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Marcus Lemonis: Is Entrepreneurship For You?
Posted
December 13, 2018
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8,079
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December 13, 2018
8,079
166
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2.09%
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3:34
1:12Now PlayingIt's not easy to be an entrepreneur, and according to Marcus Lemonis, self-made multimillionaire and star of CNBC's "The Profit," not everyone is cut out for it.
Twenty percent of small businesses fail within their first year, while half don't make it past five years. And those that do succeed take an incredible amount of hard work.
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So when it comes to staring your own business, Lemonis, who is chairman and CEO of billion-dollar company Camping World, tells CNBC Make It he has "five red flags" that signal entrepreneurship may not be for you.
1) "You're more concerned about the money."
2) "You're more concerned about the fame."
3) "You don't want to put in the time."
4) "You care more about yourself than your employees."
5) You don't understand that "the customers are No. 1"
"I mean, I can probably give you 10 [red flags]," Lemonis tells CNBC Make It. "But those particular five demonstrate, for me, a level of humility in being a business-owner and a level of modesty and a level of self-awareness and a level of understanding who ultimately drives the business."
In other words, entrepreneurs need to be humble and patient enough to realize that it takes time to grow a small business; dreams of a big payday or fame might have to wait. What's more, a small business is a team effort, and founders should not take sole credit.
"There is no one captain of the ship," Lemonis says. "And, if there is, that captain better have taken direction, taken advice, learn from listening to the entire crew. And, if they don't, the business owner is going to be going down with the Titanic."
Lemonis, who has starred on "The Profit" since 2013, has seen countless struggling entrepreneurs who don't have the right priorities or who are unable to listen to their employees, and it's bad for business.
"It surprises me how people continue to make the same mistakes; shocks me," Lemonis says.
CNBC's "The Profit" airs Tuesdays at 10 p.m. ET.
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
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'The Profit' star Marcus Lemonis: 5 signs you shouldn't start your own business | CNBC Make It.
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