The Evolving Business of Donuts

แชร์
ฝัง
  • เผยแพร่เมื่อ 24 ธ.ค. 2024

ความคิดเห็น • 1.3K

  • @ModernMBA
    @ModernMBA  7 หลายเดือนก่อน +55

    Visit NetSuite.com/ModernMBA to sign up for their one-of-a-kind flexible financing offer
    Get 20% off DeleteMe US consumer plans: joindeleteme.com/ModernMBA Use promo code MODERNMBA
    ☕ Support Modern MBA on Patreon: www.reddit.com/r/modernmba/
    💬 Join the Modern MBA on Reddit: www.patreon.com/modernmba
    🌎 Follow Modern MBA on Facebook: facebook.com/people/Modern-MBA/61570667949655/
    🕊 Follow Modern MBA on Twitter: x.com/modern_mba

  • @WhatWillYouFind
    @WhatWillYouFind 7 หลายเดือนก่อน +2423

    Mikiko has the old pre-tech boom no nonsense business plan. Make a great product, stay lean, but also pay workers well to invite a sustainable business. We need this all across the world.

    • @Bipolar.Baddie
      @Bipolar.Baddie 7 หลายเดือนก่อน +189

      How are we going to enrich hedge funds and faceless shareholders with that business model? What's next; not letting banks gamble with people's life savings?

    • @dlb8685
      @dlb8685 7 หลายเดือนก่อน +44

      I hear you. But I can’t help but think what happens 10 years from now? Those kinds of margins are like chum in the water for other entrants. It seems like a great business and great guy and I wish him luck, but what he’s got is very hard to sustain for years or decades.

    • @smileyeagle1021
      @smileyeagle1021 7 หลายเดือนก่อน +65

      @@dlb8685 I can't help but thinking that a lot of the other entrants are going to shoot themselves in the dick by focusing just on what margins they can get rather than how they can provide the best product and service. They'll mostly be a flash in the bucket, while the places like Mikiko that focus on quality product and service first will stick around.

    • @Fister-kw5un
      @Fister-kw5un 7 หลายเดือนก่อน +8

      Slow down, cowboy. How many Cambodian donut stores were closed by Mikito? I like my donut store serving me to be immigrants, not locals, cause it’s how it was when I was a kid.

    • @michaelmao1988
      @michaelmao1988 7 หลายเดือนก่อน +14

      lol I love how a donut shop is compared to "old pre-tech boom"

  • @KOSMOinfinite
    @KOSMOinfinite 7 หลายเดือนก่อน +1382

    Lola Donuts should just rent kitchen space in a central location and distribute out to coffee shops in high-end areas. To me, seems like a no brainer. Cofee shops don't want to go into the trenches with this type of baked goods and if this guy is literally making the same flavours daily then you don't run the risk of going stale as you can rorate flavours around to various cafes. You still get all the social media buzz and it leaves you exposed to less risk. Also, you can do catering and corporate stuff all from the same kitchen. He should have stayed an "online" brand but pivoted slightly into partnerships and catering.

    • @jvlicious
      @jvlicious 7 หลายเดือนก่อน +42

      Wow, good and succinct advice 👍

    • @MIKAEL212345
      @MIKAEL212345 7 หลายเดือนก่อน +13

      wow, that's a good idea.

    • @buyelani
      @buyelani 7 หลายเดือนก่อน +55

      I absolutely agree. He should have leaned into a 'made-to-order' model and added customer value adds & systems around that specifically. Not merely copying/pursuing the moves of the shops he is seeing in the market. Hopefully he gets to read your comment and adopts your lower risk and higher margin & volume strategy! Also instead of coffees, sandwiches and all that, he could use his skill and innovation explore offering products within the dessert & cakes category (a niche can sell itself better).

    • @maiastela
      @maiastela 7 หลายเดือนก่อน +19

      Indeed! I was thinking the same (selling to high-end coffee shops) but as his story unfolded, he makes evident he wants a store/brand of his own - even without chairs lol. Passion is not everything I’m afraid

    • @GyroCannon
      @GyroCannon 7 หลายเดือนก่อน +25

      @@maiastela He can still be a brand - the high end shops might put a sign on the display for the donuts. Assuming that this idea goes well, that'll generate some mental real estate for his brand that he can leverage to drive traffic to his own location in the future...
      But he jumped the gun and went for an overpriced, over-sized spot in a mall...

  • @gabys2
    @gabys2 7 หลายเดือนก่อน +2635

    I have had many delusional ideas in my life, but thankfully selling luxury donuts with 12K+ monthly overhead in a space with no furniture has not been one of them. Sad thing is I bet Peter makes some killer doughnuts.

    • @benverboonen1108
      @benverboonen1108 7 หลายเดือนก่อน +25

      It's because you're not the target audience lol

    • @GlamGoddes101
      @GlamGoddes101 7 หลายเดือนก่อน +103

      The donuts looks good, he only has the the basic donuts in the display case though

    • @jaehparrk
      @jaehparrk 7 หลายเดือนก่อน +66

      hopefully now that modern MBA did fantastic commercial for lolas doughnuts, maybe more people viewers in LA will go n buy to see if taste good as they look

    • @Soosss
      @Soosss 7 หลายเดือนก่อน +109

      @@benverboonen1108 he moved out from the mall, seems the target audience didnt care much

    • @abeck1985
      @abeck1985 7 หลายเดือนก่อน +4

      @@Soosss where did you hear this at? Where is he now?

  • @GhostwarGWPTC
    @GhostwarGWPTC 7 หลายเดือนก่อน +1139

    wasnt expecting it to get so dark, but i liked that you showed its not all sunshine and rainbows

    • @GyroCannon
      @GyroCannon 7 หลายเดือนก่อน +100

      It's such a sharp jump from Mikiko too. "This business is well planned, well run, and sells good products while paying workers a good wage. Things don't have to be soulless and corporate - You can have profits AND sunshine and rainbows!"
      "... but not here in LA, at a mall, with no sales."

    • @user-yr1si5db3d
      @user-yr1si5db3d หลายเดือนก่อน +3

      Boy that's for sure

  • @joedirt1965
    @joedirt1965 7 หลายเดือนก่อน +2168

    Lola does not want people lingering in the shop all day but people will not go into a shop that's empty.

    • @commonomics
      @commonomics 7 หลายเดือนก่อน +498

      It’s crazy because people in a mall have been shopping all day and want to sit down and enjoy a treat. People lingering would literally incentivize others to come in.

    • @wiley-harris-anderson
      @wiley-harris-anderson 7 หลายเดือนก่อน +197

      Yeah, isn't it kind of the point to have people linger around and buy more the longer they're there?

    • @nicholasgutierrez9940
      @nicholasgutierrez9940 7 หลายเดือนก่อน +222

      He's an excellent donut maker, not a business man

    • @nezhokojo1641
      @nezhokojo1641 7 หลายเดือนก่อน +112

      He needs WiFi that is free for customers to use. Have customers lounge with their laptops, buying coffee and/or donuts throughout the day. Make it a lounge and/or place to chat. People will come in and purchase as they see it is busy. He needs advertising through social media like Instagram and TikTok. What about delivery too? It seems this is just a passion project than a business project for him. The name Lola's Doughnuts feels like it is catered to either a higher class or old ladies. Guy needs rebranding too....Also it seems that mall is dead. lol

    • @charlesw7397
      @charlesw7397 7 หลายเดือนก่อน +126

      If he was so set on being in a mall, he shouldve leased one of those cut outs that Cinnabon and Jamba Juice are usually in. People would see the menu easily while just walking by and he could chat with people as they pass/hand out samples. Forcing customers to come into an empty shop that appears to be unfinished is a big ask. Asking them for $6 after that is an even bigger ask lol

  • @GyroCannon
    @GyroCannon 7 หลายเดือนก่อน +346

    I'm loving the new style of Modern MBA that covers businesses and people IRL, rather than speak solely about financial statements
    It's one thing to speak about how they operate but another to see it happening

    • @eldritchbeauty
      @eldritchbeauty 3 หลายเดือนก่อน +4

      Yes. Not saying the numbers of financial statements are boring (they can be) but this is so much more engrossing to me. Way easier for me to watch the full 30 minutes or so of the video.

