Turkey and Swiss tied with ham and cheese with a layer of potato chips https://t.co/BtufGQVuQb
— Marcus Lemonis (@marcuslemonis) September 12, 2015
I am really excited for this upcoming season of The Profit on CNBC. Marcus Lemonis goes into a small business and helps them succeed. Some small businesses are promising that need some guidance while others were once successful and hit tough times. Regardless they need Lemonis’ leadership, vision, cash and process to get them be successful again. In most of the businesses Marcus becomes a majority owner and invests his own money into them, makes them successful, and makes a Profit!
I think of his show as an in-depth version of Shark Tank because he is giving a small business money for a percentage of his ownership. But you actually see what he does with his money and how he makes that business successful. He also spends time with the business owners and staff to see what processes are working and what is not. He gets a better understanding in order to decide to invest and how to improve them.
Marcus believes in the 3 P’s– People, Process and Product.
I agree with his P’s, you need quality People doing the work. You secondly need a Process in order to be efficient and effective. The most important of them all is you need a quality Product or service to provide.
My whole family watches the show with me. I am hooked on the show because even though I am a very small business, I like looking at ways to improve and become more efficient so I can be more effective. It also drives home about the Passion (my 4th P) I have for my brand and my Product. I am always trying to find ways to improve.
As I was looking up information about Marcus I came across this great question asked by Vault in an interview with him:
What advice do you have for someone wanting to start their own small business?
LEMONIS: One, you should always work for someone else first. Someone who’s good, someone who knows what they’re doing and you can listen to and learn from. Being an employee and being an owner are two different things. Two, you better have the working capital—the cash—to survive. Expect to lose money for a couple years. A lot of people have good ideas, but you need to realize that idea, you need the cash to survive. And three, you have to surrender to the fact that every idea you have will not be a good one. People fall in love with their ideas. This is a critical mistake.