HANNAH BATES: Welcome to HBR On Technique, case research and conversations with the world’s prime enterprise and administration specialists—hand-selected that can assist you unlock new methods of doing enterprise.
For a very long time within the restaurant trade, there have been two eating classes: quick meals or desk service. However Ron Shaich, founder and former chairman and CEO of Panera Bread, managed to create a completely new class in between the 2—a class that might set the desk for firms like Starbucks, Chipotle, Sweetgreen, and past
On this episode, Shaich breaks down his methods for profitable innovation within the restaurant trade: determine what your prospects actually need, create a differentiated providing, execute with excellence, and discover the precise alternatives to develop. And he argues that they can be utilized to scale any kind of group.
This episode initially aired on HBR IdeaCast in November 2023. Right here it’s.
ALISON BEARD: Welcome to the HBR IdeaCast from Harvard Enterprise Overview. I’m Alison Beard.
Customers might be extraordinarily fickle. Their wants or needs change on a regular basis, and so they transfer from one fad to a different surprisingly quick. Nowhere is that extra true than within the restaurant trade, the place diners at all times appear to be craving new tastes and areas, and the competitors is rampant.
However immediately’s visitor is somebody who’s managed to not solely carve out a distinct segment on this enterprise but additionally dominated at scale a number of occasions. First, as an entrepreneur, CEO, and extra lately, as an investor and advisor. He’s an professional in creating and recreating aggressive benefit. Ron Shaich is the founder and former CEO and chairman of Panera Bread. Earlier than that, he ran Au Bon Ache, and he’s presently concerned in a number of different fast-growing restaurant chains. He wrote the guide, which HBR revealed, Know What Issues: Classes from A Lifetime of Transformations. Ron, welcome to the present.
RON SHAICH: Hey, Alison, good to talk to you immediately.
ALISON BEARD: I’d love to start out from the start of your profession on this loopy restaurant enterprise. What was the primary area of interest alternative that you simply noticed with Au Bon Ache, and the way did you establish it?
RON SHAICH: I’d say I recognized it by expertise – seeing and watching shoppers and watching how they reacted. I’d be in Au Bon Ache, at the moment, it was a French bakery promoting croissant and bread, and other people stroll in and say, “Might I’ve that baguette?” And I’d say, “Positive.” And so they’d say, “Slice it.” And I’d slice it the way in which you slice bread and so they say, “No, slice it from prime to backside.” I’d hand them the bread, Alison, and they might open it up, and so they’d lay on it some roast beef and a few Boursin or some smoked Turkey.
You didn’t need to have a Harvard MBA to know that the ability right here was not within the croissant or bread, however the croissant or bread was a platform for what individuals actually needed, the job they needed accomplished, which was to have a sandwich. And that led to the evolution of Au Bon Ache from a bakery to a bakery café. And that was actually simply from commentary and empathy.
I feel it begins with an angle and an understanding that probably the most highly effective factor an entrepreneur does is seize alternatives out within the market. And in reality, what I’m always searching for is the place is there a necessity that’s unmet. Or as Clay Christensen would’ve put it, “The place’s there a job that must be completed that folks wish to rent anyone to do?” After which, as soon as we establish that job, how will we full that job actually higher than any of the aggressive options they’ve for finishing that job? It’s that easy. That’s what issues. But it surely begins by empathy and listening and listening to what’s it that folks need, and that requires you to remain current and stick with that client and truly attempt to disaggregate what it’s that’s happening of their mind.
ALISON BEARD: Yeah. One line of yours that I actually appreciated, not surprisingly, was that the majority profitable entrepreneurs are extra editorial than creative.
RON SHAICH: It’s not about having a greater thought. It’s really not from inside me that it comes. It’s from the abilities and the flexibility to see and perceive. In all probability, Alison, the factor I’m most credited with helps create or being the creator of what’s now known as fast-casual, which is 100 to 200 billion phase of the restaurant trade the place the best progress is. Within the early 90s, I’d journey the nation. The options at the moment have been quick meals and fantastic eating impartial eating places.
And it was simply clear about one out of three shoppers walked into a quick meals unit, McDonald’s, or went to the drive-through and held their noses. They didn’t be ok with the expertise. And we started to take a look at the generalizations and attempt to make sense of what was occurring. What have been the deeper developments? What was the sign, not the noise? And admittedly, Alison, what we noticed was a drive for specialness occurring in a number of client classes. You noticed it in beer. Anheuser-Busch and Miller was giving approach to craft beer.
