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Tuesday, May 06, 2008
Young Guns: Behind the Scenes with Rickshaw Dumpling Bar
Christina Scotti
FOXBusiness
FOXBUSINESS.COM PROFILES ENTREPRENEURS AGE 35 AND YOUNGER
Meet 30-year-old Kenny Lao, owner of Rickshaw Dumpling Bar, a multi-million dollar start-up that is quickly expanding around the New York City area. Lao brings a lot of interesting entrepreneurial anecdotes to the table--including calling famed restaurateur Drew Nierpont's mother out of the phone book in hopes of contacting the food star. He also sold his business venture to what would seem like one of the tougher critics out there: Dean of NYU Stern School of Business Thomas Cooley.
But Lao is still keeping it simple as he bounces between two locations for the day-to-day managing grind. No limo for Lao. He does what so many New Yorkers do: He rides his bike.
THE SIX SHOOTER
1. Where were you the moment you decided your business plan?
I was probably in my apartment at like two o’clock in the morning. It was my first year of business school, and I said, I am going to put together a business plan for Rickshaw.
2. What was the one thing you didn't know that you had to bluff your way through?
The first time I raised money was really, really difficult. It was something I had never had to do before because I had been opening up restaurants for clients who had really deep pockets. So the whole fundraising process has been new to me. One other thing that was a bit of a surprise was how to balance being very detail-oriented and being able to let go and do things that other people in the company don't know how to do. In other words, I can get us through a lunch rush at any moment, but a lot of other people can just as well. Being able to negotiate for pricing, being able to deal with real estate brokers--those are the things that I’ve really had to get good at doing.
3. What one life lesson did you learn that helped you build your business?
I would have to say to sleep as much as you can. Nap whenever you can nap. Without sleep, people don't function--at least I don't. I need a good eight hours every night, which means I’m not very social because I work a lot and I sleep a lot.
4. Who is your role model or inspiration?
This is going to sound really, really cheesy but I’d have to say that I am consistently inspired by my employees. I am so psyched that people are getting behind the project, that they are willing to earn their paychecks here, that they are willing to step behind the brand and put the uniform on every day and talk about the menu and cook the food--that's what keeps me going. Seriously. It's really inspiring to see people think this is going to be a big company and want to come and work here.
5. What do you wish you had more of: time or money?
Time. Hahaha. I think that the end game for a lot of entrepreneurs and a lot of investors is the money, [and] I am not going to lie, I am here for the money as well. But being able to add value to a company and actually increase not just the value of the brand but the dollar value of the company, takes a lot of time. And if you could crunch in an extra day in every week and no one else does, you're really psyched, right?
6. What is the one word your employees would use to describe you and why?
Unwavering, maybe. It’s just because when I have my mind set on something, I am very focused. I just want to make sure things get done. I may get really, really focused on the fact that the trash cans are dirty, and it's going to be super annoying, but I would be pretty unwavering about it. I think [employees] find it a good thing in doses. They find it’s a good thing that I am passionate, though on a day-to-day basis, it's important to step back and let them do their thing. You've got to take hold, but the key is to set expectations and say this is how we expect you to interact with customers and we are going to show you how to do it, train you how to do it, watch you do it, then we're just going to let you do it.
Want to know who's next? Check back every other week to see more Young Guns... If you know a Young Gun e-mail us at youngguns@foxbusiness.com.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.









