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How to Start a Business Right: 5 Powerful Tips from The Profit

by | Mar 4, 2019 | Business

12 min read

If you had the chance to sit down with a serial-entrepreneur, to give you the most important lessons of running your own business, would you take it?

I’m hoping you’ll say yes, because that’s what happens when we get the chance to watch The Profit or Shark Tank!

The Profit is a great show on CNBC that is similar to Restaurant Impossible, except instead of Robert Irvine, it’s Marcus Lemonis, and instead of restaurants, it’s all types of businesses!

Marcus Lemonis is the ‘host’ of the show that takes us through the stories of entrepreneurs who are failing or who have businesses on the brink of teetering off the cliff to failure.

I’ve learned a ton of great business lessons you can only learn by seeing examples or seeing a real successful entrepreneur in action.

Things you can’t learn in books.

I wanted to share these important lessons with you!

So whether you’re just starting out, or you’ve been in business for a bit already, you’re sure to learn a valuable lesson in these tips that you can apply to your own business!

Since they can be applied to any business and entrepreneur, I wanted to share them with you in a fun way using inspirational quotes.

If you see any photos or Marcus Lemonis quotes that ring true for you – feel free to pin it to Pinterest or share it with your fellow entrepreneurs!

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Who is Marcus Lemonis and what is The Profit?

Marcus Lemonis is a self-made multi-millionaire and CEO of a company and franchise called Camping World. His show on CNBC, called The Profit, has been on air for several years now, and can be likened to the renowned Shark Tank TV show.

The twist is that Marcus finds businesses that are struggling, and works hard to turn the business around – but his specialty is turning around the *people*.

I’ve learned a lot watching his shows over time – he’s one of the entrepreneurs I started looking up to when I started my entrepreneurial journey.

Having gone through many episodes of Marcus helping businesses turn profitable, I’ve learned quite a few lessons about business from him that have helped change and evolve my own.

 

Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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Lessons from Marcus Lemonis from The Profit

 

1. Be Humble & True to Who You Are and What You Stand For

When you first start a business, you are excited and ready to begin.

However, obstacles will come your way and challenge who you are or think you are.

In fact, they say that starting a business is the biggest test in growing yourself as a person.

Make sure you aren’t changing who you are in order to fit someone else.

Marcus Lemonis says he has a challenge of getting a bit too invested in the people he works with on his show. He just cares. And that’s what makes him a great entrepreneur.

“It is OK in business, no matter what anybody tells you, to be yourself.” – Marcus Lemonis

RELATED:
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7 Greatest Skills You Need to Hit Your Life’s Target [Book Summary: Brian Tracy’s Bullseye]

If you haven’t started your online business yet, but want to – my free short ebook guide might help you start your foundation! Grab the free ebook on the 5 Fundamentals of Online Business here!

 

2. Know When to Walk Away

This season (Season 6) has been really tough on Marcus. He’s ran into some tough businesses, with tough entrepreneurs.

But if you know anything about successful people, you know that you learn the most when you are in tough situations rather than ones that go smoothly.

In a recent episode, Marcus had a family who ran a pizza company.

The owner was so irate to Marcus that he ended up getting in his face and ended up firing him.

He. Fired. MARCUS! The guy who came to bail him out of debt and save his business!

Instead of getting angry back, Marcus simply stood up for himself and then….you know what he said?

He said, “Thank you for firing me.”
😮😮😮

I mean, WHAT!

Hell yes!

Marcus just proved to me that – yet again, gratitude is a pillar of life.

Even when you’re in a moment of discomfort, and your first reaction is to be angry or upset, hold off.

Be thankful for anything that you can find in the situation you’re in.

After all – Marcus doesn’t want to work with, or associate with, someone who has such a disconnect between values, his business and his family or employees.

So the pizza owner just did him a favor by firing him.

Instead of overreacting and trying to fight to be RIGHT, he simply thanked him, and bowed out gracefully.

Now that’s a gentleman.

“The definition of an entrepreneur to me is the willingness to fail, and it takes a lot of guts and a lot of heart to take that chance.” – Marcus Lemonis

Contemplating starting your own online business? Read Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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3. The 3 P’s of Revenue Growth

“I believe in people, process and product. I can improve the product, we can work on the process. But sometimes you just can’t change the people.” – Marcus Lemonis

Marcus says he thinks he can use the three simple principles to save any failing business.

That’s a tall order!

Watch this short clip that explains Marcus’s belief of the 3 P’s, which are people, process, and product:

 

“Businesses are based on relationships and relationships are based on people.”  – Marcus Lemonis

If you haven’t started your online business yet, but want to – my free short ebook guide might help you start your foundation! Grab the free ebook on the 5 Fundamentals of Online Business here!

4. How to Talk to People When They Are Being Blatantly Awful and Still Save Face

I’ve learned it’s important to always take the higher road when you’re in a conflicting situation.

Recently there was a clip in The Profit where a husband and wife team mentioned they hired an advertising agent to help with their social media reach.

