Skip to main content

15 Reasons To Watch CNBC's "The Profit"









This show, hosted by investor/business turnaround expert Marcus Lemonis, is one of the few that really does give you something for nothing: priceless advice.
A synopsis doesn't even come close to doing it justice. Because what you learn from actually watching the show, and its various interactions, is that business theory isn't just an abstraction - it works.
It's education for business and for life. In that vein here are 15 juicy takeaways from tonight's rerun episodes ("Courage B." and "Planet Popcorn"):
1. No matter how profitable the concept, if your business partner demonstrates a lack of integrity, walk away. But not before you call them on it.
2. Relationships have to work for the business to work. Never allow someone else to mistreat you, at work or anywhere. Don't treat your employees as your friends because you need a big power trip. 
3. Get yourself under control. Don't yell at people. Don't condescend to them. And keep your ego in check, especially the control freak in you - it could cost you everything.
4. Most people have too limited a view of their own potential. Or, on the flipside, they fail to market themselves properly because they're convinced that their brilliance "sells itself."
5. Narrow your product line - the 80/20 rule. Find your niche. It's generally "the thing people always ask for but which is getting a little boring."
6. When you need an expert, bring in an expert. 
7. Management controls are unsexy but critical. If you're leaving cash lying on the floor, literally, stop it.
8. A small boost in quality can mean a huge boost in sales because you have that "premium" image.
9. Packaging, packaging, packaging, packaging. For example, fewer items and more variations. For another, more sturdy packaging (canisters) brings in more money than plastic bags and it isn't much more expensive.
10. Focus on margins more than revenue.
11. Do your research before you walk into the room. Not only does this educate you, but you have a competitive edge with a cocky prospect. For example, try buying their domain name before you start talking.
12. Emotional intelligence is your secret weapon. For instance, ask questions again and again until you drive to the point you're trying to make. When you ask a question, listen to the answer. Solicit opinions from those who are quieter, marginalized, scared.
13. The brand matters, but only insofar as it helps build a profitable business. And the purpose of the brand is to tap into the customer's wishes effectively, not only to disseminate your personal vision. It's where your talent meets their need that you strike gold.
14. "Greed is good" - to an extent - because it focuses you on a common goal. 
15. People will respect you if you know what you're talking about, are willing to invest in your own ideas, and dress as though you take yourself seriously. It's the combination of the three that works, not any one in isolation.
___
Disclaimer: This blog is written by Dannielle Blumenthal in her personal capacity. The opinions expressed here are the author's own and do not reflect the view of the National Archives and Records Administration, or the United States government. Image via CNBC Prime.com

Popular posts from this blog

What is the difference between brand equity and brand parity?

Brand equity is a financial calculation. It is the difference between a commodity product or service and a branded one. For example if you sell a plain orange for $.50 but a Sunkist orange for $.75 and the Sunkist orange has brand equity you can calculate it at $.25 per orange.

Brand parity exists when two different brands have a relatively equal value. The reason we call it "parity" is that the basis of their value may be different. For example, one brand may be seen as higher in quality, while the other is perceived as fashionable.

________________
All opinions my own. Originally posted to Quora. Public domain photo by hbieser via Pixabay.

What is the difference between "brand positioning," "brand mantra," and "brand tagline?"

Brand positioning statement: This is a 1–2 sentence description of what makes the brand different from its competitors (or different in its space), and compelling. Typically the positioning combines elements of the conceptual (e.g., “innovative design,” something that would be in your imagination) with the literal and physical (e.g., “the outside of the car is made of the thinnest, strongest metal on earth”). The audience for this statement is internal. It’s intended to get everybody on the same page before going out with any communication products.Brand mantra: This is a very short phrase that is used predominantly by people inside the organization, but also by those outside it, in order to understand the “essence” or the “soul” of the brand and to sell it to employees. An example would be Google’s “Don’t be evil.” You wouldn’t really see it in an ad, but you might see it mentioned or discussed in an article about the company intended to represent it to investors, influencers, etc.Br…

Nitro Cold Brew and the Oncoming Crash of Starbucks

A long time ago (January 7, 2008), the Wall Street Journal ran an article about McDonald's competing against Starbucks.
At the time the issue was that the former planned to pit its own deluxe coffees head to head with the latter.
At the time I wrote that while Starbucks could be confident in its brand-loyal consumers, the company, my personal favorite brand of all time,  "...needs to see this as a major warning signal. As I have said before, it is time to reinvent the brand — now.  "Starbucks should consider killing its own brand and resurrecting it as something even better — the ultimate, uncopyable 'third space' that is suited for the way we live now.  "There is no growth left for Starbucks as it stands anymore — it has saturated the market. It is time to do something daring, different, and better — astounding and delighting the millions (billions?) of dedicated Starbucks fans out there who are rooting for the brand to survive and succeed." Today as …