  • @sweetpeach3
    @sweetpeach3 7 หลายเดือนก่อน +2319

    As soon as I saw he decided to rent in a mall, I knew it was doomed. $12,000 a month rent for an old frozen yogurt shop where he can’t even cook in his own shop?? That’s a terrible idea.

    • @TheRedfuss
      @TheRedfuss 7 หลายเดือนก่อน +277

      Found out online he made the same realisation and has left the mall to reopen somewhere else

    • @spicy_xinger
      @spicy_xinger 7 หลายเดือนก่อน +119

      Ya it’s crazy how everything has to be made offsite and transported by car. Doesn’t seem like any location is worth that extra step

    • @NuncNuncNuncNunc
      @NuncNuncNuncNunc 7 หลายเดือนก่อน +40

      @@TheRedfuss Not sure he's still in business. The facebook address is a shared kitchen. Website points all over the place and fake phone number.

    • @azncindyvu
      @azncindyvu 7 หลายเดือนก่อน +48

      I live close to this mall. There’s also a mochi donut shop in the same mall

    • @Ph34rNoB33r
      @Ph34rNoB33r 7 หลายเดือนก่อน +23

      No idea how well malls work there, here they are initially hyped, mostly for the investors. They lose renters, adjust rent, get new ones who still cannot make profit, now like 1/3 to 2/3 of the stores in many malls are empty, with some printed front looking like an actual store (it's still just an image, so it looks weird as it cannot change perspective). Mostly chains like MakuDo survive. But the initial investors got their money and sold their share to others.
      I wouldn't want one of their contracts, with specified core opening hours, or if you are a bakery they might require you to have 80% of products still available an hour before you close, leading to so much waste.

  • @MentalHelp.
    @MentalHelp. 7 หลายเดือนก่อน +1945

    Not putting in chairs so customers don't lounge all day is WILD when you're NOT getting customers

    • @khuele2110
      @khuele2110 7 หลายเดือนก่อน +41

      Like fr

    • @willashley23
      @willashley23 7 หลายเดือนก่อน +153

      Yeah, that part really threw me for a loop. He should be desperate for customers, especially ones that will stick around and maybe place more than one order. I wonder if he's dogwhistling about homeless people her - it is LA after all. That's the only kind of guest you would not want lingering around.

    • @eetadakimasu
      @eetadakimasu 7 หลายเดือนก่อน +55

      There's also things he can do to keep people moving, like put in more bar seating, but the parents and nannys won't bring kids in to eat gourmet doughnuts if they can't sit and take a load off!

    • @AltimaNEO
      @AltimaNEO 7 หลายเดือนก่อน +85

      Homeboy might be a artisan donut baker, but he comes off as a terrible business man. Setting up in a mall? Farmers markets? Come on man! Gotta cater to kids and soccer moms. Pump out dozens of donuts that people take to kids sports games on weekends, teachers bring em to school for kids, etc. Hes missing out on a lot of sales by trying to sell individual frufru donuts at ridiculous prices.

    • @eetadakimasu
      @eetadakimasu 7 หลายเดือนก่อน +13

      @@AltimaNEO exactly! You can go elite, high-end on a store after you're successful

  • @uliokechukwu663
    @uliokechukwu663 7 หลายเดือนก่อน +467

    Funny thing is Lola's exact concept is thriving in Covent Garden in Central London, its called Donutelier and is super successful. The same gourmet £6 doughnuts, but the business is different. The space is extremely beautiful, you see the doughnuts made fresh and theres often a queue to get them at peak hours. He needs to get out the mall, and get to a location that is cheaper and aligns with overpriced baked goods

    • @MayorSom
      @MayorSom 7 หลายเดือนก่อน +5

      I live walking distance to Covent Garden. It's not exactly some noughties shopping centre though.

    • @onlinefriend3889
      @onlinefriend3889 6 หลายเดือนก่อน +4

      @@MayorSomJeez, you’re lucky. Your rent must be astronomical

    • @nordfyr1
      @nordfyr1 3 หลายเดือนก่อน

      @@onlinefriend3889 £500-800 for 2 bedroom if council. market would be 6-10k.

    • @IronCrown
      @IronCrown 28 วันที่ผ่านมา +5

      One of his issues is the kind of mall he's in. From the looks of it, it's a typical American outdoor mall with a huge parking lot. People drive to the store they want, walk 10m, get what they want, and walk back to their car. There is no real foot traffic.

    • @u2571man101
      @u2571man101 18 วันที่ผ่านมา +2

      But here's the problem, Donutelier is in Europe and I even looked at the Google Street view for the location and it's exactly what I suspected. As many other places in Europe, it's a walkable area which is exactly the owner of Lola is trying to do at the mall. Except the mall is prohibitively expensive and controls your business hours. And unfortunately, there are no places with high foot traffic outside of the malls in America, especially in LA where everybody drives a car.

  • @baxoutthebox5682
    @baxoutthebox5682 7 หลายเดือนก่อน +551

    Pretty blown away by the Mikiko guy’s understanding of every aspect of his business. It’s extraordinary that he prints those margins at such modest scale. I see that being a very successful pitch to franchisee’s should he ever go that route.

    • @methos1999
      @methos1999 7 หลายเดือนก่อน +2

      Seriously.

    • @WilliamWatrous
      @WilliamWatrous 7 หลายเดือนก่อน +21

      He's just going to get copycats vs franchises when the equipment is so lean

    • @speakingquitefrankly
      @speakingquitefrankly 7 หลายเดือนก่อน +21

      Everything but gloves sadly

    • @Will_2280
      @Will_2280 6 หลายเดือนก่อน +7

      Yes, but it's disgusting that they don't use gloves when handling both raw and cooked food.

    • @thetamale5558
      @thetamale5558 5 หลายเดือนก่อน +53

      @@Will_2280jesus every comment of yours is about gloves have you ever worked in the food industry

  • @commonomics
    @commonomics 7 หลายเดือนก่อน +764

    Lola’s website literally still has the demo squarespace pages for the location page, shop page and contact page. He doesn’t seem cut out for business. He really might benefit from an advisor or a class.

    • @captainjacobkeyes6733
      @captainjacobkeyes6733 7 หลายเดือนก่อน +43

      yeah wow I took a look and it's the default squarespace page - bleak.

    • @gaarasoren1234
      @gaarasoren1234 7 หลายเดือนก่อน +42

      His menu on the website hasn't even been worked on! It's in hkd and there's stuff like ramen on it omggggg

    • @baxoutthebox5682
      @baxoutthebox5682 7 หลายเดือนก่อน +81

      The realtor, then “entrepreneur” career path is a red flag to me. Those people generally tread water doing anything they can to avoid working for “someone else”.

    • @Banom7a
      @Banom7a 7 หลายเดือนก่อน +18

      he should watch this video lmao

    • @sneps-ix2th
      @sneps-ix2th 7 หลายเดือนก่อน +18

      i get that he was working 14 hour days but he should’ve sorted that out before renting a 12k space or while he’s waiting from 10-1 for a customer to show up

  • @hillfortherstudios2757
    @hillfortherstudios2757 7 หลายเดือนก่อน +261

    "Being good at your craft and being good at business are 2 different things". This is critical to understand. Even the business school that I went to leads you to believe that if you simply have a good product, you will have business. It's simply not true.

    • @PhysicsGamer
      @PhysicsGamer 5 หลายเดือนก่อน +8

      That does cut both ways, it's important to point out. Being "good at business" doesn't help much if you don't know or care about the product you're trying to sell.

