I've been a long time admirer of restaurant and hospitality guru Danny Meyer. He has successfully created some of NYC's best restaurants including Union Square Cafe, Gramercy Tavern, Eleven Madison Park, Tabla, Blue Smoke and Shake Shack. Every one of his restaurants has a unique point of view and offers some of my all time personal favorite dining experiences available in NYC. A few years ago he wrote the book, Setting the Table: The Transforming Power of Hospitality in Business. At first glance one might think the book exclusively caters to the restaurant industry, but a few chapters in, it becomes clear that this books speaks to and provides insight for entrepreneurs and business leaders in any industry.
Towards the end of the book he writes about the importance of context when making decisions. I found his criteria for making these critical choices particularly poignant as I decide how to expand my own business and take on new projects.
The "Yes" Criteria for New Ventures according to Danny Meyer
- An in-depth pro forma analysis convinces that it is a wise and safe investment.
- The opportunity fits and enhances our company’s overall strategic goals and objectives
- The opportunity represents a chance to create a business venture that is perceived as groundbreaking, trailblazing and fresh
- The timing is right for our company’s capacity to grow with excellence, especially in terms of having enough key employees who are themselves and interested and ready to grow
- We believe we have the capacity to be category leaders within whatever niche we are pursuing
- We believe our existing business will benefit and improve by virtue of or notwithstanding our pursuing this new opportunity
- We feel excited and passionate about this idea. Pursuing it will be an opportunity to learn, grow, and have fun!
- We are excited about doing business in this community
- The context is the right fit. Our restaurant and our style of doing business will be in harmony with its location