Entrepreneur Marcus Lemonis' tips for success

The host of CNBC's "The Profit" gives out advice to some entrepreneurs in our audience.
8:44 | 02/04/20

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Entrepreneur Marcus Lemonis' tips for success
It's got a few art would do in our studio audience who hope to get some advice from markets but. First marred what you'd answer key keys without question. About starting her own business well first of all we need to tell the folks at ABC that you actually thinking about having a side hustle out all. So that number one thing is to have full disclosure with the people that you're working with so they understand what you're doing that the second thing is to have a plan. And so everybody thinks it's glamorous donut business and the challenge of owning a businesses that you're the last one to get paid. And your main occupation. And then. So I think you're doing good right now let's just like. Do you heard admit I give my. Now go take audience questions still. The F tonight in his hand from Brooklyn and I'm. I'm then any hidden. I'm an up and coming until January and I had the vision for a socially conscious brain and then eventually help nonprofits. And I have the creative division all that. On down pat but I guess where my strong suit is in. Is where like the financial in the business aspect like I hire somebody for that would I like what would be your suggestion. Well I think ultimately there's two things right what I want you to learn it and I don't want you used to say well that's just not my area and hire somebody doesn't need you to learn everything about your business because you don't want somebody taking your money Greg. That's number one. Numbered soon if there are resource is out there a collaborative resources where you can be part of an organization it's a you don't have to hire an employee you bring in a partner. You can find small accounting firms that are helping keep your books. But again I'd rather you took some crash courses that lighter on the weekends city you know how to do your own books cash or own checks and most importantly. Write your own checks and joining but he writing your checks would definitely help local calling it how much he finds things we could find a lot of stuff on line mean you can just unfortunate is global. How to I learn how to do math how I learned accounting. And we we laugh but it is a problem in this country where people are embarrassed to admit what they don't know and I always tell people look there's a lot that I don't know. It's better just admitted I think people will try to help you mark yeah but if you don't understand the basics of accounting for global accounting classes and compare form. We thought it meant clip would be gentlemen with paying more to produce the product yeah I've got to tell is that a bad business I think they'll look pretty bad the ideas I thought I think you. Look at now high fuel and Gillie I Gary thank you know are you gonna sing. I would you like me yeah. I'm the founder and CEO of an amazing organic skin Caroline's home. I am sold and multiple holes he had beautiful skin by the way yeah. I received. Yes on the market happy he's given everybody free skin care today right. You give us. I yeah. You're looking for side hassle I've got some room on my team not the dollar I like it. So okay son in multiple foods wellness centers and tugs on his on line up some great retail stores I'm cash flow positive that's. Making money however last year I spends. All of it on beautiful repackaging which is really going to up the game of the of the of the line. The question for market says do catch up. With all this spending and spent so much to catch up and continue on the slow steady growth path. Or two I just continue to spend. Go out there higher and higher. Sales force here in other words get a financial partner the and blow this business out of the water it's my wilder street. It's like think I think the answer is twofold number one I'm glad that you invested in packaging and so when you think about a product there's primary packaging which in your case would be the jar. I'm their secondary packaging which is what the jar goes in the box on the shelf. Do we have a very limited amount of time to talk to somebody and cut and companies don't invest enough in packaging. Because we as consumers want to have our eye caught we also want to know that we got a good deal we don't want to feel ripped off and so there's a balance between. Beautiful packaging and maybe overspending on packaging the second thing is you have to really determine what the right path for US. And I don't think any of us can tell you yes spend your money right you have to know when the right time to spend your money is and I don't really think there's. There's examples of rocket ship companies but I'd rather have slow and steady win the race Hank good cash flow good savings no debt. And just make money and I understand you're also a mom. Right now my mow Weiss and a mom of 32 teenage daughters and a ten year old so. Hi I usually get in trouble for sale is the hardest job in America in my opinion is to be a mom for new I agree it is the hardest job. I appreciate someone. They be given game you. Okay. Good morning everyone and there are many markets thank you for having me my name is Isaiah edwards' arm from Miami Florida Shane Olivea. No fun there right Miami Gardens, Florida behind my house is right in front of the sunlight stadium and its annual video and wall but I guess Tom. I'm the president and founder of the nonprofit organization thank you for doing see us. They areas of my organization focuses on public hell if focuses on affordable housing accounting and finance and promoting higher education and within the black American or Latino American communities Randi decaf thank you for. Organization is the Isaiah John it was legacy foundation scholar way Isaiah John that was legacy foundation OK and that is my first name middle name and last name because that's when I do believe we are here for purpose. And 1 day I am gonna that I do want to leave something behind that is and I want to able to save. This amount of people in this area is succeeding gets it where they needed to be but one of the issues that I'm having is building relationships with businesses and actually. You know business is there farm where the black. America's in the Latino Americans support her have been a difficult time you know finding and you know supporting organizations that are supporting their business is so. One of the weight one of the questions are when it's actually was how to build a relationship with them and try to convince them to commit to her organization as far as finding it. So first of all I'd like to make a 101000 dollar donation. What I have strings attached yeah everybody knows the LA. It's important one network combat promoting community that we're both from in the fact that you're really working on helping people improve their life is a big deal to me yes that's a business and sometimes people forget that that's a business yes but what I want you to do with the money is used it to build your social media plot yes sir. And the reason that I want you to do that is businesses in the community want to be included and known for being community activists yes that's the way to use it is to do videos and things but you packed them in and the old include the man. People love to raise money. Yet as people allowed to give money but it's hard and sometimes unfortunately peer pressure he's an important thing that you have to use and social media is a great platform yes so I know that I've missed 101000 dollars will be used specifically. About that Carlos Lee for that purpose we got to hear a yeah. Again only for building a social media platform that will influence corporations to give back to your Yasser. I mean. So unexpected and don't let as well deserved welded the investment. Even sitting here now. What have you any time you wanna come back to door to eat guys that the I think we will do it audience enjoyed them. The plan that's so what Annie Douglas didn't get me some money back now. It's just me that doesn't work with him. I didn't see him.

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"8:44","description":"The host of CNBC's \"The Profit\" gives out advice to some entrepreneurs in our audience.","mediaType":"default","section":"ABCNews/GMA","id":"68752535","title":"Entrepreneur Marcus Lemonis' tips for success","url":"/GMA/Strahan_Sara_and_Keke/video/entrepreneur-marcus-lemonis-tips-success-68752535"}