You noticed it occur in espresso. Folgers and Maxwell Home was giving approach to Pete’s and specialty espresso. You noticed it occur in delicate drinks. Coke and Pepsi was yielding to Snapple and Odwalla. It was very clear the identical alternative existed within the meals trade. That eating places, that folks had had quick meals, processed business meals, they needed one thing higher. They needed to really feel particular. The foreign money of quick meals is a whole lot of meals for not some huge cash. And we started to say, “If we may present environments that interact individuals, meals that folks revered, served by associates who really cared, if we have been ready to do this, the foreign money can be a way of larger vanity for a bit more cash.”
Understanding was on the core of the evolution of quick meals, and that took two years. It was the genesis of Panera, which grew to become the poster little one for that, Starbucks, later Chipotle, and dozens of chains. And it’s understanding what’s the sign? What’s the deeper pattern? You’re seeing specialty ideas inside fast-casual.
ALISON BEARD: Yeah, there’s this inherent rigidity, although, between what you’re speaking about, area of interest, specialty, and scale. So how did you navigate that first as you constructed Au Bon Ache into an enormous nationwide enterprise after which as you constructed Panera into one?
RON SHAICH: What we’re at all times looking for is that want that’s unmet, which lends itself to a distinct segment. And then you definately’re searching for niches which can be massive sufficient, substantive sufficient. The enterprise that I’m most related to immediately is Cava, the place I’m the chairman and a lead investor. I imply, look, there’s a transparent want for brand new forms of the way in which individuals eat. Mediterranean is a robust, highly effective area of interest. How do I do know that? It’s the primary eating regimen in America. What else do I see? I see the way in which individuals eat. Mediterranean is about spice. Spice is about boldness. It’s about taste. But it surely’s additionally about one thing that’s acquainted and feels protected.
That’s why I imagine Mediterranean is not only a robust area of interest however has scale. What we then go about doing is constructing the dominant model in that area of interest after which seeing how far it goes. However I can let you know we’re searching for each want and sufficient scale to help an enterprise of materiality.
It’s much more essential to search out and establish a necessity than guarantee your self that it has huge scale. Every little thing begins with being higher at one thing for anyone. Should you’re not higher at some job for a client, you don’t have any purpose to exist. The restaurant trade is filth farming. It’s a horrible trade until you possibly can break by and supply one thing that’s a greater aggressive various. Now, when you do this, when you attain that place of seeing a necessity, first, you’ve acquired to have the wherewithal to get it off the bottom. Then, it’s important to have the capabilities of rising it. However you then attempt to decide is it a big sufficient want. Is it a big sufficient area of interest to help a enterprise of scale? And typically it’s and typically it could be much less so.
ALISON BEARD: So let’s speak in regards to the transition that you simply comprised of Au Bon Ache to Panera. Au Bon Ache was a really profitable enterprise. You had taken it public, and then you definately determined at one level that it was time to take this company entity of yours in a unique course towards what would turn into Panera. So, on the floor, each are bread-focused, each bought soups and sandwiches. Why did you assume this transformation was needed?
RON SHAICH: So I took Au Bon Ache public in ’91, and by ’93, it was very clear to me that what drove a public firm was its a number of of earnings. Its a number of is outlined by future progress. And it was very clear to me that Au Bon Ache, as fantastic a enterprise because it was, was restricted. It labored significantly nicely in high-density city markets like New York, Boston, and Washington.
The entire thesis of the guide is, “Uncover immediately what’s going to matter tomorrow.” And because the CEO, it was very clear to me that we didn’t have the expansion inside Au Bon Ache to help the expansion monster. And in contrast to a whole lot of public firm CEOs who, like lemmings, chase that progress proper off the aspect of the cliff, I made a decision to backward combine to develop and take a look at our core competencies and apply these to different companies.
I ended up constructing a producing enterprise as a result of we knew how to do this. I constructed a world enterprise as a result of Au Bon Ache was one of the best in the USA at high-density city feeding. We went overseas. After which lastly, as I used to be starting to see the evolution and the potential of fast-casual, I purchased a enterprise in St. Louis known as St. Louis Bread Firm, later renamed Panera Bread, that I noticed as a possible gateway to the suburban market and a spot to use that studying.
And so, over the early 90s, I did, and in Panera, I started to use that studying. And fairly frankly, by ’97, ’98, I used to be working a public firm with 4 divisions, very completely different. All people, as in most public firms, have been combating. The blokes in Au Bon Ache have been making an attempt to determine why I used to be utilizing their money in Panera Bread. The blokes in Worldwide couldn’t determine, by no means needed to name house.
