Get inspired by the best business advice from Marcus Lemonis of ‘The Profit’.
The television show The Profit is a popular reality show that airs weekly. It highlights many realities of what companies and their owners go through on a daily basis. The show also focuses on the difficulty involved with running a business successfully that involves management, planning, and profiting to stay ahead. It is at this point that Marcus Lemonis brings his expertise as a successful entrepreneur by offering assistance in a whole new way in order for companies to resolve their issues. The captivating parts though are the ability to offer and promise ideas that are both strategic and promising. These concepts easily let a company make a complete turnaround in order for success to be achieved. Every story that is highlighted also provides inspiration that other business owners can relate to but have no clue how or where to begin in order to work out their issues. Being The Profit’s host allows Marcus Lemonis the ability to provide guidance by utilizing a business mindset on a weekly basis. Although, there have been talks about the Marcus Lemonis scam, he has made a successful career in business and is a multimillionaire who created the business Camping World, which is now worth billions. On the show, Lemonis constantly collaborates with struggling businesses that would benefit from his advice. Ever since The Profit first aired, Marcus Lemonis has been able to give direction for many business owners through a lot of outlets.
To give you an idea of the type of advice Lemonis shared, we’ve listed a few of his best.
Narcissism and Business Do Not Mix
In July 2018, The Profit aired a segment about a narcissistic business owner. After the episode, Lemonis made it clear that he had never done business with a narcissist in the past. The business Lemonis was referring to was Simply Slices which is a family pizza business in Chicago. Lemonis was so struck by the owner’s attitude that he was certain that the business would never grow to where it could be. The reason why is because the attitude given was a huge turn-off for Lemonis. Lemonis also said that Pavoni (the business owner), is so disrespectful and controlling that he would be the reason why the business would fail. With the inability to accept any feedback, Lemonis didn’t feel convinced that the business would become nationwide. Having an inability to receive feedback says very little about Pavoni’s ability to be able to manage a nationwide chain if he can’t even accept feedback locally.
Having a Strong Work Ethic Comes at Any Age
Marcus Lemonis was taught from a young age about having a strong work ethic and business mindset that allowed him to understand the value it presents. It was while he was a teenager that his career in business really took off due to the fact of his parents making him dive in headfirst in the family business so young. This led him to miss out on a lot of normal childhood activities such as field trips at school, little league, or even attending summer camp. With such a huge amount of hard work expected, Lemonis was able to build a work ethic that would become stronger than he could imagine. Since he grew up in his family’s business, Lemonis was able to acquire values in business that was prosperous and positive. Not only that, but his entrepreneurial skills presented themselves early on too. At only 12, he began a business of mowing lawns so that he could start another business that required more investment. Lemonis now admits that he should have spent more time with his friends than worrying about a business so that his social skills would be improved. Regardless, he is still a strong believer that his ability to build a strong work ethic at an early age assisted with his current business success. It also allowed him to understand an adult environment by adapting, communicating and being able to become integrated into business environments.
Be Aware of Those You Work With
Being aware of who you work with reflects a lot about how you are perceived. This holds true for Lemonis because in another segment of his show The Profit, Lemonis once again refused to partner with an apparel store owner because of a side job issue. It came to be known that the potential investment partner was too much of a controversial risk to take. This risk made Lemonis very uneasy very quickly although the business owner denied that the possible controversial feeling did not reflect his true nature. Regardless, the investment opportunity for the business owner went sour very quickly. Lemonis then went on to share the fact that he is able to look past the problems a business has, figure out a solution that works, provide investment security and anything else business related. However, what he is unable to repair is the possible nature of the business owner because he declined to make an investment in the opportunity. Along with the advice that Lemonis has given, he has also noticed that there are a couple of traits that constantly hold back workers from being able to achieve business success. These traits are fear of failure and ego. When an employee falls for a trap like these they will prevent themselves from moving ahead and denying their coworkers from achieving their own opportunity for success. What happens is that people try to win before anyone else knows what’s going on. Instead, they need to think of the entire business being a winner.
Having an Ego
Ego can easily get the best of any business owner, and it is surprising to see the amount that still exists as owners make decisions. It can be confusing because when a decision is self-interested, a good result will always never be the case for a company. The kinds of employees that are able to put the interests of the company first are what Lemonis is truly interested in. This can be tough to know because many people prefer to advance themselves instead of the group in order to move the business along, while others like to be a team and move the business forward as a team. When an employee is egotistical the company is almost always set up to fail at some point. Not only that but they are unknowingly preparing to affect others in a negative way.
Fear of Failure
The second trait that Marcus Lemonis feels that blocks success is feeling like they will fail. Business owners are fearful of embarrassment and don’t want to look imperfect to others around them. Being unable to control anxiety like this will put a stop to their pursuit of other possibilities and to come to grips with other challenges that are able to move individuals ahead in a professional manner. When you not allow fear to consume you, you will always take the right step. You can see this in every successful business owner today because a lot of them have failed at one point but have continued to push through the failure in order to come out on top. When you fail it shows that you are willing to risk what it takes to succeed as well as knowing how to learn from the mistakes. As long as you are able to give a good effort along with integrity and a perfect business mindset, then nobody is going to care if you failed because they will always remember the fact that you tried.
Hope you found the ‘The Profit’ business advice useful. Have you caught yourself falling into these common business mindset traps? Comment below to let me know.