Billionaire Tilman Fertitta is a successful entrepreneur in the restaurant industry. Many people know him as a television personality from the popular reality TV series Billion Dollar Buyer. But for the past 30 years, Fertitta has created multiple restaurant corporations and chains. The biggest restaurant corporation he owns is called Landry’s Incorporated.
When Fertitta first started out in the restaurant business, he didn’t just want to have one restaurant. His dream was to create a multibillion-dollar empire with hundreds of restaurants across the country. You’ve probably heard of some of these restaurants because they’re quite popular. They include the Bubba Gump Shrimp Company, The Chart House, Landry’s Seafood, Rainforest Café, and Mastro’s.
Anyone who is looking to build a business should listen to his advice, especially if they want to start a restaurant business. Recently, Fertitta sat down with Casey Adams on his podcast Rise of the Young and discussed what it takes to successfully build a multi-billion dollar empire. In Fertitta’s new book called Shut Up and Listen he discusses the real truths about the business world and what it takes to succeed. It emphasizes five main points regarding how you must act when starting and managing a business.
They are as follows:
1) Discover Your God-Given Gift
Everyone has a unique gift. This is a specific talent which comes naturally to them. That is why some people are cut out to be entrepreneurs, and other people are not. But it isn’t enough to just start any business. You must build a business which revolves around something you’re good at doing or producing. For instance, if you love to make different types of pizzas, then build pizzeria business which revolves around your originally developed pizzas. Your talents will surely be noticed by your customers.
2) Focus on the 5% of Things That Are Going Wrong (95:5 Rule)
You’ve probably heard of the famous 80:20 rule which suggests that 80% of the results of something are attributed to 20% of its causes. For instance, if you’re selling a product online, then 20% of your buyers might be responsible for 80% of your total sales. But there is also a variation called the 95:5 rule. It suggests that 95% of the results come from 5% of the causes.
Let’s say your business has setbacks. Instead of focusing on everything that is wrong, focus on only the 5% of things that are going wrong. If you do this, then you can potentially eliminate 95% of the problems that your business faces.
3) Never Become Partners with Someone Who Has the Same Skillset as You
Try to become a sole business owner if you can help it. But if you must take on a partnership, then make sure your partner brings a different skill set to the business than you do. There is no sense in sharing the profits and management of a business with someone else who has the same skills you do. If you’re going to share the ownership of your company, at least choose someone who can bring some additional value to your business.
4) Never Put Your Lifestyle Ahead of the Growth of Your Business
You may be eager to grow your business, but don’t neglect your lifestyle in the process. A lot of new entrepreneurs like to work 16+ hours per day trying to get their business off the ground. But what about your family and social life? What about your health, happiness, and wellbeing? Don’t put your lifestyle on pause in order to grow your business quickly. If you do, then your workaholic nature may negatively reflect in your business because you’ll be tired and unhappy.
5) Take NO Out of Your Vocabulary
Get in the habit of saying “yes” rather than “no.” You need to remain positive and enthusiastic about your business venture if you’re ever going to make it a success. The word “no” gives you a reason to stop trying as hard because you perceive something to be impossible or challenging. If you can learn to stop using “no” in your vocabulary, then you’ll find yourself taking more chances and doing more things in your business that you never thought you could do before.
You can learn more specific details from Fertitta by purchasing his book. It comes out on September 17th on Amazon and other select bookstores.