The blokes in manufacturing have been arguing why have been they in a retail firm. And fairly frankly, the fellows in Panera didn’t know what was about to hit them, what progress was about. And I used to be form of bumming, and I used to be watching this. And I used to be feeling like this factor, Panera, which was the third largest of our companies, not the biggest, I may see it had the potential to be a nationally dominant firm. You might really feel that. It had very excessive volumes in very secure ranges.
However I used to be form of bumming, and I used to be with a pal, and I used to be saying, “That is the gem of the entire firm, and but we’re going to screw it up as a result of it’s not going to get sufficient capital. And the professionals, managers working it aren’t going to know the best way to take care of the expansion, and we’re not going to satisfy its future.”
And this pal of mine checked out me and mentioned, “Ron, what would you do if Panera owned Au Bon Ache, Au Bon Ache Worldwide, and the manufacturing enterprise?” And I thought of it for a crystal second, and I mentioned, “If I had any guts, I’d monetize each asset, take all that capital, and use it to satisfy Panera’s future.” And I’m the form of man that I begin to consider one thing, and I give it some thought some extra after which I say, “My God, I can’t dwell with myself if I don’t go do it.” And I made the choice and truly do it. And by the way in which, it led to the worst yr and a half of my life, however I used to be targeted on the long run. The problem is whenever you’re going by it’s to have the desire and the dedication to get there.
ALISON BEARD: Discuss in regards to the significance of what you name idea essence to the success of Panera.
RON SHAICH: Each enterprise we’ve ever completed begins with an idea essence. Idea essence is its go-to-market technique. It’s technique for why it is going to be a greater aggressive various. Consider it as what it’s that our visitors are going to expertise and why we’re a greater various. And it could cowl points like meals and setting and humanity, the individuals. However introduced collectively, it describes with precision and readability what it’s that this enterprise goes to do.
And it turns into a robust organizing instrument for everyone engaged on transferring that enterprise ahead. As a result of until you present that imaginative and prescient for a way you’re going to compete, all people primarily does it as they assume finest, which suggests they do it as they did it of their final place. And there’s a reversion to the imply. And probably the most highly effective factor we wish to do in a client firm is maintain it sharp and targeted on its goal area of interest and differentiated and higher.
So you possibly can stroll down the streets in Boston immediately, and you’ll see many firms we’re concerned. You may stroll out and see Cava that has a really distinctive enchantment and area of interest, each its meals, its aesthetic. You may stroll down the road and see Tatte, very completely different aesthetic, completely different sorts of meals, a unique feeling. After which you possibly can see Life Alive, which is optimistic consuming, and it has but a unique feeling in totality. How do you create that? How do you engender that? And most significantly, how do you keep that over time? Consider it like a north star. Should you sail, you sail to a degree on the horizon. And when the waves come, and so they knock you about, it pushes you ahead. It turns into the organizing instrument for each operator, each designer, each inventive engaged on a model.
ALISON BEARD: You begin with that north star. However as you develop, how do you guarantee that progress is occurring in such a disciplined manner that everybody’s on the identical web page, each retailer supervisor, each worker so that you simply’re not diluting the model and shedding a few of that essence?
RON SHAICH: Nicely, you bought to consider this as a marathon, not a dash. And after I consider progress, I’m fascinated with it three years of progress forward. It’s regular that wins the race. I don’t imagine it’s first to market. I really imagine it’s solidly rising and taking and constructing and working a greater aggressive various. That’s the aim. And so progress or enlargement is how I carry that to extra individuals. However progress is just not an finish in and of itself. It’s a byproduct of getting a greater aggressive various, a greater enterprise that I run, after which I logically construct that out.
A part of the position of the CEO is bringing all people alongside on that journey. It’s the CEO as parish priest, proper. How do you assist individuals perceive the place they’re coming from? The place we’re? And very similar to a parish priest on Sunday or a rabbi on Friday evening, you’re laying out, “Hey, if we select this course, that is what’s going to occur. Should you select that course, that’s what’s going to occur.” I can’t make you do something as a CEO or very a lot. I’ve acquired to determine the best way to get you to connect with the imaginative and prescient and align with that imaginative and prescient since you see it in your private curiosity.
ALISON BEARD: And as a enterprise proprietor, when you’ve had some success, how do you keep away from opponents encroaching on this area of interest that you simply’ve recognized and captured?
