1/ Notes from @nickkokonas episode at @InvestLikeBest

Nick Kokonas: A Philosophy major -> derivatives trader -> owner of some of the best restaurants in the world such as Alinea, Next, The Aviary, and co-founder and CEO of Tock, a comprehensive booking system for restaurants.
2/ "Own something, make lots of decisions that have outcomes, try to be right 51% of the time, do that often and repeat."

This is essentially the casino model. Nick delves into each part of that quote to explain what he means by it.
3/ Why are restaurants perceived as bad businesses?

"...there are a lot of people in the restaurant business that are not in business so to speak."

So Nick made sure that& #39;s NOT the case with him, "this will be run as business first. It& #39;s not an art project, it& #39;s a business."
3/ Why are restaurants perceived as bad businesses?"...there are a lot of people in the restaurant business that are not in business so to speak." So Nick made sure that& #39;s NOT the case with him, "this will be run as business first. It& #39;s not an art project, it& #39;s a business."
3/ Why are restaurants perceived as bad businesses?"...there are a lot of people in the restaurant business that are not in business so to speak." So Nick made sure that& #39;s NOT the case with him, "this will be run as business first. It& #39;s not an art project, it& #39;s a business."
4/ This whole thing is worth reading. This is masterclass on the restaurant business, and also a reminder why obvious things require a lot of convincing just because "that& #39;s not how we do things".
4/ This whole thing is worth reading. This is masterclass on the restaurant business, and also a reminder why obvious things require a lot of convincing just because "that& #39;s not how we do things".
4/ This whole thing is worth reading. This is masterclass on the restaurant business, and also a reminder why obvious things require a lot of convincing just because "that& #39;s not how we do things".
4/ This whole thing is worth reading. This is masterclass on the restaurant business, and also a reminder why obvious things require a lot of convincing just because "that& #39;s not how we do things".
4/ This whole thing is worth reading. This is masterclass on the restaurant business, and also a reminder why obvious things require a lot of convincing just because "that& #39;s not how we do things".
5/ "Any business that& #39;s time slotted should be dynamically and variably priced right down to your lawyer frankly."

Really hard to argue against that which probably means it& #39;s inevitable for the businesses that are yet to have dynamic pricing in place.
6/ Tock origin story.

Lots of first principles thinking.
6/ Tock origin story.Lots of first principles thinking.
6/ Tock origin story.Lots of first principles thinking.
7/ Tock took the $TSLA approach for first customers i.e. build a product for high-end market and then work your way down.

Almost all VCs were skeptical to that approach.
7/ Tock took the $TSLA approach for first customers i.e. build a product for high-end market and then work your way down. Almost all VCs were skeptical to that approach.
7/ Tock took the $TSLA approach for first customers i.e. build a product for high-end market and then work your way down. Almost all VCs were skeptical to that approach.
8/ This is another masterclass on restaurant business. Or it could probably be widely applied even beyond restaurants just by following the below principle:

"Know what you are selling, and then actually sell it."
8/ This is another masterclass on restaurant business. Or it could probably be widely applied even beyond restaurants just by following the below principle: "Know what you are selling, and then actually sell it."
8/ This is another masterclass on restaurant business. Or it could probably be widely applied even beyond restaurants just by following the below principle: "Know what you are selling, and then actually sell it."
8/ This is another masterclass on restaurant business. Or it could probably be widely applied even beyond restaurants just by following the below principle: "Know what you are selling, and then actually sell it."
8/ This is another masterclass on restaurant business. Or it could probably be widely applied even beyond restaurants just by following the below principle: "Know what you are selling, and then actually sell it."
9/ Nick is also an author who publishes his own books.

One thing I have learnt from this episode is the importance of asking questions. Just asking the questions itself looks like the half-job done.
10/ Here& #39;s another fascinating tidbit why Nick thinks prepaying to your vendors makes more sense in the restaurant business.
10/ Here& #39;s another fascinating tidbit why Nick thinks prepaying to your vendors makes more sense in the restaurant business.
10/ Here& #39;s another fascinating tidbit why Nick thinks prepaying to your vendors makes more sense in the restaurant business.
11/ It was so obvious Patrick was having a great time interviewing Nick, haha
12/ "if someone& #39;s selling a $50 menu and four people order it so it& #39;s a $200 carryout order, which isn& #39;t the case with casual places, why should the delivery app get $50 to take it a mile? Doesn& #39;t make any sense."

Yup, it doesn& #39;t make sense to me either.
End/ What a fun, fruitful, and productive way to spend my Sunday evening, thanks to @InvestLikeBest!

Episode: https://investorfieldguide.com/nick-kokonas-know-what-you-are-selling-founders-field-guide-ep-8/?utm_source=Reading+List&utm_campaign=0a6f39ba18-EMAIL_CAMPAIGN_9_13_2020_12_27_COPY_01&utm_medium=email&utm_term=0_325454c9ab-0a6f39ba18-513792897

Transcript:">https://investorfieldguide.com/nick-koko... https://investorfieldguide.com/wp-content/uploads/2020/11/FFG_EP.8_-_Nick_Kokonas_-Final-Transcript.pdf?utm_source=Reading+List&utm_campaign=0a6f39ba18-EMAIL_CAMPAIGN_9_13_2020_12_27_COPY_01&utm_medium=email&utm_term=0_325454c9ab-0a6f39ba18-513792897

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