joys of life. One must start business that suite to his/her strength, that he/she is passionate about and one that epitomizes his/her highest drives and values (Strauss, 2005, p.259). When the family started the business, they had tried to sell coffees, chicken sandwich and hot dogs but it didn’t work. At last, they realized they are good at hamburgers and fries and convinced they should stick with it and they did. This, in other words, embodied Five Guys’ and their burgers they sell today.
Running the business, Five Guys’ didn’t want to hold the whole stake of operating the business. They shared it among the customers and employees by providing quality service and building a sense of ownership. Five Guys’ considers employees as self-directed team since they are working for the same end. Literally, self-directed work teams means a group of employees who have day to day responsibility for managing themselves and the work they do with a minimum of direct supervision (Fisher, 1993, p 15). Stating the characteristics of Self-directed, Fisher (1993) asserts that self directed work teams assume shared goals, involves high worker commitment and self-controlled which leads to the continuous improvement on the performance of employees. That is how Five Guys’ are trying to achieve the team spirit for the common good. They have developed what they call auditor system by which Five Guys’ holds every employee accountable in the operation of the business given that every position has a value. Not only that. Five Guys’ provide incentive in the form of bonus to employees as this is one of the stimulating factor. The other important point mentioned in this paragraph is the customer’s satisfaction. Five Guys’ believe the best salesman is the customer (excerpted from the interactive case study presented). So that Five Guys’ didn’t need rigorous promotion to hasten the sale or if there is any, it is a kind of word-of-mouth in which satisfied customers would tell other people how much they like the burger and fries.
Factors that Contributes to the Success of Five Guy’s Success
It is possible to enumerate factors, internal and external, for the success of Five Guys’ in such a short period of time but here below listed the first three major factors which probably help out the business to spread rapidly. The first one is franchising of the business and the other two factors are demand determinants.
a. Franchising of the business
Franchising, simply put, means of expanding a business operation by licensing a third party to engage in a franchise system under a required marketing plan or system using a common trademark, service mark, or trade name, for a fee. (Keup, 1990, p.71). Further discussing the...

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