Press Release

Study Finds What Makes a Successful Restaurateur

Cleveland, September 11, 2006: A study of more than 200 individuals has identified four characteristics that distinguish the successful restaurant owner from competitors. The study by Cleveland people assessment firm PsyMax Solutions found that restaurateurs that operate profitably at or above industry standards are creative, independent, influential and collaborative.

"There's an array of factors that can predict success or failure, and many may be beyond a person's control, such as capitalization or competition," said PsyMax CEO Dr. Wayne Nemeroff. "But work style is within someone's control and restaurant owners can develop and improve the way they run their business. That's among the reasons we conducted our study."

Nemeroff described the key work styles for success in the industry:

• Creative -- Two-thirds of successful owner-operators scored high or very high in creativity. Creative individuals tend to both generate and embrace new ideas and new ways of doing things. They are generally able to adapt to change in a resourceful way.
• Independent -- Sixty-two percent received above-average scores for being independent. Such people enjoy autonomy, have a sense of courage and typically engage in self-directed activities, charting their own course of action.
• Influential -- Above-average influential scores were received by 58 percent of the successful restaurateurs. These are individuals that exercise authority with ease and enjoy being in control.
• Collaborative -- Fifty-six percent scored high or very high on the collaborative scale. Collaborative individuals tend to act cooperatively, work to foster win-win interactions and seek to create synergy by accomplishing objectives through teamwork.

For owner-operators that might score below average in any of the key work styles, Nemeroff emphasized that they may adapt their personal styles and acquire the characteristics that generate success. "For instance, they may try brainstorming with staff or pitching in when they're under pressure."

Of the 200 plus individuals who participated in the study, 168 were owners of at least one independent restaurant. Within that group, the 95 individuals who reported operating their own restaurant(s) and maintaining profitability at or above industry standards were deemed successful for the purposes of the study. Of these successful owner-operators, 67 percent were men and 33 percent women. Seventy-four percent had more than 10 years' industry experience and 50 percent more than 20 years.

Developmental suggestions on how to build strength in the four work styles key to success in the restaurant business are available on request. Contact: shari@fryerassociates.com.

PsyMax Solutions

Founded in 2002 by Dr. Wayne Nemeroff and headquartered in Cleveland, PsyMax Solutions is a pioneer in the application of smart systems to human capital assessment for employee selection and development. For more information call 440-603-9000 or visit www.psymaxsolutions.com.

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