Contemporary Business Essay

1446 words - 6 pages

Entrepreneurial Leadership
Contemporary Business (BUS508)

Strayer University, Takoma Park Campus
October, 2014

Introduction
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...

Other assignments on Contemporary Business

Counseling Clinical Depression: Nouthetic Versus Contemporary Christian Counseling

3851 words - 16 pages Depression is a state of mind in which a person has feelings of sadness, helplessness, negative thoughts, guilt, and other feelings that usually last longer than the average mood that results from experiencing the ups and downs that life brings. Bouts with depression can last for weeks, months, and even years. People exhibit depression through a lack of interest in things that would normally motivate them to action, a lack of attention and/or

The Significance Of The Haitian Revolution For The Practice Of Contemporary Theory

2437 words - 10 pages The significance of the Haitian Revolution for the practice of contemporary theory. 1. Introduction Philosopher Peter Hallward claims, “If the French Revolution stands as the great political event of modern times the Haitian Revolution must figure at the most decisive sequence of that event” (Hallward, 2004:2). From a historical perspective, it is important that one recognises the significance of this event. The Haitian Revolution was a

The Importance Of Planning

554 words - 3 pages . (Contemporary Business page chapter 7 page 225, paragraph one) The far-reaching level of planning is strategic planning- the process of determining the primary objectives of an organization and then acting and allocating resources to achieve those objectives. (Contemporary Business chapter 7 page 225, paragraph two.) Also strategic planning is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization

Whats Up

292 words - 2 pages different types of networks: telephone networks and computer networks. -Name and describe the principal technologies and trends that have shaped contemporary telecommunications systems. Client/Server computing, the use of packet switching, and the development of widely used communications standards such as TCP/IP are the three technologies that have shaped contemporary telecommunications systems. Client/Server computing has extended to

Groupon

322 words - 2 pages What features of contemporary e-commerce does Groupon Now! utilize? * Ubiquity: Groupon now offers local deals at any moment of the day. * Global Reach: Groupon features a daily deal on the best stuff to do, see, eat, and buy in 48 countries, and soon beyond (read: Space). We have about 10,000 employees working across our Chicago headquarters, a growing office in Palo Alto, CA, local markets throughout North America and regional

Addressing International Legal And Ethical Issues Stimulation Summary

581 words - 3 pages ). Contemporary Business Law 1: Addressing International Legal and Ethical Issues Stimulation. Retrieved from Pheonix.edu: https://ecampus.phoenix.edu/secure/aapd/vendors/tata/UBAMSims/business_law1/business_law1_intl_legal_ethical_simulation.html

Advantages And Disadvantages Of Four Types Of Organisation Structure

1325 words - 6 pages in which it divides its labour into distinct tasks and then achieves co-ordination among them" (Boddy, 2008:319) and "makes possible the application of the process of management and creates a framework of order and command through which the activities of the organization can be planned, organized, directed and controlled" (Mullins 2007:564). As the business environment evolves, traditional approaches to organizing work are being reevaluated

Mgmt 2030 Study Guide

364 words - 2 pages ---energy? Airline 16. Equipment --- raw materials? Manufacturing plant 17. Health services --- restored health? Hospital 18. Which of --- operations themes? Continuous cost reduction 19. The “contemporary operations theme” --- information? Supply, chain management Chapter 2 20. Operations strategy is defined as : other functional; competitive advantage 21. Which of the following statements --- functional

Coffee

385 words - 2 pages When looking At the demographic that we will be focusing on for out coffee product will be the following demographic. Adult’s men and women between the age of 25 to 50 this age group will count for 49% of business. We will target urbanites with high income and professional careers and focus on their social welfare. For this target audience grows at a rate of 3 % on an annually basis. If we advertise and stay consistent we will be able to

Competency Modelling

2345 words - 10 pages the competency approach is the growing need of complexity and flexibility of contemporary business environment. The competency can be regarded as a taxonomy of assessment on the employees’ capability in achieving their work objectives and personal development. The competency modelling uses different indicators and dimensions to measure the employees’ current performances and detect their potential abilities. In comparison with traditional job

Entrepreneurial Leadership

1149 words - 5 pages Assignment 1: Entrepreneurial Leadership Sara J Broderick Dr. Kathleen Irwing BUS: 508 Contemporary Business Strayer University Oct. 22, 2013 Entrepreneurial Leadership Five Guys’ Burgers and Fries, a family owned franchise is one of the fastest growing chains in America (Better Burgers Starts to Sizzle in Canada, 2012). Five Guys’ Burger and Fries sets itself apart from other fast food chains by using quality ingredients and keeping

Similar Documents

Contemporary Themes Essay

2275 words - 10 pages The Contemporary Themes of the Hospitality Industry MGMT – M900 Success Strategies for the Hospitality and Service Industries Glion Institute of Higher Education – Glion Online Dr. Michael Powers December 21, 2013 Word Count: 2133 Statement of Authorship Statement of Authorship I certify that this assignment is my own work and contains no material which has been accepted for the award of any degree or diploma in any

The Main Contemporary Issue Faced By Manager With The Expansion Of Technology

2317 words - 10 pages The Main Contemporary Issue faced by Manager with the expansion of Technology Introduction In many industries, superior technology integration - the approach used to choose and refine the technologies employed in a new product, process, or service - is the key to achieving superior productivity and speed, and superior products. Access to great research is still immensely important, but if a company selects technologies that don't work well

Contemporary Greek Choruses Essay

1318 words - 6 pages Alessandro de Souza Ferreira Prof. Alverson English 201 March 7, 2014 Contemporary Greek Choruses A Greek chorus is a group of twelve to fifteen people who remark on the dramatic action in a play. In Medea, written by Euripides in 431BC, the chorus is formed by a group of Corinthian women who lament the bad things that are occurring throughout the play. On the other hand, in the movie Legally Blonde directed by Robert Luketic in 2001

Contemporary Issues In Western Religion Essay

869 words - 4 pages Contemporary Issues in Western Religions Contemporary: Current, modern, popular, progressive, present-day, fashionable, and up-to-date. Can this definition apply to a religion that is more than 2000 years old? Christianity struggles within its own religious borders to be contemporary and remain relevant in today’s ever changing landscape of religions and beliefs. The question must be asked regarding when is too much. How far can the