RON SHAICH: You don’t. I imply, persons are copying you on a regular basis. What I used to like is that they’re copying what we did yesterday, and we’re already found out the place we’re going to go tomorrow. The entire thesis of the guide is, “Uncover immediately what’s going to matter tomorrow, three years, 5 and 7, and be there.” And I personally started asking myself yearly what it’s that issues to me. The place am I making an attempt to get to? What’s going to result in self-respect? And I started doing this means of envisioning pre-mortem the place I needed to be. After which, I started to jot down annual targets for it and tasks. And this labored so nicely I introduced it to enterprise.
And what we started to do in each enterprise that we’re concerned in is attempt to say, “Okay, yearly, the place will we wish to be in three years? The place will we wish to be with the buyer? How will we ship on that?” After which we do key initiatives and tasks off of that. So what I’m making an attempt to say to you is when individuals copy me, good luck. All they’re doing is reflecting the errors I made final yr as a result of I’m already targeted on subsequent yr. And the factor I say to so most of the of us in my trade is, “Don’t look sidewards at your opponents. Don’t take a look at what they’re doing. Have a look at who you are attempting to be within the market and the way you stand out, the way you’re distinctive, the way you’re a greater aggressive various.” It’s not difficult. All it means is that your goal client walks previous all of the aggressive options that exist for you and involves you.
It’s understanding the distinction between means, ends, and byproducts. So I wish to inform it to you by the use of a narrative. I’ve a pal who’s a kind 1 diabetic. His aim in life, Alison, is to remain alive so long as you and me. However he can’t make that occur. It’s a byproduct. Any greater than we will make happiness in our lives, it’s a byproduct. So what’s the top of my pal? To maintain his blood sugar between 80 and 180. He is aware of if he does that, he’ll have longevity. And the means to that for him is eating regimen, train, and insulin management. Similar in enterprise. Do I need worth creation? Completely. But when I deal with worth creation, I’ll by no means get there. So what’s it that creates worth creation? What’s the top? Being a greater aggressive various. Having a purpose shoppers select you. And the means to that’s the place I spend all of my time. However I strongly imagine that we, in working our firms, significantly public firms, have confused the byproduct worth creation as if it’s an finish. You may make it and of itself.
ALISON BEARD: Yeah.
RON SHAICH: I by no means – I virtually by no means fearful in regards to the inventory value. I at all times fear about being a greater aggressive various.
ALISON BEARD: And the way do you discover the precise stability between change and innovation, however then, additionally, staying in your lane and persevering with to dominate your area of interest?
RON SHAICH: So I’d say first, keep in your area of interest, proper. Altering the way you’re seen, the place your authority comes from, why individuals select you takes 5 to 10 years. So that you’re not going to alter your authority very simply. I’ll offer you an instance of that. We, Panera, would co-locate subsequent to Starbucks. Folks stroll into Panera and say, “I’ll have a baked good and beverage. Maintain the beverage.” They stroll into Starbucks and say, “I’ll have a baked good and beverage. Maintain the baked good.” We had authority in baked items and in meals. We weren’t doing very nicely in espresso. Starbucks had authority in espresso. It by no means has been capable of do meals very nicely.
And that’s the fact of it. You’re constructed round your authority. So keep in your area of interest, however be one of the best at your area of interest. Now, inside that, you because the CEO, you because the chief of the enterprise have to be the motive force of change. The truth is no one has the authority to drive that just like the CEO. And if the CEO isn’t driving it, it probably isn’t occurring. And in most firms, significantly as they get bigger and bigger, they devolve to the place they’re excellent at supply, at execution. They’re excellent at being environment friendly. They’re not excellent at being efficient. The concept that change for its personal sake is nice, is mistaken. Change is nice if it does a greater job in opposition to your idea essence and makes you a greater aggressive various. If it doesn’t, that change is unhealthy. It’s not good for anyone.
ALISON BEARD: Yeah. There was some extent within the 20 teenagers, although, that you simply did rework Panera’s idea essence barely. So how are you aware when it’s time to do this form of change?
RON SHAICH: Nicely, it was a part of an enormous transformation. I imply, I went again. I had retired. I used to be off and got here again and wrote a doc for myself principally that spoke to how I’d, if I’ll say so, screw with Panera if I weren’t a part of Panera. How I’d compete with Panera if I weren’t a part of Panera.
ALISON BEARD: You’re pink teaming Panera.
