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b"My guest today is Nick Kokonas, the co-founder of the 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as well as the co-founder and CEO of Tock, a comprehensive booking system for restaurants. This was one of my favorite conversations in the history of the show. Nick is a philosophy major turned derivatives trader that is now one of the most well-known names in the restaurant and hospitality industry. We cover so many topics I can\\u2019t list them here, but I\\u2019ll remember it for why it's so important for a business to really know what it's selling and then actually sell it. Nick also pulls back the curtain on why restaurants and even book publishers can be great businesses if you do them in the right way. I felt like this conversation could have gone on for hours and I hope you enjoy it.\\n \\xa0\\n This episode is brought to you by\\xa0Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping \\u201centerprise-ready\\u201d B2B startups successfully scale their companies. If you\\u2019re a founder running a B2B company targeting the enterprise, you should definitely check\\xa0them out.\\xa0\\n \\xa0\\n This episode is also brought to you by\\xa0Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a\\xa0Solo Stove Bonfire.\\xa0 Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.\\xa0\\xa0\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club and new email newsletter called \\u201cInside the Episode\\u201d at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Show Notes\\n (3:02) \\u2013 (First question) \\u2013 Why he thinks it\\u2019s so important to own something\\n (4:35) \\u2013 Make decisions that have outcomes\\n (7:00) \\u2013 His interest in the restaurant business\\n (8:54) \\u2013 Why restaurants are so tough\\n (12:05) \\u2013 How their business mindset changed their running of the restaurant\\n (14:35) \\u2013 Words they would avoid in the restaurant\\n (16:19) \\u2013 Asking the right questions in the restaurant business\\n (20:40) \\u2013 Importance in taking the right risks\\n (22:02) \\u2013 Coming up with innovative strategies for ticketing, selling meals ahead of time, and dynamic pricing\\n (30:08) \\u2013 Can dynamic pricing be extended to other businesses\\n (31:20) \\u2013 Origin of Tock\\n (36:17) \\u2013 Early days of Tock and identifying the right customers/challenges\\n (41:33) \\u2013 Importance of the first customer\\n (44:22) \\u2013 The typical restaurant business model\\n (49:23) \\u2013 Lessons from Tock and the importance of knowing what your selling\\n (53:47) \\u2013 Lessons from publishing\\n (55:44) \\u2013 Other aspects of business that people know but do nothing about\\n (1:00:19) \\u2013 Their response to Covid and lessons learned\\n (1:07:43) \\u2013 The real impact to the food delivery companies\\n (1:09:24) \\u2013 How businesses communicate their end processes to their customers\\n (1:14:07) \\u2013 Kindest thing anyone has done for him\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club and new email newsletter called \\u201cInside the Episode\\u201d at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag"