Chapter 1 or a school meal lost forever buildings 1 The process of taking a known brand and opening that facility in a business hospital 2 The profitability percentage of a sold guest room is usually higher than from selling a 3 A guest room is a perishable product if not sold on any one night that revenue is 4 Non commercial food service industry schools hospitals prisons corporate office 5 The Moment of Truth A term used in the service industry refers to any time the guest comes in contact with anyone or anything that represents the operation It cannot be taken back or done over again 6 The Food Service industry is growing at dramatic rate 7 The hospitality product is intangible The manufacturing product is tangible 8 Fast or quick service is the largest segment of the food industry 9 Private clubs 10 11 12 13 14 In todays economy the service industries dominates Ratio between guests and workers Taking good care of the guests is the single most critical element for success Being consistent Fusion Chapter 2 poor centuries point 1 Ellsworth Statler his hotels offered comfortable accommodations and a full range of services previously offered only in luxury hotels They were moderately priced and targeted toward the economic middle class 2 Inexpensive lodging was common throughout U S but quality was inconsistent or 3 The urban locations of hotels became problematic as highway construction maintenance improved more people traveled by automobile 4 The industrial revolution created new wealth among investors and business owners this contributed to the widespread emergence of an economic middle class 5 Independent restaurants emerged in Europe and America during the 18th and 19th 6 Steam ships were intended to cater to wealthy industrialists and their families 7 The original purpose of ocean liners was to transport people and cargo from point to 8 Franchising has become a widespread method of growing brands The restaurant industry has organized into segments based on price and quality The industry has become consolidated through acquisition The chain paradigm has matured to encompass concepts in every segment 9 In 1958 the jet engine was introduced to commercial passenger aircraft making intercontinental air travel fast and safe 10 Disneyland opened in Anaheim CA in 1955 it was the most important moment in the history of theme parks 11 Increase in amusement parks 1 The hospitality industry is always open some aspect long hours on your feet limited free time we work when others play 2 A well written thank you letter can make you stand out from the others very rarely 3 Mail your thank you letter the same day of the interview 4 The cover letter introduces you 5 Four major career fields food lodging tourism recreation 6 in addition to base salary many jobs have a commission shared gratuity or bonus plan that pays up to 40 of salary as incentive compensation 7 Expand your social network 8 The resume is the document considered your personal advertisement 9 Enthusiasm is the single most important quality that a potential employee should Chapter 4 done have Chapter 5 1 Someone who owns a business and operates that business on a smaller scale than a large chain or corporate business 2 Advantages of independent operator Easy to implement changes no corporate policies and procedures that could slow down any change Disadvantages Do not have backing of corporate headquarters either financially or operationally economies of scale less volume higher cost not a proven name to the public 3 The hospitality industry is a great industry to become an independent operator 4 An independent operator because low barriers to entry of lower start up costs relative to other industries generally fewer restrictions exist Also there are a wide range of types of opportunities any large corporation and infrastructure behind them whose goal is typically for revenue growth but not necessarily unit growth Entrepreneur is someone who is willing to take the risk to start a business manages a business and assumes the risk and rewards of a business They also would like to grow the business They also would like to grow the business in revenue as well as in the number of units is someone who operates a business on their own without 5 5 characteristics of a successful single unit restaurant manager 1 Organizational skills 2 Interpersonal skills 3 Restaurant experience knowledge and skills 4 Honesty integrity and strong ethics 5 Leadership skills 6 LLC Limited Liability Corporation limits the amount of exposure that the owner has on their personal assets Liability is limited to the assets of the corporation 7 The S corporation similar but more formal than an LLC more documents tom complete Must have a board of directors shareholders Less flexibility in operations More administrative issues costs more to operate Taxed like a corporation Owner s personal assets are protected 8 Sole Proprietorship very easy to form no cost to start up owner of the business makes the decisions No operational formalities exist all revenues al expenses tied to owner as well as all liability owner s personal assets are exposed 9 Angel investor one who is interested in investing in a new business or concept gives capital exchange for ownership equality in company 10 Single unit manger has only the responsibility of the single unit as their primary focus
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