You’ve probably never heard of Tony Castillo. Even if you live in West Michigan and have eaten at one of his three McDonald’s franchises you probably don’t recognize the name. But an inspiring profile of Castillo by MLive provides a number of lessons about economics and business that everyone should learn from this entrepreneur.
Lesson #1: To be a successful business owner you should care about your stakeholders (customers, employees, suppliers, etc.)
Ask Tony Castillo what he loves about owning and operating McDonald’s franchises, and he will tell you it’s the people.
By that, he means both his customers and employees.
The purpose of a business is to serve the needs and wants of people. While that may sound like an obvious point, it is surprising how many people—including many business owners—tend to overlook or ignore that reality. Sure, one of the goals of business is to make a profit. But if all you want is to make money there are easier ways to do it than owning and operating a business, especially a customer-service oriented business.
Lesson #2: Serving the poor doesn’t always look like you’d expect