1: Hollywood tells us that being an entrepreneur is all about being a “high-flying, confident risk-taker who beats the odds and retires young,” Ron Shaich writes in his outstanding book Know What Matters: Lessons from a Lifetime of Transformations.

This week, we’ve been analyzing Ron’s rise as the founder of Panera Bread. In 2017, he and his team would sell the company for $7.5 billion, one of the largest … continue reading

1: In 2017, Panera Bread founder Ron Shaich sold the company for $7.5 billion, one of the largest deals in restaurant history.

What does Ron believe is the “the singular element” that created this enormous amount of value?

The “Concept Essence” document that he and his team created twenty-one years earlier.

What exactly is a Concept Essence? 

It “isn’t a business plan,” Ron writes in his book … continue reading

1: Let’s start by defining what not to do.

Says Panera Bread founder Ron Shaich: “So many times, I’ve seen smart, talented people jump to action without truly understanding what it is that they are trying to create.”

What’s the result?  “They fail,” he observes in his book Know What Matters.  “The outcome is clichéd or irrelevant.”

There is a better way. We start by asking the question: … continue reading

1: “‘Fail fast’ might work when it comes to software,” Panera Bread founder Ron Shaich writes in his powerful book Know What Matters.

“‘Done is better than perfect’ might be an appropriate mantra for Facebook,” Ron observes.  

“When speed-to-market is your priority, minimally viable may be sufficient.

“But if we’re trying to build a lasting brand, to create a relationship with our customers for the long term,” he notes, … continue reading

1: “Don’t make a decision until you need to,” Panera Bread founder Ron Shaich writes in his book Know What Matters.

“That might sound obvious,” Ron notes, “but so many companies leap to promising dramatic growth and then trap themselves under the weight of the expectations they’ve created.”

Thinking back on the early days of Panera, Ron recalls: “We knew we were ready to grow, and we had an … continue reading

1: “Imagine we’re floating in a clear blue ocean—somewhere warm like Hawaii or Mexico,” Ron Shaich writes in his terrific book Know What Matters: Lessons from a Lifetime of Transformations.  

“Waves are breaking and rolling toward the white, sandy beach,” Ron notes.  “We know that’s where we are headed, so our ultimate destination is clear.  And we know that any wave will take you to shore.

“But not just … continue reading

1: Ron Shaich‘s first impression of the company he would sell twenty-four years later for $7.5 billion was not good.

It was 1993.  Ron was the CEO of Au Bon Pain.  He had gotten up before dawn to visit the St. Louis Bread Company, a bakery that sold sandwiches, baked goods, and pastries, which one day would become Panera Bread.

After making several wrong turns, Ron arrived … continue reading

1: Fledgling entrepreneur and future Panera Bread CEO Ron Shaich realized he had a problem: People don’t eat cookies for breakfast.

Ron was 26 and had just started the Cookie Jar in downtown Boston. The year was 1980.

“Every morning, I watched tens of thousands of potential customers pass me by without a glance,” he writes in his terrific book Know What Matters: Lessons from a Lifetime of Transformations.… continue reading

1: To answer this question, we must step back in time.

“Imagine a world in which our only reliable options for a quick lunch across much of the country were fast-food joints like McDonald’s and Burger King,” Panera Bread Company founder  Ron Shaich writes in his powerful book Know What Matters.

If we were born after the year 1990, this reality is likely hard to comprehend.

Because now there’s … continue reading

1: It was 6 AM, and more than fifty people were standing in line outside the Au Bon Pain bakery cafe in Boston’s Copley Place mall.

“I couldn’t believe my eyes,” Ron Shaich writes in his terrific book Know What Matters.  “I’d spent months desperately trying to figure out how to get people to stop walking past our door.

“And now, here they were, waiting in line,” he recounts. … continue reading