I love Shark Tank. I have watched every Shark Tank episode since the beginning of Season 2. I have analyzed each of the episodes, and have given “Sharky Awards” to the entrepreneurs giving the best presentations.
I consider it to be a great show for all entrepreneurs….both current entrepreneurs and wannabe’s who are dreaming about becoming an entrepreneur someday. The show is both entertaining and has many teachable moments.
Alas, Shark Tank is on hiatus while preparing for Season 5 (which premiers in September). In order to get my “entrepreneur fix”, I decided to watch the first episode of “The Profit” on CNBC.
I was a little hesitant to watch after CNBC’s last attempt at an entrepreneur-based show…..”Crowd Rules”. That show lasted all of two episodes. It was a dismal attempt to compete with Shark Tank.
I was, however, pleasantly surprised by “The Profit”. It features Marcus Lemonis, who not only invests his own money in an existing (troubled) business, but also goes on site, rolls up his sleeves, and shows the owners how to turn it around.
Despite Marcus’s no-nonsense on-screen persona, he deftly teaches the entrenched entrepreneurs how to make the tough decisions needed to run a successful business. I like to talk about the 4 M’s of entrepreneurship…..Mindset, Marketing, Money, and Management. Marcus touched on each one in the premier episode where he invested his time and money in a New York City used-car company called Car Cash.
For example, he successfully changed the Mindset of the two brothers who ran Car Cash. The business had been started by their father and they needed to be convinced to stop doing business the old way and take advantage of the new opportunity to change the business model and take the business to the next level. Marcus prevailed.
He changed the Marketing approach by changing the physical look of the business and the used-car price quoting process. He also helped the owners create professional radio spots to attract new customers.
Marcus analyzed the Money situation very quickly and helped them increase margins by $2,000 per car. He used some good old-fashioned business logic by teaching them to spend less and take in more. (BTW, don’t you wish Washington, DC could learn how to do this!).
He addressed the Management structure and clearly outlined the responsibilities of each brother so they weren’t stepping all over each other.
“The Profit” is a great title for this show. If the first episode is any indication, it will give business owners in all industries tons of ideas on how to survive and thrive by increasing their profitability.