So… why should we take business advice from Ramsay?
Oh, I don’t know: $80 million net worth, 3 major TV shows on Fox (and multiple UK programs), and owner/operator of at least 22 current restaurants worldwide.
This video doesn’t feature Ramsay himself, but rather details some of the lessons any entrepreneur can learn from the way the Masterchef himself runs his own operations and helps others turn their failing dilapidated businesses into profitable ones on his Kitchen Nightmares TV program:
Two Main Takeaways from the video I want everyone of you to think about:
1. Be accountable as a business owner
Quote from Ramsay: “If the business stinks, the owner stinks.”
Who among us can argue this fact? Probably too many of you, if reality shows like Ramsay’s “Kitchen Nightmares” is any indication of how delusional most unsuccessful business owners actually are.
- Own what’s not working or you’ll never succeed.
- You also have to have passion for what you do.
- Learn to communicate with your staff and customers — listen to criticism and be open to fresh ideas.
2. Own your niche.
You can’t be all things to all people.
- Be remarkable in the marketplace by doing a few things exceptionally well (better than your competition), instead of trying to satisfy the needs of everyone.
- Limiting your specialties allows you to cut overhead costs and increase focus and overall quality of your product.
- In the video, Ramsay is quoted as saying that “nobody’s going to go back to an average restaurant”. The same holds true for any business in most cases — unless you own a convenience store in a small town that’s 100 miles away from your next closest competitor!
There’s so much more knowledge shared in the video, but those are two I wanted to draw attention to.
What do you guys think?