1) You read about an entrepreneur:
Ray Kroc built Mcdonalds at the age of 52. This is extremely inspiring because when you are older, it is alot tougher to take risks because you have more obligations. I admired the fact that he owned and started multiple business at the same time at the age of 52. Ray Kroc owned the Mcdonalds Realty which means that every person that started a McDonalds had to pay him rent. In addition he owned the Mcdonalds franchise and he invented the ice cream machines that are used in McDonalds today. I do not admire that he is selling food that is knowingly unhealthy and dangerous to humans. This food is cheap which makes it more appealing to humans. When Kroc went to sell multi mixers he quit his job working for the paper cup company that he previously worked for. They found out that he signed a contract with them and they demanded 60 percent of his business in a lawsuit and he had to accept. With that being said he lived off only 40 percent of his income which was tough but he was able to do. In addition, when building the second location, the entrepreneurs struggled to get the fries to taste right which directly effected their customer satisfaction
2) What competencies did you notice that the entrepreneur exhibited?
Kroc was able to successfully create the best French fries known to man at the time and even compete with the top burger company's. He was able to expand McDonalds with most of the locations being franchises. He made most of his money after he first met with the McDonald's brothers to sign a contract where he handled the new locations that would be built. This allowed him to expand the McDonalds brand while also selling more of his multi mixers.
3) Identify at least one part of the reading that was confusing to you.
I was confused by how easy the McDonald brothers signed rights over to Kroc. They should have realized how valuable there company was and expanded it themselves.
4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?
I would ask Kroc, what is the biggest piece of advice that he would give people who are looking to start a business but who are scared to do so. Kroc has alot of experience and. I am sure he could give good guidance. I would then ask him how he plans to continue the growth of Mcdonalds with the world tending tom shift to a healthier diet, and more information on the health of McDonalds being released.
5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?
I believe that Ray Kroc is a very hard working man. It has been made obvious through his extreme venture as an entrepreneur. He seems to believe that hard work is essential to being successful and I completely agree with that opinion.
Matthew,
ReplyDeleteI did my first reflection about Ray Kroc so I'm familiar with the book. A trait that Kroc always exhibited was to never give up on something that he was passionate about no matter how much the cards were stacked against him. He faced many adversities and failures but was still able to establish McDonalds as one of the most famous fast food brands of all time. I agree with your assertion that Kroc is a very hard working man.
Matthew,
ReplyDeleteI feel like I developed a good understanding of the entrepreneurship displayed by Ray Kroc from your reflection, despite not having read the book. It seems as if his determination and passion is what ultimately led to his extreme success. It is astonishing to see the various aspects of McDonalds that Kroc developed and expanded overtime, such as the ice cream machine and french fries. I agree that Kroc is a perfect example of an entrepreneur and his key to success was the element of hard work.
Hi Matthew,
ReplyDeleteI really enjoyed reading that book as well. I actually did my first reading reflection on this one so I know a lot about it. Kroc does a good job of explaining to the audience how and why he dominated the market. He successfully took McDonald's to the next level. I also agree with you that it is odd that the McDonald brothers just outright sold and signed the rights over to Kroc. I think Kroc is a fantastic example of a hard-working entrepreneur.