Marcus Lemonis invests his own money, tens of millions, into failing businesses he believes in.
Here is THE PROFIT television show's -- "Top 10 Rules for Business Success":
(1) Don't Be An Ass.
Treat people nicely, without being a chump. Really crazy business people have zero self-awareness, it shows immediately and they will not change.
(2) Make Your Employees #1.
Customers are sometimes wrong. If you treat your employees great, you'll also have good customer relations. Hire the right people, then tap into their strengths.
(3) Know What You're NOT Good At.
Then find experts to help you. You don't need to excel at everything. But you need to find ways to make up for what you're weak at.
(4) Avoid Drama.
Sometimes you have to just accept the crazy and work around it. Family businesses bring long-festering issues and conflict into the picture. Working with friends and relatives can be very dangerous, because you may overlook bad aspects of their work and attitudes. Deal with dysfunction, build on strengths.
(5) Be Vulnerable.
Open up, let your emotions be expressed when appropriate, instead of allowing them to be repressed and boiling under the surface.
(6) Be Authentic.
Not pretentious. Your business has a story, but it must be non-fiction. Customers don't want fake narratives contrived to sell products based on falsehoods.
(7) Be Transparent.
Don't lie about anything. Be trustworthy. "Little by little, the story kept changing. He lies because he doesn't know how to do anything else. He's used to manipulating people deceitfully. I lost $300,000 on that deal."
(8) It's All About Follow-Through.
I don't run your entire business. I don't manage it forever. You must step up to the plate and perform. You must do what you agreed to do when we made the deal. You must consistently show strong leadership in your company.
(9) Know Your Numbers.
Know your production costs and sales figures. Know your profit margins. Have accurate and ethical accounting processes. The numbers are the health report for your business.
(10) Don't Blame Others.
Quit whining. Stop pointing fingers. Roll up your sleeves and get to work.
(1) Don't Be An Ass.
Treat people nicely, without being a chump. Really crazy business people have zero self-awareness, it shows immediately and they will not change.
(2) Make Your Employees #1.
Customers are sometimes wrong. If you treat your employees great, you'll also have good customer relations. Hire the right people, then tap into their strengths.
(3) Know What You're NOT Good At.
Then find experts to help you. You don't need to excel at everything. But you need to find ways to make up for what you're weak at.
(4) Avoid Drama.
Sometimes you have to just accept the crazy and work around it. Family businesses bring long-festering issues and conflict into the picture. Working with friends and relatives can be very dangerous, because you may overlook bad aspects of their work and attitudes. Deal with dysfunction, build on strengths.
(5) Be Vulnerable.
Open up, let your emotions be expressed when appropriate, instead of allowing them to be repressed and boiling under the surface.
(6) Be Authentic.
Not pretentious. Your business has a story, but it must be non-fiction. Customers don't want fake narratives contrived to sell products based on falsehoods.
(7) Be Transparent.
Don't lie about anything. Be trustworthy. "Little by little, the story kept changing. He lies because he doesn't know how to do anything else. He's used to manipulating people deceitfully. I lost $300,000 on that deal."
(8) It's All About Follow-Through.
I don't run your entire business. I don't manage it forever. You must step up to the plate and perform. You must do what you agreed to do when we made the deal. You must consistently show strong leadership in your company.
(9) Know Your Numbers.
Know your production costs and sales figures. Know your profit margins. Have accurate and ethical accounting processes. The numbers are the health report for your business.
(10) Don't Blame Others.
Quit whining. Stop pointing fingers. Roll up your sleeves and get to work.
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