Important Business Lessons from Marcus The Profit Lemonis

Marcus Lemonis of The Profit Shares Important Business Lessons

CNBC's hit show, The Profit, features businessman and investor Marcus Lemonis and his quest to help save suffering businesses. If Marcus likes a business and thinks he can help turn them around, he invests his own money in them... and then becomes 100% in charge. The third season just came to an end (and season four will be starting in the Fall!), and it was interesting to see how serious Marcus is about "people" and ensuring that people are fighting FOR the business, not working against it.

In Season 3, Episode 14, Marcus fired one of the partners of Standard Burger for making a series of poor decisions, saying he did not make a good general manager for the company.

One of those decisions that the partner made that led to him being fired was was having a romantic relationship with an employee and then letting that relationship impact the business.

The lesson learned for all here is that YOUR BUSINESS is the most important asset you have.

Don't let anything harm your business or you have nothing. Your business should always come first.

Marcus Lemonis - your business

Every week on the show, Marcus Lemonis teaches small business owners key concepts to help them start and build successful businesses. Marcus' three pillars of small business success are what he calls the 3 P's:

  • People
  • Process
  • Product

There are many lessons in each episode of The Profit. In the episode I mentioned above, Marcus does not just "fire" the partner but also takes steps to ensure that there is peace and understanding among all partners. While it's one thing to make tough calls dealing with other humans, it's also important to strive for reconciliation.

Even though Season 3 of The Profit has ended, you can watch full episodes online here. As a long fan of Shark Tank, it's great to find more educational, and entertaining business shows coming out that help to educate and entertain today's entrepreneur and small business owner.