American - Businessman | October 3, 1947 - September 14, 2015
Profit or perish... There are only two ways to make money: increase sales and decrease costs.
Fred DeLuca
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I watch 'Shark Tank,' of course. It's very entertaining. I think it's actually good to help people think about the business they might start, and sometimes you get encouraged by looking at someone going into business and saying, 'Hey, I could do that.'
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By and large, we're a bread-eating culture. People like sandwiches. We don't really over-think that one.
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If I'm spending time on something, I may as well do good as opposed to average.
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You could have everything right but be in the wrong place. You think your business is no good, but really, the problem is your place is no good.
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I tell everybody there are only three things that we do. We build sales at the store level, we build profits at the store level, and we build more stores. The first two things go in tandem, of course. It's pretty tough to build profits without sales.
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Even if you set a long-term goal, that doesn't mean it's a straight-line journey. Often, there are problems and obstacles along the way.
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Everybody who goes through the business will make mistakes. The big question is how big will the mistakes be? How fast will they learn from the mistakes, and how quickly will they get the business in the correct direction?
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I made the first sandwich before entering college.
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In a typical situation, it's going to take pretty close to a year to get your location in, get your permits, and then get open.
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There are so many ingredients that are approved for use. You can't be an expert on all of them.
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When I started in the business, the minimum wage was $1.25. I've seen an enormous number of wage increases. Basically, it applies evenly to everyone in the business.
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