Ideation to Creation, Miguel Talks Business
From innovation to strategy, leadership to culture, starting a business requires more than just capital and an entrepreneurial attitude. Co-owner Miguel Morales recently sat down with CityScope Magazine for their Annual Business Issue to discuss all aspects of business. Whether its bringing a concept to market or maintaining growth and success, Miguel shared his experiences and the hard lessons he learned as he grew to become a thriving business owner.
Q: What characteristic is most important for an entrepreneur to possess?
A: As an entrepreneur, you must have a “make it happen” attitude. This is the mindset that enables you to think on your feet and prepares you to handle all the obstacles you are confronted with.
Q: What’s the biggest challenge new businesses face?
A: After developing the idea, the challenge then becomes how to kickstart the idea and turn your dream into a reality. When starting a new business, it can be difficult to find answers to all of your questions and determine the first steps to take. I recommend visiting Chattanooga’s Business Development Center and signing up for orientation. This program allows you access to Chattanooga area professionals that not only know what you need but will help you obtain all the necessary items. After orientation, you have a checklist of contacts to call and you know what order to start.
Q: What advice would you give someone seeking capital for their new concept?
A: Before you go to any financial institution, you need to know exactly how much money you need and how much the business has the opportunity to earn. This will help you to know if the money you are asking for makes sense and if its feasible to pay back the loan. Create a comprehensive business plan, design conceptual drawings, prepare your profit/loss documents, and know your facts. Don’t just tell your financial institution how much money you need; explain why you need the capital and what it will be used for. The more you can show the reality of your business, the faster you can see your dreams come to life.
The concepts of quality vs. quantity can become a struggle for many businesses. The balancing act between the two can be difficult, but critical. The question becomes how do you respond to growth while still maintaining the standards and quality that guests have come to love about the restaurants.
“Quality is more than a means of measure. It is both the standard and driving force behind a memorable visit. Quality extends far beyond the ingredients on the plate. From the first impression to the service, the presentation, a quality meal is the culmination of the dining experience. Rather than becoming overwhelmed by the volume of guests walking through the doors, the team stays focused on the menu. We strive to create a plate that reflects the highest standards every time it’s orders, whether it’s 10 or 100 times an evening. Quality is our means for creating a sustainable restaurant and loyal customers. Additionally, quality is an in all aspects, both inside and outside of the restaurant. A strong business stems from having a rich, well- rounded life. Without relaxing and enjoying life outside of work, you cannot expect to have a successful business. A quality business comes from a quality life.”