The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 5 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
The fail fast philosophy is dangerous in high-fixed-cost restaurant businesses.
“Go fast and fail.
Makes sense in technology, where it's very much there, there's no fixed cost, and you can repair completely.
I'm in a business, I call it fashion with fixed assets.
It, you know, you build a restaurant, you're going to spend a million and a …”
Entrepreneurs are fundamentally risk avoiders rather than risk takers.
“Entrepreneurs see a better opportunity and they're not risk takers. They're actually risk avoiders. They see that opportunity, an opportunity to serve somebody, to make a difference, to do a job better for somebody, and in the context of that, they're risk avo…”
Mass-scale restaurant success relies on Middle America, not New York or LA.
“And I will tell you that if you're building a business of mass scale, it isn't New York City that matters. It isn't LA that matters. It's everything in between. And can you offer people something of quality and substance?”
The restaurant industry is a winner-take-all market for scaled players.
“My industry is an industry of winner-take-all. Think McDonald's and Burger King. Think Panera and Corner Bakery, Chipotle and Qdoba. All of the value creation tends to happen for those that are building something of large scale.”
Delivery functions inevitably crowd out innovation and discovery as companies scale.
“Delivery, because it does add value starts to push out delivery discovery because discovery doesn't have oxygen. If you got delivery pushing down on it and over time, what happens in so many food companies, Is that, that discovery is pushed out by delivery. De…”