    • @vinslungur
      @vinslungur 4 หลายเดือนก่อน +2

      Has anyone here even tasted his donuts? If they taste so good then word of mouth would at least keep him afloat. I suspect the experience as a whole simply isn't worth it. Garbage vibes in there. Won't last.

  • @blueguy5588
    @blueguy5588 7 หลายเดือนก่อน +148

    The Mikiko guy seems like a solid business owner and employer. Hope his business continues to succeed.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน +13

      He understands logistics and optimization. Peter is someone who “works hard” but is just wasting his efforts.

  • @MrJakson112
    @MrJakson112 7 หลายเดือนก่อน +654

    so cool you actually went out and did an interview for this!

    • @elizamartin4263
      @elizamartin4263 7 หลายเดือนก่อน +24

      I loved this style of video!

  • @GuillermoMunozOrtiz
    @GuillermoMunozOrtiz 7 หลายเดือนก่อน +208

    I would love to watch more videos where you talk to different independent businesses in different states. ❤

    • @ModernMBA
      @ModernMBA  7 หลายเดือนก่อน +30

      Thank you very much for your support!

    • @GuillermoMunozOrtiz
      @GuillermoMunozOrtiz 7 หลายเดือนก่อน +20

      @ModernMBA No problem, this was your best video so far. Consider making these videos into a series.

    • @RM_3223
      @RM_3223 7 หลายเดือนก่อน +5

      Agreed! Loved this format.

    • @MIKAEL212345
      @MIKAEL212345 7 หลายเดือนก่อน +4

      @@GuillermoMunozOrtiz you should his video about Chicago nightclubs then. It is basically about the promoter business, which by its very nature has to a small independent business. I am loving ModernMBA's new interview direction with his last two videos.

  • @AdropAsugar
    @AdropAsugar 7 หลายเดือนก่อน +82

    I'm glad you featured Lola's donuts. We rarely get to see the struggle of starting and running a business. Learn and adjust, or fail.

  • @anastasializzi1755
    @anastasializzi1755 7 หลายเดือนก่อน +631

    The mochi donut guy seems really cool, I'd visit if it were in my state!

    • @GeeEm1313
      @GeeEm1313 7 หลายเดือนก่อน +20

      The doughnuts themselves aren't very good, IMO.

    • @kys7615
      @kys7615 7 หลายเดือนก่อน +5

      @@GeeEm1313 have u tried them?

    • @alanc4091
      @alanc4091 7 หลายเดือนก่อน +65

      Anytime an owner proudly states how much they pay their employees, they have my respect and those donuts look pretty damn good too. I'm assuming healthier too since it's not deep fried.

    • @obscene3248
      @obscene3248 7 หลายเดือนก่อน +52

      @@alanc4091 Image a slightly gummy, doughy thing. Mochi-nut really isn't doughnut and you just can't replace deep fried stuff with baked stuff.

    • @sodapone
      @sodapone 7 หลายเดือนก่อน +8

      Next time I go to Portland I'm checking them out.

  • @errolneal9789
    @errolneal9789 7 หลายเดือนก่อน +246

    I admire Peter's tenacity. I wish him the best and hope that he succeeds!

    • @markangelogarcia2584
      @markangelogarcia2584 7 หลายเดือนก่อน +17

      Future endeavors but not this one😂

    • @formxshape
      @formxshape 7 หลายเดือนก่อน +24

      Peter can learn a lot, simply by watching this video 😂

    • @grenbaygrl1
      @grenbaygrl1 5 หลายเดือนก่อน +5

      I know! So many comments to the video are shitting on him personally (like calling him dumb because of his accent). Tons of smart, hard working people start businesses that go out of sale where I live. Having training and experience helps. Wishing him luck in the future

  • @codingiswhyicryatnight
    @codingiswhyicryatnight 7 หลายเดือนก่อน +538

    No shade to Peter but that donut shop looks like a Saw location.

    • @blondy2061h
      @blondy2061h 7 หลายเดือนก่อน +52

      I’ve never seen such a clinical looking donut shop. The oncology hospital I work at is far warmer.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน +11

      He should lean into it and make it a horror themed donut shop

    • @nordfyr1
      @nordfyr1 3 หลายเดือนก่อน

      @@blondy2061h the name of the shop could be Liminal Spaces of Doughnouts or Kenopsia

  • @lefton4ya
    @lefton4ya 7 หลายเดือนก่อน +387

    Man this and the Chicago club promoters videos are seriously MBA capstone course level of research with interviews and inside financial info; you have leveled up. I just hope the algorithm helps you as sadly the big name brands seem to get more eyeballs even though those are not nearly as well researched as ones with interviews and inside financial information.

    • @StrongOnBorders
      @StrongOnBorders 7 หลายเดือนก่อน +12

      I think the algo will punish his videos…the club promoters video did not do well..his audience is used to the big name brands …best advice would have to start a new channel specifically for this

    • @spicy_xinger
      @spicy_xinger 7 หลายเดือนก่อน +6

      Ya they’ve really upped their game and are getting deeper into the topics they cover

    • @seren1tynow
      @seren1tynow 7 หลายเดือนก่อน

      ⁠​⁠​⁠@@StrongOnBordersInteresting… The algo never recommended me the chicago club video.

    • @MIKAEL212345
      @MIKAEL212345 7 หลายเดือนก่อน +17

      @@StrongOnBorders with the club video, I wonder if the semi-sexual nature of it hindered it in the algorithm. It would really suck if all the interview content did bad cause this has been BY FAR my favorite videos from Modern MBA that he has ever made.

    • @katiesamcharbonneau4360
      @katiesamcharbonneau4360 7 หลายเดือนก่อน +2

      I just discovered the account from this video! That’s a good sign :)

  • @OkayDoood
    @OkayDoood 2 หลายเดือนก่อน +15

    Lola’s Doughnuts was a refreshing take! MOAR please! Helps prevent survivorship bias, and shows us how much luck (or the hope of getting lucky) plays into a business.

  • @NASCAR24FAN100
    @NASCAR24FAN100 7 หลายเดือนก่อน +205

    It's sad seeing Peter do everything wrong. His prices are too high, the store feels uninviting (which is intentional), the location is bad in many ways. We have to get a follow up later this year.

    • @bryantgomez7135
      @bryantgomez7135 7 หลายเดือนก่อน +56

      He just closed his store and went back to making pre-ordered donuts for third-party delivery.

    • @spindleblood
      @spindleblood 5 หลายเดือนก่อน +4

      It's a shame because they look so fucking good haha. 🤤

    • @ramirobarba
      @ramirobarba 2 หลายเดือนก่อน +2

      his prices are high for you but not for others - people will buy if it’s marketed correctly.

  • @unifairsum21
    @unifairsum21 7 หลายเดือนก่อน +216

    Man lolas opening at 10am is rough people are already at work hard to get anything after

    • @eminempreg
      @eminempreg 7 หลายเดือนก่อน +44

      Yeah! Donuts are usually a breakfast food. I work at a popular Cafe in my town and on average were sold out of our pastries by 10 to 11am.
      I'm not business minded but Peter's choices keep confusing me

    • @AltimaNEO
      @AltimaNEO 7 หลายเดือนก่อน +30

      The whole setup stinks. In a mall? Like what is he expecting? That kinda getup works for a lean, heat and eat model, where you just take premade, frozen product and heat what you plan to sell (exactly how Starbucks does it, for example). Theres not enough foot traffic at a mall to make the kind of sales one needs from a fancy, handmade, premium donut shop.
      If he was serious about selling that many donuts, he should have set up shop somewhere in the neighborhood near schools or offices. Open up at 5 AM as the crowds are getting to work and school. Donuts are the kind of thing that sell themselves, as long as youre in the right location.

    • @jpowe2822
      @jpowe2822 11 วันที่ผ่านมา

      Donut shops are open around 4 usually.thsys just bad business...u can get donuts quicker at a gas station

  • @Jinchuricki27
    @Jinchuricki27 7 หลายเดือนก่อน +319

    Lola needs to take another look at his product. If they weren't coming back at a farmers market, they aren't going to come back at a mall. The recipe needs to be examined.

