https://padlet.com/hahagedorn/g5vhkjqo5elu46kh en-us 2021-02-26 14:13:04 UTC 2021-02-26 23:39:29 UTC hello@padlet.com hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245329062 Factor: Entrepreneurship
After previous fails of starting up businesses in various markets, Jerry Murrell was inspired to try again. In the DC area, he witnessed great success from other food joints and noticed in particular the long lines (demand) for burger businesses. This was when he decided to start a burger business of his own as he strongly believed that if you can make a burger, you can make a living.]]> 2021-02-26 14:26:46 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245329062 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245379959 Factor: Capital
Murrell set up shop in Arlington, Virginia. He sought to find a remote location as he believed that if he could get customers to come to his shop located away from the city, then he would know whether or not his business had potential. Jerry initially put in $35,000 to cover rent, equipment, etc.]]> 2021-02-26 14:37:02 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245379959 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245400131 Factor: Labor
Entrepreneur, Jerry Murrell, gave his kids the ultimatum of using their savings to go to college or to put into his business and work alongside of him. Murrell's children jumped at the opportunity and put their savings into Five Guys. In the beginning, Five Guys was mainly run by Jerry's family (alongside of a few extra employees).

*Five Guys got its name from being family owned - "Five Guys" refers to Jerry Murrell and his four sons.]]> 2021-02-26 14:41:15 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245400131 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245429472 Factor: Capital
When picking ingredients, the kids were in charge of deciding what brands to buy. They blind taste tested potatoes, pickles, bread, cooking oil, etc. and ended up deciding on ingredients from all over. Although his kids picked the most expensive options, Murrell knew he would be giving his customers high quality products.]]> 2021-02-26 14:47:09 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1245429472 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247320893 Factor: Labor
Five Guys was a hit as newspapers began to write about their business. Friends wanted to be involved and some even invested. 150-200 people stepped up to help out and work for Murrell.]]> 2021-02-26 22:54:03 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247320893 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247325815 Factor: Capital
After a push from his kids and wife, Murrell opened up the entire U.S. to franchising. Within the first year or so, 3,500 stores were opened around the U.S. and demand for their burgers continued to grow.]]> 2021-02-26 22:57:20 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247325815 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247337429 Since 2003, Five Guys has opened 1,500 more locations in the United States, Europe, Asia, France, Germany, Madrid, and the Middle East. They continue to thrive as they currently approach 2 billion dollars in revenue combined from all franchises.]]> 2021-02-26 23:05:34 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247337429 hahagedorn https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247353292 Factor: Land
Resources of mainly aluminum and paper are used to package the food.  This has been consistent through their first location opening in 1986.]]> 2021-02-26 23:16:49 UTC https://padlet.com/hahagedorn/g5vhkjqo5elu46kh/wish/1247353292