The James Altucher Show Ep. 255 – Marcus Lemonis: The Way To Gain Confidence in Yourself and Your Business

Listen Here

How does Marcus do everything that he does? How does he fit it all in?
  • Marcus is the CEO of Camping World, and is also invested in about 109 companies
  • He estimates he has at least 50 active businesses that he’s involved in at this time (on which he helps at least twice a week, for more than two minutes)
  • He also has his TV show – The Profit
  • “It’s very difficult to be a small business owner and have balance” – Marcus says he doesn’t have great balance, but he loves what he does
  • He doesn’t have kids, this obviously helps
People, Process, Product
  • These are the things Marcus looks for
  • Product – people need to be able to understand it, relate to it, and it must be relevant
  • People – everything involves relationships, so you have to be able to connect with people
  • Process – all about implementation
  • Why do businesses typically fail? – people don’t get along, and then the process and product either fall apart or don’t get developed
The Profit
  • Before he goes to the businesses, he has no information (no financials etc., just the company name)
  • “To grow a business, put your personal self out there and connect with people. Put a heart with a face, not a name with a face.”
  • “One of the mistakes people make in business is not connecting with people (vendors, neighbors, stakeholders, employees). Get people to really uncover who they are.”
  • Marcus does the show so he can change people’s minds about why businesses are successful
  • The art of persuasion is very important. You can persuade people to do things by being appealing to people’s senses and inspiring them, or intimidating them
  • He tries to impart a sense of how to think about other people in relation to business
How did Marcus deal with losing his mother?
  • He hasn’t really gotten over it
  • It forces him to be more empathetic
  • Marcus was born in Beirut. He was eventually adopted by two American parents and was an only child.
  • He suffered from many fears of abandonment, he was molested, had an eating disorder, and attempted suicide twice – WE’RE ALL HUMAN
  • Marcus still suffers from depression/anxiety. He stays as busy as he does to help him not fall into these traps.
  • “If you want to gain confidence in yourself, get into business”
  • Little goals and wins can really change a person
What’s a business mistake that’s occurred for Marcus that’s changed his outlook on business?
  • One investment he made in Farrell’s Ice Cream
  • The mistake – he misjudged the character of multiple people
  • He continually makes the mistake of falling in love with people, and then romanticizes them
Why does Marcus think he can fix people?
  • He’s really good at understanding people’s motivations, why they do certain things, and act certain ways
  • He likes pushing people to really see the logic behind their decision making
How did Marcus unlock the skill of self-awareness? How did he learn about himself so he could build these businesses?
  • He used to think he knew all the answers
  • Now, he asks for more opinions and asks more questions
  • If you’re young and single, you can be reckless and make more mistakes
  • As he got older, and was responsible for a family, his decisions had to be more calculated
General Business Advice
  • Think in terms of a consumer when evaluating your business. Would you buy this?
  • Ultimately, we’re all better when we receive help from experts
  • It’s really important to be able to ask for help, no one knows everything
  • Another huge business mistake – not being able to admit you don’t know something.
    • James cause this the ‘smoking crack’ bias
  • Go out and ask questions
An example where Marcus got stuck and asking questions helped him
  • Aug-Sept 2008 when the market crashed
  • Being in the RV business, things weren’t looking too good
  • Marcus started reaching out to lots of people for advice (peers, even employees)
  • “When you take care of your people, as best as you can, when shit goes bad, you’ll find out who’s gonna be there”
  • If you take care of your employees, they’ll take care of your customers
Negotiation Tactics
  • Marcus thinks if he doesn’t put enough money in today, he’ll have to put more in later, so it doesn’t make sense to just dribble in a little
    • Solve it now or later
  • He wants the founders/owners to have skin in the game
  • He’s investing for the long game, in the people more so than the business
  • There’s lot’s of cross collaboration between his businesses, they all help each other
Marcus’ Rules
  • Don’t do business with people you don’t like
  • Marcus only does things he gets enjoyment out of, it’s always been this way
  • Cut your losses quick, don’t chase things
  • “I want to leave this world with a legacy. I want to be the guy who changes the way people think about small business.”
  • The handshake does matter
  • You have to have a purpose in business, and it can’t be charitable. Charity can be a side effect.
  • You don’t have to be an asshole to be good at business
  • More people is better than less people. Different people offer different, helpful things to the business.
James Altucher Show : ,
Notes By MMiller

More Notes on these topics

Top Insights and Tactics From

31 Best Podcasts of All Time

FREE when you join over 35,000 subscribers to the
Podcast Notes newsletter

No Thanks