Submitted to: Dr. Evangeline Jefferson Professor Department of Business Administration Strayer University.
Submitted by: A.K.M.Salim Ul Haque ID: 200118273
Date of Submission July 16, 2013
Entrepreneurial leadership is organizing a group of people to achieve a common goal using proactive entrepreneurial behavior by optimizing risk, innovating to take advantage of opportunities, taking personal responsibility and managing change within a dynamic environment for the benefit of the organization.
Entrepreneurial leadership is effectively using the skills associated with successful individual entrepreneurs and applying those within the environment of the larger organization. This especially means within an organization where those skills have been lost and replaced with a "corporate" mindset that focuses on process, systems and risk minimization.
Five Guys was founded in 1986 by Jerry and Janie Murrell and their sons, all five of whom are part of the business. In 1986-2001 Five Guys opens five locations around the DC metro-area and perfected their business of making burgers. Now, over 20 years after Five Guys first opened, there are over 1,000 locations nationwide and over 1500 units in development. Five guys continue to receive media attention and have grown a cult-like following around the world (www.fiveguys.com). In this assignment, the following questions will be answered as to how Five Guys continues to be a success and why customers continue to flock to their restaurant: 1. Determine how Five Guys’ philosophy sets it apart from other fast-food chains. 2. Analyze the original values for the start-up company and how it remains strong today. 3. Enumerate three (3) factors that contributed to Five Guys’ success in such a short time and what effect, if any, external markets had on these factors. 4. Assess how ethical and social practices are part of the Five Guys’ culture and provide examples to support your choices. 5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
1 Determine how Five Guys’ philosophy sets it apart from other fast-food chains.
Fives Guys’ philosophy that sets them apart from every other fast food restaurant is due to Jerry Mitchell’s establishment focuses on the quality of the product and customer satisfaction to both internal and external customer. In his own word’s Jerry Murrell says "Treat the person right, he’ll walk out the door and sell for you”, which basically means the reason that they are a success is due to the way they treat their customers which in turns brings in more customers on the basis of “word of mouth”.
2 Analyze the original values for the start-up company and how it remains strong today.
When their first son decided not to go college, they decided a way to keep their son home and employed. Unable to get any bank funding, they used the dedicated tuition fund as a resource to venture into business. With the capitol they had and a business plan in hand, they purchased their inventory and rented an affordable space. Their main goal was to cook juicy burgers that were made fresh not frozen. They knew that they had to stand out amongst their competitors. The owners wanted the consumers to have that nostalgic experience in their restaurant, with food…