    • @kingbonezai4925
      @kingbonezai4925 7 หลายเดือนก่อน +15

      This

    • @AltimaNEO
      @AltimaNEO 7 หลายเดือนก่อน +69

      I think his donuts are probably fine. They certainly look good. I just think hes going about it all wrong. Trying to cater to an upscale crowd at locations where it doesnt make much sense.
      Just a good, cheap donut sold in volume would do him wonders in a neighborhood type donut shop. Somewhere near a school.

    • @s4098429
      @s4098429 7 หลายเดือนก่อน +19

      They might be too big or too rich. When I eat donuts they’re a simple side to a good cup of coffee.

    • @AltimaNEO
      @AltimaNEO 7 หลายเดือนก่อน

      @@s4098429 They look average sized. They're probably not that rich, though. I think its just that hes making them by hand, along with the toppings, and making the price reflect the amount of work that goes into them. Basically, hes not providing good value.
      But you are right, people want something simple from a donut. Anything fancier, and you're in cupcake/cake territory where the higher prices can be justified because people expect it.

    • @SpencerPaire
      @SpencerPaire 5 หลายเดือนก่อน +29

      If it's a recipe problem, its because this is a recipe for disaster. It almost doesn't matter what his product is like; he's not marketing it so he won't get people in the first place, and selling it out of that ghostly space will drive off any repeat sales his peoduct can bring. His business execution is non-functional, his business model is optimistic to the point of delusion, and he's burning up financially and emotionally at a dangerous rate. None of those have to do with making the best donuts in LA, if that's even what they are.

  • @mari0b036
    @mari0b036 7 หลายเดือนก่อน +53

    The mochi donut dude genuinely looks so awesome to be around. Like his whole mentality of investing in people is so real and telling.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน +3

      Logistics are so simplified that even if he has a slow day it still makes him profit. Versus peter who just eats that upfront cost without a viable business model. No matter how good peters donuts are, he cannot ever break even. He is limited in the amount of donuts he can even make, and transporting them to that location costs money. Eating away at profits. Mochi man can completely make new inventory onsite, same day, immediately.

    • @JohnMoseley
      @JohnMoseley 14 วันที่ผ่านมา

      @@lv1543 Peter's best bet might be to simply dump his own business model and switch to the mochi one.

  • @ooogyman
    @ooogyman 7 หลายเดือนก่อน +49

    Having lived in LA for 20 years as an actor, I get the owner of Lola's doughnuts logic, if flawed. A lot of people in LA think "if I am good at what I do, work hard, and am seen by a lot of people, surely I will be successful." But it's not enough to be seen: you need to know your audience. Bigger audiences only gravitate toward you if they see other people excited about what you do, and that means building a relationship with people willing to pay $5-$6 each for your doughnuts. But building quality relationships is much harder than making good doughnuts and spending a ton of money on rent & advertising.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน +4

      His problems are all logistical.

  • @visionbond5814
    @visionbond5814 7 หลายเดือนก่อน +496

    Moral of the story: Do what Mikiko does, not what Lola does.

    • @methos1999
      @methos1999 7 หลายเดือนก่อน +21

      Seriously Mikiko’s inspires me to travel across country and go like Keaton in the founder “FRANCHISE”!

    • @AltimaNEO
      @AltimaNEO 7 หลายเดือนก่อน

      @@methos1999 Ill go there this weekend and buy a few.

    • @davidfrischknecht8261
      @davidfrischknecht8261 6 หลายเดือนก่อน +9

      Except Mikiko doesn't make real doughnuts. Real doughnuts are fried.

    • @methos1999
      @methos1999 6 หลายเดือนก่อน +34

      @@davidfrischknecht8261 missing the forest for the trees my friend.

    • @markoz673bajen8
      @markoz673bajen8 3 หลายเดือนก่อน +1

      ​@@methos19992 donuts 1 cup

  • @extragon5552
    @extragon5552 7 หลายเดือนก่อน +38

    Been watching your channel for a year now and have been super impressed with the consistent high quality and well-researched videos! Really appreciate that there's not a lot of clickbait and nothing is overdramatized, unlike most of youtube. Your videos are refreshing, unique, and wish there were more channels like this!

    • @ModernMBA
      @ModernMBA  7 หลายเดือนก่อน

      Thank you for the support!

  • @lajoyalobos2009
    @lajoyalobos2009 6 หลายเดือนก่อน +19

    15:44 hit the nail on the head. Your employees are your greatest asset. Grumpy teens getting paid minimum wage don't care. Telling them to care until you're blue in the face accomplishes nothing and is just wasted effort. Pay, bonuses, benefits, those keep people around. I've worked in some places where an employee is utterly miserable but won't leave because the benefits are too good compared to elsewhere. A well trained and motivated employee is too good to lose. Turnover is expensive as new hires require training and make mistakes. If management doesn't care about the employees, the employees don't care about the company.

  • @ScarredBert
    @ScarredBert 7 หลายเดือนก่อน +193

    Lola’s shop guy, if you’re reading this: no one is gonna be attracted to your empty box of a store. It’s bad vibes. Donuts are a dime a dozen, if I’m gonna go to a bare store it’ll be a southeast Asian donut store when the craft is generational and cheap.
    People don’t go to malls for cheap shit, it’s gotta be good vibes

    • @pierrex3226
      @pierrex3226 7 หลายเดือนก่อน +43

      He's selling overpriced depression. Who's not loving this?

    • @commonomics
      @commonomics 7 หลายเดือนก่อน +45

      And no one even knows they are handmade artisan doughnut, I didn’t see it advertised outside the shop or inside.

    • @DovidM
      @DovidM 7 หลายเดือนก่อน +4

      Some Southeast Asian donut shops in SoCal have chairs and small tables. A problem such stores have are customers who sit down and don’t order anything, because they just want a place to sit.

    • @cookiesandpudding8485
      @cookiesandpudding8485 7 หลายเดือนก่อน +8

      @@DovidMwouldn’t having people visibly in the store make more people want to walk in overall?

    • @dieselbaby
      @dieselbaby 7 หลายเดือนก่อน +5

      @@cookiesandpudding8485 depends what kind of people are sitting around in the store. Where I'm at in Southern California (in LA, about 15 mins away from where Lola's used to be) in the immediate local area there's one Dunkin location and numerous independent mom & pop style shops that are run by Cambodians, primarily, all of them more or less copycats of each other. These places 5 years ago used to have a couple of small booths/tables and chairs inside, but nowadays, in the few who haven't removed them altogether, they aren't too happy to be having people sitting around, because 99% of the time it's homeless people, the kind who are confrontational and cause trouble, no less.

  • @theboringchannel2027
    @theboringchannel2027 7 หลายเดือนก่อน +124

    When there were no repeat customers after 6 months,
    that indicates there is something wrong with the product,
    or the perceived value vs the cost.
    Basically his donuts likely don't taste like a $6 donut should.
    Look good, but taste below average.

    • @KOSMOinfinite
      @KOSMOinfinite 7 หลายเดือนก่อน +21

      It could be that is is actually a $4 donut and that would bring people back. It's crazy how precise pricing has to be. I do think people have a barrier for anything simple that costs more than $5 (Cofee, cookie, donut, drink).

    • @theboringchannel2027
      @theboringchannel2027 7 หลายเดือนก่อน +18

      @@KOSMOinfinite Yes price points matter.
      Although in NYC there are plenty of $6-10 donuts for sale, and more expensive cronuts.
      Its a combo of price and likely poor quality product due to a lack of repeat customers.
      Guy likely sells donuts well past their prime due to his off location cooking of the donuts.
      Stale $6 donuts dont get you repeat customers.

