How To Get Ahead In Business Richard E Grant

he's a businessman inventorphilanthropist and television personality with an estimated net worth of150 million dollars. he leads close to 6,000 employees in over a hundred citiesacross the usa. here is marcus lemonis and here are histop 10 rules for success. make a plan. you know there's this myth that peoplethink they don't need a business plan and oftentimes i find businesses have anidea, a great one, and where they miss it is the execution. they don't go throughthe process of writing things down anytime you can take pen to paper andwrite out your ideas share them with other people, get feedback, is can be a white board in an office itcould be notes taken on your computer

can be a light board in an office hecould be notes taken on your computer or in a journal but i want to start withsomething that says here's of my products or services here's how i'm gonna attack the markethere's how i'm gonna beat the competition, here is how i am going to learn from mycompetitors, hear is i'm gonna take from my customers, and here's the kind of peoplei need to surround myself with. if you don't answer those questions and then you are really justkind of like playing a dodge ball game - go out there and wing it and at some point you are going to get wacked on the side of the head. you know cash flow to me is important, but working capital from thebeginning is also important i find that

people come to me with the projectionabout their business. itâ´s a brand new idea, they think they're going to make moneyin six months. they don't make money in six months and they donâ´t have a backup planthay donâ´t have a reserve they donâ´t have a line of credit and so they go out of businessand that's probably the single biggest reason why businesses close. notbecause the idea is terrible, not because they have bad people but because don't have sufficient level working capital. one of the things that i do before i go to bedat night as to make a quick list of the things that i know i have to dealwith the next day. i try to get those things knocked out before noon because fromnoon on it's kind of like the wild wild

west i don't know what's gonna happen idon't know what new issues are gonna come up and so you want to be really be smart aboutyour time. knock out the things that you have to do. i have to talk to what doi have to review. what do i had to do with a bank or an employee or one of thebusinesses. you want to get out what i would call the housekeeping. get the housekeepingdone in the morning and then you have to kind of go farm the fields for the restof the day part of thechallenge for me at least is that lines get very blurry of when the day actually shuts off and that can present a real challenge to you –to yourpersonal life and your friends and that

balance so it's it's hard but the firstpart of my day is the focus. i tell you that we need you here and this is more importantthan any pie we are ever going to make. i'm gonna need your help before you leave becuse igotta get some stuff done and you're going to be our leader here. ok? ok but inorder for you to be able to have peace of mind i wanted to give you somemoney. i'm gonna give you six months worth of pay. when you come back you willbe fully in charge of this location and i'm gonna pay you $1,000 a week so youdon't have to bartend. i'm gonna give you a check and it should help you justkind of just be able to rest to carry your baby and then come back here, youâ´re gonnabust somebodyâ´s ass.

wow, thank you the reality of it is that the employee isnumber one because if the employee is happy, ultimately the customers will behappy. if the employee is happy they're going to take care of the assets of yourbusiness if the employee is happy they will have apride of ownership and will stand side-by-side with you and fight during the tough times and the celebrate during the good times if you take care of youremployees they will put the customer first. but if you don't it won't matter.you wonâ´t see any customers if you don't take care of your employees. will be nobodyto help you and you will have no business.

i say follow your passion. i see if you have a passion for business you also better have a knowledge of itand so if people want to have a business they better have worked for somebody elsefor a while and they better have an intrinsic knowledge of that industry. it would be like me getting into the barber business and i neverwent to learn how to cut hair. if i don't have a knowledge if, then i better have a partner or i better have a manager orleader in place who's vested in the business who does have a knowledge. so three guys want to open up a

restaurant because they think it'scool to open a restaurant but none of them know how to cook or just wait tables-thay shouldn't be in that business. entrepreneurs who have authored aproduct or process that isn't working today have to make the bold step ofreinventing themselves. i talk about it all the time how over the course of mylife whether it was the 12 years old or 18 years old or 25 years old or eventoday i'm constantly working to reinvent myself. i'm not any different than apackage on a shelf. people have to feel that it's relevant. to have to see thewarning labels they have to understand the contents and has to be appealing ithas to provide value to people and so on

an entrepreneur has a product or processthat they've offered and they're not willing to change it then they're goingto end up like circuit city or montgomery ward or sears or fiat orwhatever these brands are the don't exist anymore. every single company in this countrytoday if they're not evolving they're dying and i don't know why anentrepreneur would think they would be exempt from that process i'm notinterested in there you go i'm not interested in their pride and notinterested in their feelings i'm interested in their business beingsuccessful and so i think not only

