TV can provide great entertainment. However, not everything we see on our television sets is broadcasted for entertainment purposes.
There are certain TV shows that are made to be informative and create awareness among people. You can see various shows promoting health activities or information oriented shows. One such show is “The Profit” that is telecasted on CNBC. The show is presented by Marcus Lemonis and it teaches the budding and entrepreneurs to upscale their business and widen the scope of profit.
Let’s have a look at the small business lessons that you can learn from watching this show:
Carefully Manage Your Risk
Many entrepreneurs are not so comfortable taking risks with their small business. Since they do not have large capital to accommodate the risks and their backup plans aren’t equipped with an adequate budget, risk taking for them becomes a difficult task. They are afraid of losing their current financial status if things did not go as per their plans.
However, risk-taking make for an important aspect of growing the business and Marcus Lemonis have stressed on this fact on his show in a number of episodes. If you will not take the risk your business will be stagnant and chances of growth will be slim.
Risk taking is definitely not an easy task. In many episodes of “The Profit,” Marcus has taught us that risk should be carefully managed. All the important details should be covered and backup plans should be prepared to tackle the risks associated with the proposed risk.
Cultivate Strong Relationships with Employees
Global economic conditions have created job insecurity in employees and certain employers are taking full advantage of this fact by pushing the boundaries by burdening them with excessive workload. An important lesson Marcus Lemonis has taught us through his show is that we should treat the employees as our assets rather than workers.
Recent research shows that about 13 to 14 percent of employees are bullied at their workplace by their employers. Employees, if motivated and rewarded, not only complete their assigned duties in the most efficient manner, but also help in improving the overall productivity of the business. This should be a key part of your small business management strategy.
Know When To Cut Your Losses and Move On
Many times, you may come across certain ‘stubborn’ people that you partner with for business purposes. Dealing with them becomes difficult and ultimately the business suffers. Marcus was smart enough of let go off those business endeavors at the earliest. Although he incurred some financial losses as a result, it was better than bearing huge losses at the later stages of the business.
The point Marcus made through this move is that it is difficult to change people and their views especially if they are stubborn. The key to a successful business is to have the right place at the right time with the right people.
The lessons from the show are not only limited to above-mentioned ones. The show is a must-watch for every small or budding entrepreneur to polish up their skills and garner huge numbers for their business.
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