An Interview with Stephen Starr: A Successful Restaurant Entrepreneur

I still believe that now is not a good time to start a restaurant business. If a person “does everything right,” however, s/he can still turn her/her restaurant business into a multi-million enterprise. Stephen Starr, the Founder of Starr Restaurant Groups, is one of the examples. He shared some of his experience and advices in an interview on Fox News.

It seems to me that the quality of food and a unique “theme” of a restaurant contribute to his success. Starting from one restaurant in Philadelphia, the group now has 17 locations and earned $125 million in profit last year. His advices to (restaurant) entrepreneurs include:

Be very careful if they want to open a new restaurant now because it is really not a good time.
Get ready to wreck apart their business idea and make sure everything is “undefeatable” before executing a business plan.
Be creative, think “cheaper, smarter,” and “be persuasive in selling” their ideas in financing.

What do you learn from Stephen Starr’s interview?

References:
The picture of the Buddakan, NY was downloaded from Blog.Retail-Is-Detail.Org

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