RON SHAICH: Yeah, principally. And on this memo, I known as for digital entry. Digital didn’t exist within the trade at the moment, digital ordering so you can choose it up. It might be made whilst you’re going to the shop, ship to the desk and the like, supply itself to the home. I additionally known as for loyalty, which was simply coming at that time from the UK. Tesco was doing it. Kroger had picked it up. It wasn’t within the trade. I additionally known as for a imaginative and prescient of fresh meals and evolving what had been our historic credibility when it comes to the standard of meals. And I known as for omnichannel.
I gave this memo to my pal Invoice Morton, who had taken over for me. He was our CEO and my long-term CFO, and really expensive pal. And Invoice mentioned to me, “Ron, would you go work on this?” And a yr later, I’m the chief chairman, working 80 hours every week constructing this prototype and spending 100, 150 million on expertise. And as I’m doing this, Invoice involves me and says, alongside the way in which, he had an issue. He couldn’t journey. And one factor led to a different. And over the course of a yr or two, I got here again full-time because the CEO. Invoice grew to become our government vice chairman. And I put in place that imaginative and prescient. And as I started to place in place, there have been new wants that got here out that you simply wanted to rework if Panera was going to be aggressive. And it was very clear to me. I can keep in mind the second I used to be assembly with an investor. This investor was pushing on me, saying, “We all know you’ve got fairly good identical retailer gross sales, however they’re not so good as they was.”
And I gave him some excuse. However as I got here again down, I mentioned, “You realize, Ron, I knew this was true. He’s proper. We’re much less differentiated, much less aggressive.” And I got here again, and I mentioned it to the group, I mentioned it to myself, and we got down to actually take that idea essence, which at the moment was 20 years outdated, and redefine it within the context of the identical objectives, the conceit, and one thing that was aspirational, but it surely in the end led to what we’d name crave-able wellness. We understood if anyone may personal and crack that area of interest, and Panera had a historical past that allowed it to assume it would be capable of, if anyone may personal it was a robust area of interest. And we did. It took a yr to jot down it. However once more, I used to be prepared to tackle what I wanted to tackle to be a greater aggressive various.
ALISON BEARD: And in 2016, Panera determined to take a stake in an upstart café chain, Tatte. Some would possibly consider it as like a direct, possibly higher-end competitor. So why the choice to collaborate as a substitute of compete?
RON SHAICH: Nicely, it’s an amazing story. So you understand we’re the massive shareholder in Tatte immediately. The primary retailer – second retailer – was two blocks from my home right here in Brookline, Massachusetts. And I keep in mind strolling out and saying, “My God, this little bakery café opened across the nook.” To my spouse. I mentioned, “This factor ain’t going to make it.” They have been promoting nut bins, little muffins at the moment. I believed nothing of it. And Keith Pascal, who’s one among my companions immediately and was doing M&A for Panera, got here to me and mentioned, “You realize, you bought to satisfy this girl Tzurit Or, who’s working Tatte, and she or he’s acquired some nice perspective and imaginative and prescient.”
And I met her in a park one afternoon. We spent a few hours speaking, and I may see the potential of this enterprise in a manner I hadn’t. And once more, making an attempt to pay attention. And she or he had already began to develop it and develop it and make it one thing greater than it was. And I may see her inventive energy. And I made the choice to purchase it for Panera, actually, and use it probably in its place in a extra upscale model. Very like the Hole at the moment owned The Hole, Banana Republic, and Outdated Navy. That’s how I form of noticed it as completely different niches. And I transformed a few Panera to Tatte, and I used to be blown away by the ability of Tatte.
And after I left Panera, I negotiated as a part of my contract, the flexibility to take the Tatte holdings. At that time, I had been advising Tzurit and the group working Tatte, and I feel it made good sense. We took it with us after I left Panera, and it grew to become a part of the Act III Holdings Enterprise that’s now the funding automobile for all of our work. So I assume the reply to your query, in a nutshell, is I may see it was assembly completely different wants in several methods. Tatte, to me, had the essence of what I needed. It had authority in a number of client options. What do I imply by that? Tatte’s authority is at the beginning as a European, and shall I say Center Japanese or third-wave bakery. Its bakery is so good I wish to expend assets from my dietary pockets. It’s completely different. It’s distinctive, the flavors. We’re doing extra quantity than the espresso retailer within the nook. It’s acquired an actual espresso bar, an actual espresso enterprise. After which third, it’s acquired authority in meals as a result of we’ve cooks in each one among our models making and assembling actual meals from scratch.