    • @tgtgtgtgtgtgtg
      @tgtgtgtgtgtgtg 4 หลายเดือนก่อน +12

      He also doesn’t seem like a joy to be around. I wouldn’t go buy donuts from a depressed guy in an empty shop in the mall who doesn’t smile or “want people to linger”.

    • @Lexlugr
      @Lexlugr 18 วันที่ผ่านมา +1

      ​@@tgtgtgtgtgtgtg this was surprisingly accurate. The stark contrast between the two owners is so clear now. Even in his Instagram responses, the guys teeming with sarcasm. I wouldn't want to go back either

  • @jmmbuthia
    @jmmbuthia 7 หลายเดือนก่อน +25

    Love that Modern MBA is covering small businesses also not just big business. We learn a lot from seeing how small business operate in competitive environments

  • @aaronp0324
    @aaronp0324 23 วันที่ผ่านมา +11

    Watching Peter's story was like watching National Geographic when something is about to die and you wonder why the camera guy doesn't just step in to rescue it.😢

  • @sirmidor
    @sirmidor 7 หลายเดือนก่อน +50

    I really appreciate the footage used in this video. In past videos, apart from shots of graphs, it was almost all short TV advertisements or other stock footage. It related to the topic, but it was also very generic, it was just filler for the narration. In this video the footage is specific and directly relates to the content. I also liked how you focused on two specific shops to explain the larger struggles of this industry, I found it very engaging.

  • @totleariss
    @totleariss 7 หลายเดือนก่อน +141

    Imagine struggling to sell your premium made from scratch product at a farmers market and thinking your problem is not enough foot traffic.

    • @CharliMorganMusic
      @CharliMorganMusic 5 หลายเดือนก่อน +4

      Poor Peter got thrashed.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน +4

      Farmers markets prices are insane. They also have next to no visibility and very limited hours on very limited days.

  • @DJ_Frankfurter
    @DJ_Frankfurter 7 หลายเดือนก่อน +2466

    The Lola Doughnuts guy's story is depressing. He's so detached from reality.

    • @inquisitorinluzifera3406
      @inquisitorinluzifera3406 7 หลายเดือนก่อน +420

      probably spend too much time in LA without a reality check.

    • @togaman6438
      @togaman6438 7 หลายเดือนก่อน +604

      Bro it really caught me off guard how dark it got

    • @sweetpeach3
      @sweetpeach3 7 หลายเดือนก่อน +513

      I agree 100%. He needs to move to a standalone place. People want a cafe to sit in or walk by. Mall is a terrible idea.

    • @samuelgates5935
      @samuelgates5935 7 หลายเดือนก่อน +288

      He should stand outside and give free samples. Go to schools and colleges to get catering offers.
      Worked with a couple who did this and after 1 week they were selling out.

    • @anthonyguzman412
      @anthonyguzman412 7 หลายเดือนก่อน +123

      Ya I’d go and want to get a donut because that mall looked like the Del Amo fashion center but he rather have someone who would buy 3 dozen donuts instead of my 2 donut purchase so I’ll just go get a box for $8 at my local granny’s donuts

  • @PXAbstraction
    @PXAbstraction 7 หลายเดือนก่อน +257

    Anyone who has ever had Tim Horton's in Canada since they were bought out by private equity can tell you that the hub and spoke model absolutely compromises significantly on quality.

    • @GeeEm1313
      @GeeEm1313 7 หลายเดือนก่อน +15

      Who owns Burger King as well. I wish I could have tried them before the buyout.

    • @PXAbstraction
      @PXAbstraction 7 หลายเดือนก่อน +10

      @@GeeEm1313 Yep and now Popeye's (which I don't think was ever good) and most heartbreaking of all, Firehouse Subs. 😭

    • @spicy_xinger
      @spicy_xinger 7 หลายเดือนก่อน +23

      Franchising kills quality in most cases

    • @Bodybypt
      @Bodybypt 7 หลายเดือนก่อน +5

      Since being bought out, they don't taste as good as they used to.

    • @coolpasta2644
      @coolpasta2644 7 หลายเดือนก่อน +6

      it's so inconsistent😭😭. i don't think i've ever gotten a steeped tea that tastes the same. no matter which store i go to

  • @thequintanashow5058
    @thequintanashow5058 7 หลายเดือนก่อน +663

    If Lola’s doughnuts could talk, they would sound exactly like the owner … 😂

    • @untrusted8008
      @untrusted8008 7 หลายเดือนก่อน +146

      He's really sleep deprived working 14-18 hour days and waking up at 3am. Seems depressed too.
      Probably can't think clearly, which is extra dangerous when spending 12k a month (possibly with debt)

    • @juliancohen9561
      @juliancohen9561 7 หลายเดือนก่อน +54

      @@untrusted8008 I thought the exact same thing. Poor guy. I can't imagine the stress he must be in.

    • @frankd9945
      @frankd9945 7 หลายเดือนก่อน +38

      "I want big orders like an office or school. " ... Who wants to pay for overpriced premium donuts for coworkers or other people's kids?

    • @baxoutthebox5682
      @baxoutthebox5682 7 หลายเดือนก่อน +23

      @@frankd9945who doesn’t want to sell high volume orders to few customers rather than low volume orders to many customers. That statement was so obvious it doesn’t need to be said. If he had an idea of how to execute on that plan, sure. But just wishing you could sell everything to one customer is moronic. Like a car dealership saying I wish we could sell the whole lot to just one guy.

    • @grenbaygrl1
      @grenbaygrl1 5 หลายเดือนก่อน +4

      ​@frankd9945 to be fair, he compared his business model to Crumbl and I had a coworker bring in a box of their cookies (it was a relatively new employee who I think wanted to impress, but still. If he's in LA and is trying to cater to the wealthy customers, I can see it)

  • @jvlicious
    @jvlicious 7 หลายเดือนก่อน +40

    Sometimes a craftsman needs a business coach/mentorship. I once knew a girl who began studying jewelry making, creating fantastic stuff like cuffs and such. Couldn't part with what she created because she felt the offers for her items were too low

  • @AHulst
    @AHulst 7 หลายเดือนก่อน +156

    This video explained why Krispy Kreme donuts are so terrible. I never understood why my American friend thought they were amazing, yet I thought they tasted stale and overwhelmingly sweet. He probably just started eating them when the donuts were made locally, but when I eventually tried them they were made in a factory

    • @ronh4658
      @ronh4658 7 หลายเดือนก่อน +45

      Yeah, a Krispy Kreme hot off the conveyer is amazing. The most unhealthy thing you can eat, just BARELY solidified. Every ten seconds after the first minute, it gets worse-after an hour it may as well be a vending machine sticky bun.

    • @bikesarebest
      @bikesarebest 7 หลายเดือนก่อน +14

      Yeah, I remember having them as a kid in like 2006 and being obsessed. Had one a few years back and it feels like empty calories.

    • @glitterstarbeau
      @glitterstarbeau 7 หลายเดือนก่อน +5

      They are so good hot off the machine. I won't eat them unless they are fresh (can you even get them that way anymore?)

    • @Nighthorde26
      @Nighthorde26 7 หลายเดือนก่อน +7

      If you want a solid American donut, I highly recommend Duck Donuts!

    • @dlb8685
      @dlb8685 7 หลายเดือนก่อน +3

      When I was a high school kid in the late 90s as they were taking off, they were popular for a reason. But like others have said they get nasty fast and the logistics got way overstretched. I’m not much of a donut eater anymore anyway, but can vouch that Krispy Kreme was pretty good back then.

  • @Spongy656
    @Spongy656 7 หลายเดือนก่อน +171

    It'd be really interesting to have a check up on these guys in the future. I hope Lola's finds its footing.

