If you ever wanted to know about a simple product like the donut and how that could turn into a multimillion-dollar business, you need to listen to David Grasso’s chat with former CEO of Dunkin’ Donuts Robert Rosenberg. In this episode of Follow the Profit, we fit decades of entrepreneurial experience into one conversation. He shares wisdom on franchises, failures and the future. First, a little background on Rosenberg. And keep reading for a sneak peek!
America runs on Dunkin’, but who runs Dunkin’?
Rosenberg grew up in a family that ran restaurants including Dunkin’ Donuts. When he graduated from some very notable schools, Cornell and Harvard, with degrees in the restaurant industry and a Master of Business Administration, he became the CEO of Dunkin’ Donuts at the age of 25. For the next 35 years, he grew Dunkin’ into an iconic brand that forever changed America. Here are a few of his key talking points where he shares wisdom learned over decades of success and, yes, failures. “Every few years, the competition changes, the customer changes, technology changes, and by God, the company and the CEO have to grow and change as well,” Rosenberg said.
Essential wisdom for the restaurant industry
- Deciding between selling and going public
- Expanding businesses into franchises
- Standardizing your niche
- Bouncing back after failure
- Regaining people’s confidence
- Making it through the tough future of the restaurant industry
- Embracing technology
- Figuring out your ideal return on investment (ROI)
A Rosenberg word on the spirit of entrepreneurship
I think we’re moving to a time where entrepreneurship is being recognized as a powerful way to view the world. It’s not just a profession … even big companies have something called intrapreneurs. Companies are quickly figuring out that they have to harness that spirit. Because if we design things right, everyone can have skin in the game, and a rising tide lifts all boats.Robert Rosenberg
Follow the Profit Podcast with David Grasso is a brand new podcast that uses inspirational storytelling to share the top secrets of the modern entrepreneur. High profile guests give you insight into how they did it. Grasso also shares crucial money and profit hacks that are not typically taught, giving people the know-how to stay relevant in their careers for years to come.