As a star of ABC’s television program "Shark Tank," Daymond John has heard a lot of pitches. But pitches aren’t strictly for television.
“We are constantly pitching,” John said in the closing keynote address Tuesday at MUFSO, sponsored by Red Book Connect. And restaurant operators should be able to distill their pitch into two to five words, for example, Apple’s “Think different” or White Castle’s “What you crave.”
That exercise is a great way to accomplish something he considers a must for all entrepreneurs: remember what they love about the business and focus on that — something he did when he joined the team of "Shark Tank."
John is best known for FUBU, a line of clothing for hip-hop fans, which he launched with a $100,000 home equity loan and a lot of grit. After building a successful clothing line, he strayed from his original goal, but he realized that was a mistake. He gradually moved back to offering business advice, and his spot on Shark Tank gives him the chance to partner with budding entrepreneurs to turn their dreams into reality.
He also created Shark Branding, a marketing firm that advises companies on how to communicate with consumers more effectively and connect with top celebrities for endorsements and product extensions.
John said an early job as a server at a Red Lobster restaurant was influential.
“I believe the reason I am a shark is because of you,” he said. “I learned how to sell working at Red Lobster.”
But the job also spurred him to consider other ways to make money. Specifically, the introduction of Cheddar Bay Biscuits to the menu cut into restaurant checks — and his income from tips — since customers were filling up on free biscuits.
After leaving Red Lobster behind, John said, he vowed to avoid dealing with restaurants “or anything perishable,” but through Shark Tank he opted in on a restaurant concept, Bubba’s-Q Boneless Ribs. John gave a shout-out to Bubba’s creator Al “Bubba” Baker, who was in the MUFSO audience.
John noted the many disruptive changes that have affected the market since he launched his apparel business with homemade hip-hop hats and tees, most notably smartphones, the Internet and social media. Restaurants need to pay special attention to social media, he advised.
“Everybody is watching you,” he said, meaning not just guests, but employees.
“You can either live by them or die by them,” John said. “They are talking about how operations are going, and that can be picked up and shared.”
The Web has made many retailers and other businesses obsolete, but not restaurants, John noted.
“You can’t buy a good time on the Internet with your family. You can’t buy a well- cooked steak. You can’t buy that damn birthday song by Red Lobster,” he said.
MUFSO title sponsors are American Express; The Coca Cola Company; and International Franchise Association.
Keynotes/general sessions are presented by: e*Restaurant from Altametrics; Pro*Act; Red Book Connect; SurveyMini by SMG and the Texas Restaurant Association.
Pillar sponsors include: Idahoan Foods, Sweet Street Desserts and Ventura Foods (Culinary); Red Book Connect (Entrepreneur); Smithfield Farmland (Ideas); and Fishbowl, MomentFeed, Paytronix and Single Platform from Constant Contact (Marketing).
The Monday night awards reception is sponsored by: Avocados from Mexico; Daiya Foods; Ovention; Sara Lee Foodservice; Segafredo Zanetti and Texas Pete®.
Coca Cola presents the Shake, Sparkle & Stir event, and Texas Pete® is sponsoring the MUFSO Kitchen Hero Cook Off, benefitting Share Our Strength’s No Kid Hungry Campaign.
Hot Concept/Best Concepts Celebration is sponsored by e*Restaurant from Altametrics; Golden Chain Awards are sponsored by SurveyMini by SMG.
MUFSO App is sponsored by Qualisoy; MUFSO WiFi is sponsored by ROSnet; and Conference Pen is sponsored by CSM Bakery Products.
Refreshment breaks are sponsored by Royal Cup Coffee and Wrigley Foodservice.