This post-mortem is as heartbreaking as it is insightful.
M.Hieu Truong
11

We did have a financial model back then em, but we were too optimistic in our model & didnt have enough insights into the restaurant business to make more accurate assumptions. Looking back we should have try to connect & talk to more restaurant owners. We built the model on our own assumptions and what we observe from the similar restaurants. And we didnt stick to the key component of the model, which was the rent rate. In the original model, we capped the rent at 2,500USD but chose a location with 4,000USD rent and adjusted the other assumptions to justify the rent.