does your business have to do it but we have to do it as well lets talk about the myth tha your product is already good enough. people often develop a newproduct and it's fantastic and it hits the market like in a blaze of glory, it sells and has back orders. delivering a good product or service today they're stillgoing to expect something better tomorrow. the one thing you have to worryabout is there's a competitor out that is somebody that can mimic your offering soyou always have to stay and so when products don't morph into something new, theydon't develop into something better smarter and faster, (less expensiveprobably thatâ´s the biggest takeaway) less expensive then people are going to findalternatives for. me i like to go out

to study the competition. that's how ireinvent myself i go to study business are not exactly the same but they run theirbusiness with a set of ethics and a set of principles that are second to noneand they can be in a space that completely different than mine but ilearned something from them. i donâ´t think we do that enough. how many people you meetat a party at a restaurant that tell you they're entrepreneurs in the past i used tosay now does that mean you don't work and so an entreprenuer to me is is kind of oddnonsensical word. you are either a business owner or you are a team member one ofthe two and i think being a business owner is the hardest thing to do in thiscountry to take your money not your

mother's money but you take your moneyand you invest in an idea which is essentially investing in yourself but ifyou do it solely to make money you're going to lose and you really have to doit and i know that a lot of people out there get up every morning and they hustleand they're driving in the car right now they're on the way to a job that theymay not love not and i would encourage them just to stick to the ground get the paycheck pay the bills learnlearn lear. too many young kids out of college to me they're entrepreneursand i tell them you can't be an entrepreneur until you've worked forsomebody else and you know what it feels

like to be fired, to be called onthe mat or to be harassed or to be mismanage. you gotta know what that feelslike so that when you're on the other side you can be respectfu. you knowi have a terrible fear that i lay awake at night with, failure and then the embarresmentthat comes with it and so people like to have a lot of pride and say i'm not embarrassed and i think anybodythat's an entrepreneur deep down really deep down there so has fear of failure.what will people say. what will people think and it's hard it's a hardchallenge and so i try to ignore it as

much as i can but i find it kind ofhaunting me and so i pushed through because i really believe that i have anobligation to keep trying and trying and trying and i had plenty of failure in mylife - what happens was, when i turned 35, 2008 happened i became much more comfortablewith admitting my vulnerablilty, admitting my mistakes saying when i was wrong showing my cards and saying stupidcrumbs could be one of those situations where i try to outsmart something and noi don't think it will happen, but i have to be realistic should anything could fail. i go throughthousands and thousands of applications and sometimes i pick businesses withproducts that are exciting and sometimes i think a

business is pretty ordinary. whenit's ordinary and in its market is saturated the biggest challenges you now dealing with thecommodity and so whether it's a coffee shop or yogurt shop the question is isthe product relevant in the marketplace and if it's saturated can you rise tothe top of the list. i want to encourage people not to run away from saturatedmarkets but i want you to run away if you don't have the time, the resourcesthe energy, the people, the process or the attention to detail to be best in classso if you are going to open up a coffee shop in a very crowded market you betterhave something that unique it better be experiential your product that would beamazing

your process better be on point and thepeople that sell it better be better in product knowledge and better in experiencethan anyone else. i guess a different way to look at it is if you go into anindustry that's not saturated should probably ask yourself is there a reason thatnobody else has. i can't be the only person with thisidea and so you get into a business that's not saturated it may tell youthat there's not really a market there. i think i'd like to get into the hangerbusiness i mean is that saturated is it not is a reason that everybody's not in iti don't really mind whether it's a trade

or not i have to like the product has tobe relatable and has to be not totally recession-proof but it has to be kind ofrecession proof i think it's important that if you're going to get into abusiness you're thinking about taking your last $50,000 and getting into it gettinginto something - you better have something that is unique if it's going to be a commodity and youbetter make sure that you really understand what happens when the economygoes up and down and study thoes trends. thank you so much for watching i madethis video because black asked me to so there's a famous entrepreneur you upwith a profile next leaving a comment

below and i'll see what i can do i'dalso love to know which of market slowness is top ten rules you like themessage meant the most to you leave it in the comments i'm going to join in thediscussion thank you guys so much for watching its new to believe