    • @blondy2061h
      @blondy2061h 7 หลายเดือนก่อน +3

      I’ll be amazed if i he sees August

    • @tgtgtgtgtgtgtg
      @tgtgtgtgtgtgtg 4 หลายเดือนก่อน

      @@blondy2061hjust checked and the location is closed per multiple websites. His instagram says “pre-order only”. You were right! 🥴

    • @bruno17289
      @bruno17289 3 หลายเดือนก่อน +4

      😢 he closed shop

  • @inquisitorinluzifera3406
    @inquisitorinluzifera3406 7 หลายเดือนก่อน +172

    29:15- always sheds a good light on your business, if you complain about low customer numbers on your official social media :D

    • @mcdoji
      @mcdoji 7 หลายเดือนก่อน +48

      What a stupid thing to post on social media, especially when selling doughnuts for $5 a pop. This guy has no chance and should cut his losses sooner rather than later.

    • @ZackScriven
      @ZackScriven 7 หลายเดือนก่อน +4

      Oh wow. 🫣

    • @tgtgtgtgtgtgtg
      @tgtgtgtgtgtgtg 4 หลายเดือนก่อน +2

      Right. That was beyond cringe

  • @chloejones6240
    @chloejones6240 7 หลายเดือนก่อน +35

    There's a donut food truck at my local farmers market. It typically has a huge line because people love them. They fry them in the truck so they're super fresh when you get them. They only sell plain glazed at $4 a piece. All this to say, there can certainly be donut success at a farmers market.

  • @Luckydaturtle
    @Luckydaturtle 7 หลายเดือนก่อน +36

    Southern California has a very interesting history with Cambodian Migrants and donuts. Hulu has a documentary called Donut King, where I think it was the SVP of operations of Dunkin said that they couldn’t penetrate the west coast market because they couldn’t compete with the mom and pop shops of the area.

    • @GeeEm1313
      @GeeEm1313 7 หลายเดือนก่อน +5

      Dunkin left the Portland area years ago. Rightfully so, as they're plasticky and gross.

    • @dieselbaby
      @dieselbaby 7 หลายเดือนก่อน +4

      Indeed, the California market in general was one of the few regions of the US where Dunkin had zero presence whatsoever for several decades, they only recently (~5 or so years ago) made a re-entry into this area. I highly suspect that a lot of their decision to do this has to do with their transition in business model from being formerly more strictly focused on donut sales themselves to their current strategy as a less expensive Starbucks alternative mainly focused on beverages with a decently sized food menu. The Cambodian donut places are still around and are still sticking it out, but they are almost all the same low quality donuts, not very good tbh.

    • @robertcook9264
      @robertcook9264 5 หลายเดือนก่อน +1

      I didnt watch donut king, but the aisian donut shops Ive been to have tough donuts. I believe its the flour they use. Its almost a mafia situation, If you dont buy our supplies, you dont work in this area. Im a bit older, so I remember donut shops previous to the 1980s. They were german style and very tender. At first, krispy kreme was close, I believe its because they have potato starch in their recipe. But after awhike, I began noticing a chemical taste to their products. I think It was cheaper imitation ingredients, their glaze even tastes like bug spray.​@@dieselbaby

    • @argylemanni280
      @argylemanni280 7 วันที่ผ่านมา

      @@dieselbaby Driving out American businesses with a low quality product. I wonder if they're breaking any laws while doing so! That certainly wouldn't be the same story we've seen over and over for decades on end.

  • @lukeholman
    @lukeholman 7 หลายเดือนก่อน +29

    never suspected that I could learn so much about life from donuts

  • @adamryason5509
    @adamryason5509 7 หลายเดือนก่อน +16

    I really like the transparency in this video. As an entrepreneur who's dealt with ups and downs, I can relate to the struggles and it's a relief to see the reality of many, instead of only the successes of few.

  • @caymanchristopher7014
    @caymanchristopher7014 7 หลายเดือนก่อน +16

    As part of practical experience, our business school assigned us businesses to help them optimize. We got a donut shop. We analyzed sales, optimized the donut sale mix with statistics and optimized labor timing.
    Then we asked questions like, what time do you open? They opened at 8 am! We got an A based on post-encounter increase in profitability. Mostly because we told them they had to open at 6:30 am. LOL!

  • @Spicy_chef
    @Spicy_chef 7 หลายเดือนก่อน +24

    As a chef, I see Lola’s problem far too often. Creators are like parents… they will love their baby more than everyone else. When you have someone looking at the product so closely it’s hard to have the outside perspective on who will care about what you are creating! From my experience, finding a solid business partner who is pragmatic but invested in where you want to go is the most important relationship you can develop.

  • @DovidM
    @DovidM 7 หลายเดือนก่อน +16

    Peter took a lease on an upper story of a strip mall. Usually, businesses on the second floor are providing services like tutoring and tax preparation. Travel agents are often located there. Such services don’t generate foot traffic. He’s probably paying less in rent for a second floor spot but he’s dependent on word of mouth rather than foot traffic.

    • @stanleyipkiss7133
      @stanleyipkiss7133 7 หลายเดือนก่อน +2

      He's hoping the foot traffic from Starbucks next door would spill over to him.

  • @alanmiller5018
    @alanmiller5018 7 หลายเดือนก่อน +158

    Lola’s Doughnut is literally at the closest mall I live by. Might go to see if he is actually like this.

    • @CamF64
      @CamF64 7 หลายเดือนก่อน +38

      Update and let us know if it’s any good

    • @drfunk891
      @drfunk891 7 หลายเดือนก่อน +13

      I'd love to hear a follow up on this!

    • @eevieee
      @eevieee 7 หลายเดือนก่อน +8

      Commenting so I get updates tol 😅

    • @homurseempsone154
      @homurseempsone154 7 หลายเดือนก่อน +2

      Update us

    • @wandamishmash
      @wandamishmash 7 หลายเดือนก่อน +11

      Can you also ask what he thinks about this vid, or whether he knows how he’s portrayed here at all?

  • @lyfandeth
    @lyfandeth 5 หลายเดือนก่อน +6

    Dunkin used to make the donuts fresh in each store. And they kept a fishbowl full of donut holes at the register, free to munch on while you waited for your order to be rung up. This was in the 70s, I don't know when they changed. I do remember that when they were bought out around 2002 the coffee blend got cheaper, while other food chains were boasting about improving their coffee.

  • @Boredblacksheep
    @Boredblacksheep 7 หลายเดือนก่อน +57

    I love your transition from biggest companies to small businesses. Great research, thanks!

  • @jjboybeamer
    @jjboybeamer 7 หลายเดือนก่อน +150

    Peter's business is going out of business for sure

    • @ohnosmoarlulcatz
      @ohnosmoarlulcatz 7 หลายเดือนก่อน +47

      I think I recognize the mall as well. If it is the one I am thinking of, he's also competing against the massive Japanese market/food court with its own bakery just downstairs and around the corner. There's no way he's going to be beating that.

    • @hellacooook
      @hellacooook 7 หลายเดือนก่อน +1

      @@ohnosmoarlulcatzeven if the rent was $6,000 selling that amount of donuts in a month for well established brands or the other donut in the documentary is difficult . Peter if you’re reading this cut the losses before it’s bankruptcy. You don’t have a drink menu like a normal dessert shop

    • @cristinab2263
      @cristinab2263 7 หลายเดือนก่อน +2

      Looks like Del Amo Fashion Center from some Google Maps digging. I couldn't even search the place itself, so I don't know if he's still in business. He's delusional

  • @JackZ72
    @JackZ72 7 หลายเดือนก่อน +211

    Portland vs LA exemplified so well

    • @taylor3342
      @taylor3342 7 หลายเดือนก่อน +22

      I don’t think one guys bad business venture encapsulates a city but ok

    • @JackZ72
      @JackZ72 7 หลายเดือนก่อน +11

      @@taylor3342 I speak from a position of authority as general of portlands woke mob. What credentials do you have

    • @jaad9848
      @jaad9848 7 หลายเดือนก่อน +1

      @@taylor3342 Especiallly since that business is clearly unsustainable and wont exist for long

    • @johnjones3813
      @johnjones3813 7 หลายเดือนก่อน

      Dumb comment.