RELATED:
How to Steal the Daily Habits of Successful People for Yourself
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During a promotion campaign the company was doing with their social media managers, the managers recommended they advertise that they were donating a percentage of the proceeds to a specific cause for charity.

Unfortunately, they didn’t have enough money to actually recover the cost of the promotional campaign, so they didn’t donate the money to the charity.

What did Marcus do in this situation?

Watch the clip:

You could practically see smoke come out of Marcus’s ears, when the business owner told Marcus that they didn’t donate that money.

Staying calm in that situation and explaining how against his morals it was to do that, and why that was bad business was key to him saving face in that situation!

“Things are always going to go wrong. People make mistakes. I know I do. It’s how you resolve it that matters most. Listen, be open to criticism, resolve it with speed and empathy, and take responsibility.” – Marcus Lemonis

If you haven’t started your online business yet, but want to – my free short ebook guide might help you start your foundation! Grab the free ebook on the 5 Fundamentals of Online Business here!

 5. Appreciate Your Coworkers, Employees, and People You Work With

Going back to the same episode I mentioned in step two – it’s vitally important to have gratitude with who you’re working with.

Even if you aren’t syncing up perfectly with your business partner or coworker, you should often remind yourself of what it is that you appreciate about them.

Keeping a thriving healthy relationship will keep your business healthy, too.

That doesn’t mean you’ll agree on everything all the time, or always have the same decisions or opinions, but you can watch as Marcus steps back, lets the entrepreneurs figure it out, and then at the end, everyone is thanking the other.

It’s a valuable lesson for all of us.

Contemplating starting your own online business? Read Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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6. When You’re Starting a Company – Start with Your Core Basic Foundations

Whether that’s products, services, or content – start with your core foundation. Use that as a jumping off point, because this is what your business will be built around.
Don’t let too many shiny objects or products be the deciding factor of a customer not buying.

For products – choose 5 products that truly explain what your company is and what it stands for.
For services – choose only the core pieces that will be your shining precipices (lol)
For content – create 5 great pillar content pieces wherever you host your content.

Create those pieces and build around them. Use it as your guideline for new products and services.

 

“Stay focused, work hard, know your numbers, and be disciplined. If you do those things and take care of your people, the likelihood of being successful is very, very high.” – Marcus Lemonis

If you haven’t started your online business yet, but want to – my free short ebook guide might help you start your foundation! Grab the free ebook on the 5 Fundamentals of Online Business here!

7. Know Your Numbers

“If you don’t know your numbers, you don’t know your business.” – Marcus Lemonis

What is the absolute number one metric in a business that doesn’t lie whether the CEO can hide it or not?
Your revenue.You need to know your numbers.

RELATED:
How to Steal the Daily Habits of Successful People for Yourself
Best FREE Courses for Entrepreneurs You Need To Take This Year!
7 Greatest Skills You Need to Hit Your Life’s Target [Book Summary: Brian Tracy’s Bullseye]

The numbers tell you exactly where you are in your business.

You CANNOT neglect them. People think it’s not a big deal – but IT IS!
It’s literally the backbone of your business. No numbers = no business.

If you don’t know your numbers, you don’t know what is working, what isn’t working, and where to go next.

“At the end of the day, the numbers don’t lie.” – Marcus Lemonis

 

Bonus Tips: Marcus Lemonis’s 10 Rules for Success

“Put no more than three messages on a lemonade stand.

You have to describe what your product is, why it’s the best, and how much it is.

Don’t be drawing turtles and flowers and footballs all over it, distracting people.

Keep it clean.” – Marcus Lemonis

 

When it comes to running businesses, the most valuable advice is going to come from someone who’s done it before. Even better if it’s Marcus Lemonis, who’s done it several times!

The core lessons I’ve taken away from Marcus’s show The Profit (which, again, if you haven’t seen it, it’s great!) are, when running or starting a business, you should:

1. Be Humble & True to Who You Are and What You Stand for
2. Know When to Walk Away
3. People, Process, Product – the 3 P’s of Revenue Growth
4. How to Talk to People When They Are Being Blatant in Your Face and Still Save Face
5. Appreciate Your Coworkers, Employees, and People You Work With
6. When You’re Starting a Company – Start with Your Core Basic Foundations.
7. Know Your Numbers

Want to follow along with Marcus on social??

Here’s is Instagram.

RELATED:
How to Steal the Daily Habits of Successful People for Yourself
Best FREE Courses for Entrepreneurs You Need To Take This Year!
7 Greatest Skills You Need to Hit Your Life’s Target [Book Summary: Brian Tracy’s Bullseye]

Ready to start your first online business? Read this 10 Steps to Starting a Business While Working a Full-Time Job Infographic #infographic #onlinebusiness #entrepreneur #girlboss #online #success
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Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
  • Facebook
  • Pinterest
  • Twitter
  • Gmail
Read The Best Quotes and Lessons on Business and Success from Marcus Lemonis, Serial Entrepreneur from the TV show The Profit! #quotes #success #business #entrepreneur #successfulpeople #motivationalquotes #inspirational
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