“Good evening everyone.  I want to thank those of you who made time to attend our last class – please remember if this is your first time here, you need to complete the homework from our first & second classes as well as this one to receive compensation.”

“Today we’re going to talk about running a business in this thing of ours.”  Lucy sat down at the table.  “As many of you are aware, having lots of people coming in and out of a business of yours is a GREAT way to increase your experience and grow in this thing of ours.  However, many businesses launch with great intentions and never succeed.  So, why do some businesses boom and others fail?  There are several reasons.”

“The first is the go-to answer for many young mafioso – Name Recognition.  If a business if launched by a Mafioso who is well known or loved on the streets, that business tends to get more attention and patrons visiting it.  This is as far as some folks go in trying to figure out why their previous attempts at a business failed – which is unfortunate because I truly believe that anyone can have success in the world of small businesses.”

Lucy poured herself a small glass of water and offers it or whiskey to any student who wanted some as well.  “The first and most important reason that businesses fail is poorly conceived premise.  The WHY of your business is more important than any other single factor.  WHY would a mafioso come to your business?  What do THEY, the customer gain by going in and interacting with you?  What service are you providing to them that your competition is not?”

She sips the water and then continues, “The next is promotion.  How are you bringing attention to your business after the first opening days?  The fact of the matter is that your business blends into the landscape once people have walked past it a time or two.  Unless they know someone doing business with you and end up there incidentally, you’re unlikely to get new customers without promotion.”

“The final reason businesses fail is a lack of responsiveness of the owner.  Sometimes customers come into a business and they aren’t serviced by the owner in a timely manner and so they simply forget about their business with you or never return.  If you open a business you really do need to put in the work to keep its doors open and people talking positively about you.”

“A crew member of mine recently opened a business, and I’m going to use him as an example to help illuminate my points.  As a matter of respect for him letting me reference his business dealings in this class I’d like to encourage all of you to visit Andy’s Antiques in the Chicago Business District.  Let him know that Lucky Lucy sent ya.”  She smiled.

“So, when Andy began thinking of opening an Antique’s Shop he already knew it was important to seek out good product for people to buy and to find a creative means to display it.  He put together a catalog for people to look through.”  Lucy passes out Andy’s catalog.  “When you come into his store it’s the first thing to greet you as a new customer.”

“Now, for many young mobsters that could have been the end of it.  A place where locals could come in to purchase unique and rare items… but how is that different than anything else on the loop?  Would that be enough to keep his business active?  The answer, in short, is no.  Here’s what Andy is doing.”

Lucy stands up and walks around, mindful to keep her face towards Wrench so he can read her lips, “His business also hires young gangsters to retrieve items to be sold in his store.  These employment opportunities are just another reason the average gangster might come into his place.  So rather than just being a retail outlet – Andy is making his place standout by allowing it be an earning opportunity for those who want to do business with him.”

“To promote, Andy was wise enough to send mailers out to his friends, associates, and crew members who might welcome such a business opportunity – NEVER mail to everyone and anyone.  Not only is it bothersome and rude, but no one wants to catch a bullet over unwanted mail.”

“However, if Andy wanted, he could take it a step further.  What about hosting a real-time auction with enticements to attend?  And think of all the things that could go wrong with such a business?  Criminals, sadly, do suffer the effects of other criminal’s actions so it’s fair to say that Andy could hire people to help protect his interests or retrieve items that might go missing from his shelves or shipments.”

“By creating work and entertainment opportunities for others, Andy encourages the growth of his business enterprise and personally gains valuable experience in this thing of ours.”

Lucy smiled.  “So… here’s your homework today.  I don’t expect you to actually open a business, that’s a big commitment… however, you’re welcome to.  I’d count that as more than completed homework!” Lucy laughed.

“What I’d like for you to do is come up with a business idea and answer the following questions about it as simply or as in as much detail as you’d like: “why would anyone want to come to my business – or what does it add to this thing of ours”  and  “how I’ll make some kind of profit from my business” and finally  “what ways will I promote my business”

“One final note before class ends today… for those of you who complete all the lessons in our class, not only will you receive a $1000 bonus for each homework assignment handed in on time – but you’ll also get CREDIT for doing all the homework assigned.  That’s right, I’ll make sure you’re given a bit of CREDIT if you manage to make it all the way to the end with us.”

“Alright folks – see you next week!  I look forward to hearing your business ideas.  Submit them to me via mail if you don’t want the rest of the class to know your ideas – otherwise just leave your write up here in class with me.”