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7 Business Lessons from CNBC's "The Profit" by Marcus Lemonis

7 Business Lessons from CNBC's "The Profit" by Marcus Lemonis | Startup Revolution | Scoop.it
From equallysimple.com - March 11, 2014 12:41 AM
Lessons by Marcus Lemonis of CNBC's hit show, "The Profit", for small business owners. We take a close look at lessons learned from all Season 1 episodes.
Martin (Marty) Smith's insight:

Great companies mentioned here along with 6 great Small to Medium Sized Business Tips:

Communication
Season 1, Episode 1: Car Cash

Passion
Season 1, Episode 2: Jacob Maarse Florists

Integrity
Season 1, Episode 3: Planet Popcorn

Business isn’t personal
Season 1, Episode 4: Eco-Me

Value your people

Season 1, Episode 5: LA Dogworks

Know your numbers
Season 1, Episode 6: Mr. Green Tea

  

 

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Creativity More Valuable Than Passion for Startup Entrepreneurs

Creativity More Valuable Than Passion for Startup Entrepreneurs | Startup Revolution | Scoop.it
From mashable.com - January 27, 2014 6:12 PM
What is the most important quality of an entrepreneur?

Via Kamal Bennani
Martin (Marty) Smith's insight:

Working on my 4th company (CrowdFunde) I agree creativity is more important than passion. I've created companies based on passion and they don't dance as well. 

Passion can be limiting. The "blind side" of passion is bigger. When you develop a company that is the barest outlines of something you know will change 10x before launch it "dances" better. 

It is important to be passionate about your belief in the movement you've joined. Successful entrepreneurs don't make any money until one magic day they do.


Money is an important scorecard, one tht builds confidence and the ability to do it again (why there are so many "serial startup entrepreneurs"). 

But money can't be the main motivation or you will never make it out past the breakers. Any startup will wobble, fall and drown a little before it learns to surf. If money is the only motivation or you are so passionate you can't see the wave about to hit you and your new company then you drown. 

Drowning a little is also part of the game. So never give up. Come up for air, up your creativity and go again.  

 

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CAP Brand Marketing's curator insight, January 29, 2014 4:26 PM

Creativity is the ultimate trump card for Entrepreneurs. 
Ernest Collett's curator insight, February 4, 2014 2:59 AM

What do you think?
Nancy Barnett's curator insight, March 12, 2015 10:56 AM

Creativity enables an entrepreneur to pivot, adjust, move forward and let go when necessary. Flexibility in business is key.
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Are You An Entrepreneur? Do You Have What It Takes?

Are You An Entrepreneur? Do You Have What It Takes? | Startup Revolution | Scoop.it
From janekenyon.wordpress.com - February 25, 2014 8:19 PM
Over the past few years I have watched so many people in my entrepreneurial network walk away from their business and return to full time employment. Why? No doubt the economy is tough and in tough...

Via harish magan
Martin (Marty) Smith's insight:

I loved this post and see myself some in it. I returned to full time work, something I will NEVER do again. I love creating companies. Why would I leave that then?

Fear.

Feat is a virus that infect an entrepreneur's ability to think, pivot and see patterns that must be seen. Fear isn't usually from where or what you would expect either.

Some of the fear is related being out of step with "normal". By leaving the mainstream you leave more than you can imagine. You leave the easily available support systems that create self definition.

An entrepreneur creates themselves. Support systems will never be there when needed since they won't kick in until success is assured and that is late. By the time "success" is well known enough that everyone knows the rough waters are past.

Cancer taught me how to create a support system from friends and family and THAT lesson is why I will never work for another company I didn't start. The missing piece was learning how to cobble together a support system to successfully pass through the rapids.

Now all five entrepreneurship dimensions are present:

1. SELF BELIEF
2. SOUND PEER GROUP
3. TENACITY/CAN DO ATTITUDE 
4. PASSION/PURPOSE (creativity)
5. BE IN FLOW

Great post here about what it takes to be an entrepreneur. Interesting how MONEY never comes up :). M

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Tiffany Crosby's curator insight, February 26, 2014 8:38 AM

I hope this post will minister to you the same way it has to me. Being an entrepreneur is tough. There are many times that you may want to throw in the towel but remember why you're doing what you are doing.
Tagmotion's curator insight, February 26, 2014 8:52 PM

Terrific article that mentions the importance of being 'in flow' with whatever you're doing in your entrepreneurial venture. And provides a link to a test you can do to find out what that is.
Ernest Collett's curator insight, February 28, 2014 3:57 AM

You have to be very tough and resilient when there is no salary cheque at the end of the month!
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