ALISON BEARD: You say within the guide that, in good occasions, you have been at all times fearful about what may go mistaken. And that jogged my memory of Jensen Huang, the CEO of Nvidia, who lately informed our editor-in-chief that, “Should you don’t assume your organization is in peril, you most likely have your head within the sand.” It does appear to be a troublesome approach to dwell, although. So how do you keep cautious, always searching for dangers in addition to alternatives with out letting it drive you insane?
RON SHAICH: Nicely, two feedback to that. First, I used to be with a really expensive pal, a co-lead investor in Cava, who identify is Philippe. He was saying in all of their investments, their firms, what makes an amazing CEO is that genetic sense of appreciation, attire of the dangers that exist as a result of there actually are sometimes dangers. It’s not simply the dangers which can be going to come back chunk you immediately. It’s doing the issues immediately which can be going to guarantee that the issues that get you tomorrow don’t. I’ve an expression, Alison. “The time to fret a couple of coronary heart assault is just not within the ambulance on the way in which to the hospital, proper.
The time to fret about it’s whenever you’re youthful when you are able to do one thing about it, the way in which you eat, you train.” Similar in a enterprise. And I need that form of mentality in our CEOs who’re considering medium and long-term about what they should do immediately to organize themselves to win tomorrow. As a result of the world is regularly altering. It is advisable be regularly fascinated with the way it’s going to alter and the way you’re going to be positioned and truly function in that future. Now, let me let you know one thing. It ain’t enjoyable to dwell that manner.
ALISON BEARD: I do know.
RON SHAICH: Proper. It’s the reality. It goes with the territory. I’ve been by it. It’s not unhealthy so long as you possibly can distance your self from it on the identical time that you simply take it severely. And I’m by no means certain I acquired it proper. I can let you know the enterprise owns you. You don’t personal the enterprise. And I can let you know that this isn’t for everyone. It takes a ton of dedication. One of many issues that I feel is unlucky in our world is to imagine that we will have stability. You may’t.
There are simply trade-offs. I take into consideration as a mum or dad. I give it some thought as a CEO. I give it some thought as a pal. Alongside the way in which, I made selections. I can let you know very frankly, the alternatives I made have been my household and my work. I didn’t at all times train until later. I didn’t at all times sleep sufficient. These are actual selections. I did it as a result of I needed to. However it’s essential to get your head wrapped round that. And it’s essential to, once more, as we are saying, uncover immediately what’s going to matter to you tomorrow. What are you going to respect in your life? And that was the selection I made. And for me it was nice.
ALISON BEARD: Yeah. And so, simply as a final piece of recommendation for can be entrepreneurs and enterprise house owners, how do you get that distance and guarantee that whereas the enterprise does personal you and also you’re giving it your all, you’re additionally defending your psychological well being?
RON SHAICH: I feel it’s a very powerful query. I feel, alongside the way in which, it’s having issues outdoors of labor that matter to you. For me, it was my household. It’s having mates. I’d be very direct, I discovered remedy useful as a result of remedy was a chance to essentially step again and take a look at my very own life and the way I used to be doing in opposition to the agenda I had for what I’d respect in my life.
And a few of it was simply toughing it by within the powerful moments. I imply, actually, I had activists twice, and I’d get up at 4 within the morning for a yr and a half, and I can keep in mind these emotions as a result of anyone may take away one thing I cared so deeply about and actually damage me. And all I can say is you get by it. However nonetheless, it’s laborious. And I’d not inform anyone there’s a simple path. And I’d say to you understand what you’re stepping into whenever you get into it.
ALISON BEARD: Terrific. Nicely, thanks a lot. It’s been terrific listening to your tales. The guide is nice. I actually recognize you approaching the present.
RON SHAICH: Thanks, Alison. Take excellent care.
HANNAH BATES: That was Ron Shaich in dialog with Alison Beard on HBR IdeaCast. Shaich is the founder and former chairman and CEO of the quick informal restaurant chain Panera Bread.
We’ll be again subsequent Wednesday with one other hand-picked dialog about enterprise technique from Harvard Enterprise Overview. Should you discovered this episode useful, share it with your pals and colleagues, and observe our present on Apple Podcasts, Spotify, or wherever you get your podcasts. When you’re there, you should definitely go away us a overview.
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This episode was produced by Mary Dooe, Anne Saini, and me, Hannah Bates. Ian Fox is our editor. And particular due to Maureen Hoch, Rob Eckhardt, Nicole Smith, Erica Truxler, Ramsey Khabbaz, Anne Bartholomew, and also you – our listener. See you subsequent week.
