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Source: INC.com
One of my favorite shows is called The Profit on CNBC. The show centers around Marcus Lemonis, a successful businessman with a high net worth (various sources report anywhere from $150 million up to $2 billion). He visits struggling small businesses who are trying to stay afloat. After meeting the owners, discussing the product and business model, and viewing the business’ numbers, Lemonis decides whether or not to invest in the business.
His major focus is always on three key aspects: People, Process, and Product. Most of the time the businesses he invests in have hardworking people and high quality products, with a broken process. He comes in and helps fix the process (marketing, branding, inventory, etc.) which normally leads to the business becoming highly successful. The show boils down to being about business and taking a chance on people.
Recently for the season four finale, they ran a special entitled “Top 10 Rules for Success.” This episode featured Lemonis talking about some of the highs and lows from the past four seasons, and breaking it down into ten main lessons. It’s important to always be looking to learn, and I found the insight from this episode to be highly valuable.
Here are Marcus Lemonis’ top 10 rules for success:
1. Don’t be a jerk
This first rule for success is simple, always treat people well. Lemonis talks about how he likes to take a chance on really good people, and most of the time it’ll work out. Center yourself around people who are a positive influence and encourage you to be better each day. Leave behind the negativity.
2. Make your employees number one
Lemonis says that the customer isn’t number one, he feels the employees should come first. If you treat employees well they will take care of customers, which results in a healthy business. Employees need to know that their boss has their back. A business needs to focus on hiring the right people, because it makes the whole organization better.
3. Know what you don’t know
This was one of my favorite lessons presented. It’s important to know what you’re good at and what you’re not good at. In doing so, you can find people to help balance out your weaknesses. While it’s important to continually be learning, it’s also important to narrow your focus. Lemonis mentioned that throughout the four seasons of the show he has learned that he can pick up anything by trying hard enough. You don’t have to do everything though, don’t spread yourself too thin. Find your biggest strengths and maximize those, then expand your tool belt over time. Have the humility to ask for help and partner with the right people to maximize your potential.
4. Accept the crazy
There’s always going to be circumstances that don’t work out according to plan. Dysfunction can be managed with working around it. Figure out how to communicate effectively with the people around you and work towards solving problems.
5. Be vulnerable
People are able to connect with you more when you own your story, share your scars, and be yourself. Focus on making progress instead of presenting the facade of perfection.
6. Be authentic
Don’t create a false image, your story need to be believable so that people will embrace it. No one likes people who are fake, stay true to yourself.
7. Be transparent
This is similar to the previous lesson. In life and business, be honest. Live in a way where you don’t have anything to hide.
8. It’s all about follow-through
You can’t just talk the talk, you have to walk the walk. Cultivate consistency in your life, and follow the process for the longterm. Big success results from implementing positive habits over time.
9. Know your numbers
As a business owner, it’s vital to know your numbers. Whether it be profit, expenses, debts, margins, etc. These numbers help give the health report of the business. Lemonis very rarely proceeds with an investment unless the business owner is confident in their numbers. This lesson applies perfectly to your personal finances, as it’s essential to know how much income you’re bringing in each month, and how much you’re spending.
10. Quit whining and start winning
Another crucial lesson to take to heart. Take responsibility for your actions and mistakes. Stop blaming others for where you’re currently at in life. Avoid complaining and refrain from having a negative mindset. Stop focusing on what you can’t control, and instead focus on the circumstances that you can improve with hard work and dedication. Learn new skills, change jobs if needed, cut your expenses, increase your retirement contributions, exercise, surround yourself with positive people.
Which lesson do you think is most useful for your own life?
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