    • @AriWilson
      @AriWilson 7 หลายเดือนก่อน +1

      LA rules Portland drools

  • @GuillermoMunozOrtiz
    @GuillermoMunozOrtiz 7 หลายเดือนก่อน +27

    I think you have a new series, idead where you talk to local independent businesses in different states.
    This was so fascinating.

  • @thabiso_kgabung
    @thabiso_kgabung 6 หลายเดือนก่อน +3

    I've subscribed to this channel for some time now. First time watching an episode and I'm blown away by the passion and thoughtfulness to put all this together. Telling the story of the two founders so succinctly; there are no emotions in running a business. It's a cruel realization once you dip your feet into entrepreneurship.

  • @JK8
    @JK8 7 หลายเดือนก่อน +146

    Peter seems kind of screwed

  • @pooladdict04
    @pooladdict04 2 หลายเดือนก่อน +2

    I watched the Boba episode prior to this and saw the Mikiko logo which brought me here.
    We are supportive of Mikiko and are happy their 2nd location is closer to us. That entire shopping center in Beaverton has it all -- wings, beer, donuts, boba, etc.

  • @soapygirl83
    @soapygirl83 6 หลายเดือนก่อน +12

    It's interesting how the owner of Lola's talk so much about the importance of aesthetics, but doesn't think about how that applies to his own store. Like you don't have to be Buckingham Palace, but when the store looks super sketchy and unfinished, it doesn't communicate the effort he's putting into his product

  • @Castaway67
    @Castaway67 7 หลายเดือนก่อน +2

    The final line of "Being good at business and Bing good at your craft are two different things" hits way harder than I thought It may at the end of the video.

  • @suziscool
    @suziscool 7 หลายเดือนก่อน +13

    My pops started a business 50 years ago renting roller skates. He'd come home with $0.00 days but showed up the next day, every day. He followed the market and brought on skateboards, snow boards and all that goes along with it. It was a successful business for over 30 years. Then came the Internet and he retired. Lessons learned, show up everyday, follow your market and show up everyday.

  • @Akash.Chopra
    @Akash.Chopra 5 หลายเดือนก่อน +1

    "Product is not everything; passion is no indication of success; hard work is not a moat; and being good at your craft and being good at business are two different things." So true!

  • @piercechan
    @piercechan 7 หลายเดือนก่อน +151

    Bravo! This was my favorite episode yet! Would you consider doing an episode on bubble tea "boba" shops? I think you will find a new viewer base with that. I own multiple boba shops around LA and would be happy to contribute.

    • @ModernMBA
      @ModernMBA  7 หลายเดือนก่อน +37

      Send us an email - happy to consider!

    • @spicy_xinger
      @spicy_xinger 7 หลายเดือนก่อน +10

      Wall Street millennial did a video on this but I’d love to see some real life stories from smaller owners and not just the mega franchises

    • @piercechan
      @piercechan 7 หลายเดือนก่อน +4

      @@spicy_xinger sweet, I will look that video up, thank you.

    • @methos1999
      @methos1999 7 หลายเดือนก่อน

      @@spicy_xingerdefinitely some viewer overlap because I watched that video too.

  • @MsAnneThrope
    @MsAnneThrope 6 หลายเดือนก่อน +1

    I’m months away from finishing my MBA as a second career, and I’ve been toying with starting my own small business instead of looking for some boring manager gig. This content is a great find! I appreciate the frank reality’s of both these shops’ stories. Great information on what to do and NOT do!

  • @Uglier.
    @Uglier. 7 หลายเดือนก่อน +69

    Average American eats 31 donuts every year? I had 10 last week for teachers appreciation week 😂😂

    • @Mainancepatsaji
      @Mainancepatsaji 7 หลายเดือนก่อน +43

      You're the one who increases the average

    • @polygonalfortress
      @polygonalfortress 6 หลายเดือนก่อน +1

      lmao

    • @mohammedjeffali1076
      @mohammedjeffali1076 6 หลายเดือนก่อน +3

      I lower the average, I have about 10 a year....from different places.
      Gone are the days of a dozen glazed, or eating multiple doughnuts at once. The mochi doughnut shop we go to is 3$ for 1 doughnut! We drive out to a small country town and get get the best cinnamon roll ever for much less.
      I'll eat one here and there.

  • @ChocolateMilkCultLeader
    @ChocolateMilkCultLeader 7 หลายเดือนก่อน +90

    I was not expecting that Peter diss track in the end. I wonder if that will help raise Lola's business though

    • @humza890
      @humza890 7 หลายเดือนก่อน +44

      Very true, I do hope Peter takes the criticism well and use it to improve the business.
      The most important point for me is how empty the store looks without table and chairs. And having chairs may benefit the business by making the place look like 'high demand'. Also moving the doughnut display towards the window could help bring people in (Ik this because I've gone into places with window displays of food).
      Business is ruthless, and being good in your craft does not mean you're good at your business. The best route would be the mix of both, someone focused on the craft and the other on the business.

    • @ChocolateMilkCultLeader
      @ChocolateMilkCultLeader 7 หลายเดือนก่อน

      @@humza890 maybe investing into a location where things can be made on prem would be a good investment. His current process seems inefficient

  • @sahildeepsingh206
    @sahildeepsingh206 7 หลายเดือนก่อน +5

    The way you made an analysis video having both the giants and then independent stores compared is something we want regularly in all your videos. Please, please!

  • @hundid5930
    @hundid5930 7 หลายเดือนก่อน +47

    Loving this new style!

  • @tangerine5903
    @tangerine5903 6 หลายเดือนก่อน +3

    Decided to check out the menu on Lola's Doughnuts website out of curiosity and honestly, no wonder people aren't buying his stuff. The website's not even finished, the menu has stuff saying "Add a description here". Looking at it, I wouldn't think it was some high end, gourmet doughnut place, I'd think it was some mom-and-pop shop that couldn't even get the pictures and text on their website's menu straight.

  • @eetadakimasu
    @eetadakimasu 7 หลายเดือนก่อน +6

    Please tell Peter that yes, as what is essentially a cafe, he wants people to hang out, get free Wi-Fi and being people in who want to sit, have some doughnuts and maybe do some work.

  • @madbug1965
    @madbug1965 7 หลายเดือนก่อน +17

    Don't knock those south east Asian mom and pop donut shops. They know how to make one fine donut! 🍩❤

  • @WoodsRules
    @WoodsRules 7 หลายเดือนก่อน +2

    I really enjoyed the video. Showing the corporate side with numbers and showing two really different establishments with their own niches in a mini documentary kind of way. And it stumbled me how good the shots were in the two stores as if i was walking with them. Also founders ideas and businesses are delivered really compactly with each second of the video designed to have only essentials and used to maximum efficency.
    I think the quality of the video is directly related to the huge amounts of passion the team has, because this video feels more natural and educating than any yt video from big tv channels, like cnbc.

  • @LadyPantera57
    @LadyPantera57 7 หลายเดือนก่อน +11

    When I first started my business I made many of the mistakes that Peter is making. I end up spending lots of money on expensive advertising, thought I needed a large office space. 13 years later, I still over-complicate things here and there, but I've also learned to simplify and evaluate what's actually needed.
    With the way that he's operating things right now, he doesn't actually need a storefront, he would probably do much better with a kiosk or a food cart.

  • @scrooglemcdoogle
    @scrooglemcdoogle 7 หลายเดือนก่อน +19

    This is a fascinating episode because in my area theres not a single donut shop of any kind, be it a chain or local store. So this episode is a view into a business I have no reference for.

    • @nonononameee5833
      @nonononameee5833 7 หลายเดือนก่อน

      And where are you from

    • @scrooglemcdoogle
      @scrooglemcdoogle 7 หลายเดือนก่อน

      @@nonononameee5833 South Dakota

    • @dieselbaby
      @dieselbaby 7 หลายเดือนก่อน +1

      Huh? Where do you live that there's not a single donut store?

