There is a lot to be learned from Ray Kroc's amazing level of perseverance, even though the movie made it nearly impossible to like him. I took away numerous things from the film, including the creativity within the franchise and the strength of the name and golden arches in terms of branding. However, Ray's perseverance was the most entrepreneurial quality I learned from him.
To begin with, Ray was 52 years old and traveling throughout the nation to sell fast food chains a milkshake mixer that was more effective when he first heard about McDonald's. He persisted in trying to convince the McDonald brothers to franchise their company because he viewed it as an incredible chance to be a part of. The brothers decided to franchise with him after his second trip from across the country. Ray then began seeking funds. I learned a lot about Ray's tenacity in his early career throughout this portion of the film. Both of the investors Ray talked with were familiar with Ray and the goods he had previously tried to sell them. Additionally, when Ray presented his concept to some rich friends, they made fun of him by saying, "What is it now, Ray?" He became aware that he needed a more lucrative arrangement after opening a few franchise sites. The brothers' businesses were often renegotiated by him, but they were never successful. Nevertheless, Ray persisted and finally managed to take over the company. When he finally went to see one of the brothers, he told them that "business is war" and that if one of their competitors were drowning, he would stroll up and shoot a hose directly into their mouth. Those few instances of his tenacity laid the groundwork for the legacy he has today.
This element of entrepreneurship is very fascinating since many people believe that renowned entrepreneurs become successful overnight. Ray Kroc's instant triumph required 30 years of tenacity on his part. That represents three decades of unwavering labor and confidence in the eventual success of everything. Today, I believe that perseverance can be among the most difficult things an entrepreneur must accomplish. Our attention spans are getting shorter as everything moves so quickly. Because of this, the majority of people want achievement, but they also expect results immediately now. If not, people quickly lose hope, and some may simply give up and go for something else that produces results more quickly. Sadly, if given enough time and effort, several of those concepts may have become quite successful. These mishaps are what we refer to as lost value in the classroom.
Entrepreneurs who are persistent have a good impact on society (eventually). Ray's pals grew weary of hearing about his business plans, as we witnessed in the film. It was another error, even after they had spent. However, Ray was the one withdrawing his investment from them this time. We wouldn't have a fast food chain that feeds 1% of the world's population every day if Ray hadn't been persistent. Value creation is a given for tenacious entrepreneurs. On the other hand, society does not adequately encourage this component. As I mentioned previously, our culture values immediate outcomes. In our daily lives, there are so many distractions that it's unusual to see someone concentrating on just one thing. As a result, society is forced to prioritize the worth of fads and transient items. Therefore, it virtually makes no sense for a business owner to be so tenacious in a sluggish enterprise when the market may go down at any time. This is a bad interaction since many of the things that society values most required tenacity to put into place. Take McDonald's market share as an example. Then consider our global reliance on fast food restaurants. Although transient value is crucial, entrepreneurs' perseverance is responsible for the majority of the value we enjoy today.