Executive Summaries of Business Related Shows essay

Executive Summary for the Profit (Season 3 Episode 10, Bentley’s Corner Bakery)

The Profit is an American reality show, which is hosted by Marcus Lemonis. It involves struggling business entrepreneurs whose target is to acquire capital that is provided by Lemonis. In this episode, Lemonis visited the corner bakery in Chicago, which provides natural organic pet foods at manageable prices. The bakery is owned by Giovanni and Lisa Senafi and it has seven other locations in Illinois, but some were performing poorly and earning no profits. Lemonis suggested that the bakery would improve if certain issues were ratified. The issues that needed to be addressed included solid leadership, the introduction of an inventory system, a better communication system, a limited number of products offered, and the provision of products that do not match their standards. Lemonis offered $1.7milions investment to improve the operations of the outlet. Giovanni accepted the deal, which provided for the creation of a warehouse, as well as improved communication and branding of the whole enterprise.

 

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There are three takeaways from this experience. The first one is the fact that every business requires effective managerial skills and knowledge. Senafi needed this to run his business successfully. In addition, communication systems should be updated to remain effective. Second, flexibility should be considered from every angle of the business, including operations, learning, and customer consideration. While Senafi had a limited scope of operations, Lemonis provided a landscape view, which assisted in the branding of the enterprise on a national level and provided the variety of products offered. Lastly, business goals and objectives should be clearly outlined, and they should be in line with personal goals and objectives. Bentley’s Corner Bakery had no goals initially. Lemonis introduced working strategies that were enforced through the creation of both short- and long-term goals. From this perspective, the bakery looks forward to a larger national customer base with many branches across America.

Executive Summary of Undercover Boss (Season 3 Episode 3, Marco’s Pizza)

Undercover Boss is a reality show in the United Kingdom. It was created by Stephen Lambert. It showcases a high ranking executive or owner of a business organization or company who works as an undercover in the same organization chiefly to investigate how it works, provide information for improvement, and reward employees. This episode unveils Bryon Stephens, the chief operating officer of Marco’s Pizza, undercover as Jay, a technology enthusiast, who had won a reality show feature. He worked at a distribution center in Ohio before moving to Florida. While in Ohio, he discovered security problems and complaints from truck drivers who stayed away from their families for long periods. In Florida, he worked under the supervision of Tyler, the general manager. He was moved by Tyler’s decision to forego college to help his mother. He also discovered that the Texas branch required marketing. As soon as Stephens revealed his identity, he promoted workers, offered scholarships, improved security, and gave holidays to employees. Therefore, this helped him implement strategies that he needed to move his business to the next level.

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Thus, one key takeaway is that business ethics is important in every operation of an employee and the whole enterprise. Stephens promoted the workers who deserved higher positions, offered scholarships, and provided his employees with the equipment they needed. Secondly, it is also important for executives and business owners to maintain a balance between the business and the family or relationships. Stephens had a strained relationship with his family. He did not spend much time with his family due to the commitment to his business. However, he resolved to spend enough time with his family after the undercover episode. Lastly, there should be a system for addressing problems facing a business. Only during the charade, Stephens realized that his business was facing certain problems about which he had previously had no idea.

Executive Summary of Dragons’ Den (Season 13 Episodes 3, Ideas and Business)

Dragons’ Den is a reality format that features businesspersons who offer their ideas to be turned into working business enterprises and the capital finance providers. It involves contestants who are product producers or certain providers seeking to receive funds from the "Dragons," show’s investors, who invest in the idea once it proves to be lucrative and they all agree on the business terms. It is hosted by Evan Davis. In this episode, the first contestant, Charlotte King, presented an idea about ShoeLicks. It was about the provision of colorful stickers for soles of high-end street fashion shoes. Other entrepreneurs included Andy Needham and Dan Cluderay, with an online food business, referred to as Approved Food Limited. It provided foods collected from buyers who did not need them and sold them before their expiration date. Dana Zingher and Levi Young were the last contestants with the ‘Enclothed’ idea, which involved online shopping service for men. They developed a profile that would suit every customer and delivered items to the men who did not enjoy shopping or who wanted to save time. These two were offered a lifetime deal.

Three things were clear from this show. First, business growth is favored by a larger market and target customers, which nurtures expansion to other favorable regions. This worked for the ‘Enclothed’ enterprise. Second, the increased use of technology that simplifies business processes, including transactions and service delivery, is among the best improvements that attract more clients. The online shopping service for men, in particular, addresses the concerns of males who do not enjoy shopping, but can do this online with ease. Lastly, the financial position of the business in terms of profits, loss, credit and debit account figures, and data determines of the majority of decisions made by owners and investors. King’s business had lower profit margins and thus could not attract investors.

Executive Summary of the Shark Tank (Season 7 Episode 15, Sharks and Entrepreneurs)

The Shark Tank is an American reality show that brings together investors (sharks) and entrepreneurs with ideas to start businesses. Investors are presented with ideas and, in instances where they are viable, they are taken up to be molded into great businesses. This particular episode was graced by Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O’Leary. The first potential entrepreneur was Sara Moylan who had an idea about a custom sports bra that is adjustable to fit different sizes. Moylan and her husband finally landed the deal for the investment. The second entrepreneurs were two colleagues from Denver. Their idea was a device charging backpack, which also provided for a wireless hard drive. The hard drive can be accessed by the charging phone remotely. Their idea, however, did not impress the sharks, especially pertaining to the patent rights. The third idea was the combination of a portable cooler and an air conditioner. The two can be carried anywhere in the outdoors. The final entrepreneur, Patel Shaan, with an idea of a perfect SAT score, provided a website that would help to raise SAT score.

There are three lessons from the whole episode. The first one is that every business idea must be thoroughly researched and examined for viability. The research will provide information in terms of demand and the market share. Scrutiny of such information increases the chances of the success of the business. The second lesson is the size of the investments needed and preference for partnership. The amount of investment put into the business determines the level of its operations and it is determined by the level of production. At the same time, a partnership will determine the individual percentage share as stipulated by the investments. The last lesson is sustainability. There should be plans for the continuity of the business into the long run period.

Executive Summary of Restaurant Startup (Season 3 Episode 1, Raising the Stakes)

Restaurant Startup is an American reality show that convenes restaurant entrepreneurs and investors who are ready to make their ideas practical. It involves the presentation of the idea that is accepted by two investors who provide financial funding, including the location of the restaurant. The restaurant is then given a short operational period to test its sustainability. This episode was presided over by Tim Love and Joe Bastianich. First contestants were Vinny Accardi and Trevor McGrath with an idea of reinventing the steak house and making it affordable. They would name it 55 Steak. The next contestants were a couple from Sacramento with an expansion plan for their initial idea of a combined pub and restaurant. However, this could not work because of the high prices in the area due to a building boom. As a result, Accardi and McGrath received investment.

There are three things to learn from this episode. First, businesses are reconstructive. In this perspective, they need to be updated just like software because customer’s needs are varied and customers are different, as well. In the case of the steak house, the two entrepreneurs reinvented their initial idea. They also changed the location to serve more customers. Similarly, the couple combining a pub and a restaurant was out of the normal code. Second, business investments determine how successful the business will be. The more funds are channeled in a venture, the higher will be the degree of success it will attain, provided there is effective management. Businesses with low capital investments make fewer profits and are more likely to fail in the end. Lastly, the location and the purpose of the business greatly affect its growth and success. The best business idea should target the immediate needs of the public. A strategic location establishes a large customer base, which provides a perfect scenario where supply and demand are harmonized. In this case, McGrath and his colleague established their business in different locations to provide a basic need for a new market.