    • @scrooglemcdoogle
      @scrooglemcdoogle 7 หลายเดือนก่อน +2

      @@dieselbaby South Dakota.

  • @jjj8317
    @jjj8317 7 หลายเดือนก่อน +10

    Mall bro makes a lot of assumptions that are quite costly. His overhead is pretty high, his product is very expensive, and people just dont care much for malls to begin with.
    If you want to sell a premium product you need to be situated on a high traffic location around the city center of :
    1) a large city, or
    2) a small well-developed city with a lot of young people (i,e. Collegue town).

  • @tintmyride804
    @tintmyride804 2 หลายเดือนก่อน +1

    Lola’s donuts is a reminder we all make decisions from our heart and not with our heads and that’s the understanding of business

  • @Patangy
    @Patangy 7 หลายเดือนก่อน +3

    I LOVED the two interviews with the shop owners!! I know it's probably not possible with all videos (like the big franchise wars ones) but they were really insightful looks into the business on the ground.

  • @Slickjitz
    @Slickjitz 7 หลายเดือนก่อน +31

    Jeez that Lola’s location is so empty it gives me anxiety at the idea of walking in. When there’s more things in a shop- chair, tables, pictures, merchandise, whatever I feel like I’m not the center of attention. Walking into that empty place dead quiet makes me uncomfortable.

    • @kibaanazuka332
      @kibaanazuka332 7 หลายเดือนก่อน +13

      I hate to say it, but it gives off money laundering or crime front vibes than a donut shop

    • @dwatsiam92
      @dwatsiam92 5 หลายเดือนก่อน +1

      feels like it's going out of business.

  • @AriWilson
    @AriWilson 7 หลายเดือนก่อน +17

    I was just at this mall today (live 15 minutes away) and had no idea this Lola Donuts place existed. I love donuts and often expense a dozen gourmet donuts for the office. Marketing fail.

  • @redfullmoon
    @redfullmoon 3 หลายเดือนก่อน +1

    Peter takes self sufficiency to an extreme level. He needs to let go of control and let someone help on the business side.

  • @SWinxyTheCat
    @SWinxyTheCat 7 หลายเดือนก่อน +9

    I really appreciate the original reporting done for this episode. It makes the channel all the more informative.

  • @doomgrave1
    @doomgrave1 22 วันที่ผ่านมา +5

    Sad to see Lola's permanently closed :(

  • @elroyblackbean
    @elroyblackbean 3 หลายเดือนก่อน +4

    I went to try Lola's today, and it's not there anymore. Conflicting reports online: Google says open, Yelp says temporarily closed and remodeling.

  • @TheTrebel
    @TheTrebel 7 หลายเดือนก่อน +29

    I honestly feel bad for Peter. We are told all our life to follow our passion but the danger of this is delusion.

  • @18chucknorrisjr
    @18chucknorrisjr 7 หลายเดือนก่อน +4

    I don’t understand why people think you need to open stores anymore , Lola doughnuts could do those same sales and provide better quality selling out of his house and online by doing personal deliveries with way more flexibility

  • @anthonyhuynh6380
    @anthonyhuynh6380 7 หลายเดือนก่อน +12

    SideCar Donuts in California are focused on premium product and are my absolute favorite! Less sweet but more flavorsome, and closer to the side of a nice pastry shop than generic, sickly sweet, cheaper donut stores.

  • @EcomCarl
    @EcomCarl 7 หลายเดือนก่อน +4

    Fascinating analysis of the doughnut industry's dynamics! The shift towards gourmet and creative doughnuts on the West Coast highlights a broader trend of innovation in traditional markets, reminding us of the power of differentiation and niche marketing. 🍩

  • @NoNameNumberTwo
    @NoNameNumberTwo 3 หลายเดือนก่อน +2

    Peter should focus on catering events: Baby showers, bridal showers, corporate events-stuff like that.

  • @PXAbstraction
    @PXAbstraction 7 หลายเดือนก่อน +18

    Alex, I like Alex. More business owners need to think like him.

  • @poochyenarulez
    @poochyenarulez 7 หลายเดือนก่อน +7

    28:26 that place straight up looks like its not even open. If I walked past, I would think it was closed. Seriously, no tables or chairs?????
    That rent for that space is insane too. Everything about it is bad.

  • @keith2366
    @keith2366 7 หลายเดือนก่อน +4

    I'm not getting my 31 doughnuts per year average. But when I do have a doughnut it is from a mom and pop shop where doughnuts taste good. Krispy Kreme are extra sweet with no flavor. Plus a mom and pop shop is more likely to have a wider selection than Krispy Kreme and Dunkin.

  • @weston.weston
    @weston.weston 7 หลายเดือนก่อน +17

    This content is always so well done. Excellent, ModernMBA.

  • @puellabella3580
    @puellabella3580 7 หลายเดือนก่อน +4

    As someone with a deep appreciation for quality, it would be sad to see good a product disappear because the owner cant see the bigger picture. All that hard work and dedication is for nothing if he doesnt learn the right lessons from his failures and I really hope that wont be the case.

    • @tylerbhumphries
      @tylerbhumphries 7 หลายเดือนก่อน +3

      His price point is too high for his product, especially in this economy. When he was at the farmers market for 6 months and didn’t have a repeat sale that was the biggest red flag. Either the product looks good but tastes bad or it’s too expensive. I make handmade candles and wax melts and sale online and in person via farmer markets and pop-up events. And I’m also trying to branch out into wholesale. My business is slow right now but it’s because I’m not putting in the effort. I’m currently trying to switch my day job. Once I get a new job, I’ll be able to refocus on growing my business. I’ve been in business since 2020 and last year was my highest grossing year overall but my first year was my highest year for online profit. Doing the markets were extremely helpful in getting real time feedback from customers about product design, branding, and pricing. He learned something during the markets but is choosing to ignore it.

  • @eddyevodius
    @eddyevodius 7 หลายเดือนก่อน +1

    30:30 Businesses are unforgiving and punishes the unprepared and unlucky alike.
    30:35 product is not everything, passion is no indication of success, hard work is not a moat
    30:43 and being good at your craft and being good at business are two different things

  • @mikejanacone8328
    @mikejanacone8328 7 หลายเดือนก่อน +6

    Peter talks about having a great product having a good product is important. Look at the McDonald’s cheeseburger. It’s not the best cheeseburger there is by any means but it’s the best cheeseburger that efficient and economically mass produced that’s how you make money and run a good business

  • @kzwei2
    @kzwei2 3 หลายเดือนก่อน +1

    Love the mikiko owner ngl sounds like a genuinely caring guy whose not just faking

  • @greeny.official
    @greeny.official 7 หลายเดือนก่อน +18

    peters insane for saying that maybe a parent will shell out $45 for a dozen of these donuts to bring for their kids class

    • @mohammedjeffali1076
      @mohammedjeffali1076 6 หลายเดือนก่อน +2

      This is why I only buy doughnuts 1 at a time... if at all. Another traditionally cheap food, that's now very pricy.

    • @lv1543
      @lv1543 4 หลายเดือนก่อน

      Too niche of a sales pitch too

  • @honestlordcommissarbrighte7921
    @honestlordcommissarbrighte7921 5 หลายเดือนก่อน +1

    "People want to eat with their eyes."
    Hey, some of us have slept around enough to know the phrase 'a feast for the eyes' on that one particular night but at the end of the day, you're getting bang for your buck and literally feasting as much as you think its worth and maaaaan, 45 dollar donuts is a feast for everyone but yourself lol.

  • @davidanalyst671
    @davidanalyst671 7 หลายเดือนก่อน +8

    You caught the guy with a duck sweater like 3 times working and touching food surfaces, and then adjusting the duck sweater, or glasses, and then you cut the camera before he went right back to food. You are cutting the camera away, but you still can't hide how bad his health sanitation is.