Fianacial Management Essay

Submitted By juliateixeira
Words: 1623
Pages: 7

Entrepreneurial Leadership

&

Five Guys

Burguers and Fries, Inc.

Case Study / Assignment 1

Introduction

The following research is to dissect all the major aspects of the Five Guys Enterprises and how they are a part of different Entrepreneurial Leadership Styles. Its philosophy and what separates them from their competition, and which values contributed to their fast success. According to Hernez-Broome & Hughes, 2004 Entrepreneurial Leadership is defined as individuals who recognize marketplace opportunities are free to use their capital, time, and talents to pursue those opportunities for profit. This project focused on the areas of private enterprise systems, which are economic systems that reward firms for their ability to identify and serve the needs and demands of customers. These factors that drive supply and demand will be analyzed as well as the different types of market structures, and how to use technology and information resources to research issues in contemporary business.

Five Guys, Inc. is the unique story about a family who had a dream and that dream became an unbelievable reality. Five Guys was an idea that was created by smart parents encouraging their children to focus on something positive. The Murrell’s gave their four children the choice of either going to college or starting a business. So the four brothers decided to jump in the booming burger business in 1986 and opened a carry out store in Alexandria, Virginia alongside their father, Mr. Jerry Murrell. Their idea was simple; to make only hand formed burgers and cook their fresh cut fires in peanut oil.

Throughout the years, the business grew, catching the attention of the media and making it the #1 burger in the area. With the rapid growth of the business and their family within the next decade, a fifth brother was welcomed and Five Guys began offering franchise opportunities. 20 years later, it has over 1,000 stores and their business is a sure guarantee of profit with the right management.

Criteria 1: The Five Guys Philosophy

Five Guys’ philosophy is different from other chain restaurants in many aspects. The primary reasons come from the most important aspect of a business, the customer service level. For example, when you go up to the counter to order your meal they ask for your name instead of giving you a number to your order. Your burgers can be cooked to order, which is unheard of in the fast food industry, and they give a more than generous portion of French fries. These initial reasons lead to the more technical and mechanical aspects of an entrepreneurial business, which includes their mission statement. According to Boone & Kurtz,(2012 Update) Competition is defined by the battle among businesses for consumer acceptance. Being creative is a key to a successful entrepreneurial career.

The Goal and Service Promise of Five Guys Burgers and Fries are as simple as its menu. It’s aligned with the philosophy that if you're going to sell hamburgers and French fries in a restaurant industry that is crowded with hamburger-french-fries chains, it has to be better than anyone else. Simply stated, the mission statement Guys Burgers and Fries is "We are in the business of selling burgers”. To expand on the obvious, the Five Guys also has a goal which is "to sell the best quality burgers possible by focusing on Quality, Service, and Cleanliness."

Criteria #2: Original Values of the Company

The major aspect Five Guys separates themselves from the rest of fast food chains, is in the selection of their high quality products. Their potatoes, for example, come only from Idaho. Mr. Jerry Murrell, the founder of Five Guys, says they grow slower than Florida or California potatoes, and that’s the key to serving exceptionally fresh cut potatoes. The difference is that most restaurants serve dehydrated frozen fries.…