In a large saute pan, heat butter & olive oil over medium heat. Add shallot, and saute until slightly translucent & aromatic, around 2-3 minutes. Add in dry rice, and stir constantly, ensuring that each grain is coated in the butter/olive oil. The rice will begin to “toast” up, and once you begin to smell the rice after a couple of minutes, it’s time to move onto the next step.