So that’s that then, the eighth series of The Apprentice has ended, with Ricky Martin earning £250,000 worth of investment from Lord Sugar. Among the numerous memorable characters and scenes The Apprentice – “the job interview from hell” – has given us since first airing in 2005, there are many valuable business lessons to be learned. Here are just some of them…
1. You’ve got to listen…
One of the most underrated business skills is the ability to listen. How many times have Apprentice candidates failed because they’ve failed to listen to Lord Sugar, focus groups, suppliers or each other?
2. You’ve got to work out your costs…
Another elementary business lesson, yet so many Apprentice teams over the years have failed to work out their costs, which have often turned out to be excessive. The net result? You make less profit – or none at all.
3. You must protect your margins…
Margins ensure your business is profitable. Negotiations based purely on price ignore the far more important matter of value. Only ever drop your prices if there’s no other option, but still aim to make a healthy profit.
4. You’ve got to know what your punters want…
If you don’t, ultimately, you risk committing time, effort and money to something that doesn’t sell – because people don’t want it. If you’re in any doubt, go and speak to potential customers to find out what they want/need
5. You’ve got to be able to sell…
If you don’t make sales, you don’t have a business. Not everyone can be a great salesperson. Overtime you can get better, but until then, if you can’t sell – employ someone who can and use your skills where they’re most valuable to your business.
6. Don’t try to blag it…
To quote Mark Twain: “Better to keep your mouth closed and have people think you’re a fool than to open it and remove all doubt”. If your knowledge is lacking – keep your mouth shut. It’s not just Lord Sugar who can spot blaggers a mile off…
7. Overconfidence isn’t a good thing…
In business it can lead you into making poor decisions because you dash in rather than taking time to properly consider the risks. That doesn’t mean you should lack self-belief or passion, of course.
8. Branding is key…
How many times have Apprentice teams’ poor attempts at branding failed to impress Lord S? He knows that strong branding underpins success, because it sets you apart from your competitors, evokes your business’s personality and lets customers know what it stands for. Your branding must be authentic.
9. Location is critical…
Particularly if your business relies on footfall custom. Base your business in the wrong place and you’ll pay the price. Knowledge of your market – competitors as well as customers – will help you to decide where you should operate.
10. Things go wrong in business…
Especially when the pressure’s on. It’s how you react that matters. You’ll have days when nothing seems to go right, but you’ll have to take the knocks. Winners never quit and quitters never win.
11. You’ve gotta listen to your customers…
How many times have we seen Apprentice hopefuls meet with focus groups only to later ignore their opinions? Customer feedback is very valuable, but it can only help you if you act on it.
12. Your ‘Marketing Mix’ must be spot-on…
Your Marketing Mix is made up of the four Ps — product, price, promotion and place (ie where you sell). As countless episodes of The Apprentice have proved, if any of these isn’t right you’ll fail. And your knowledge of your product must be better than anyone’s.
13. It’s hard to sell to big businesses…
Supermarkets and large retailers aren’t easily impressed, so your products must be very special if you’re to sell to them. Even then, they’ll drive a hard bargain and probably demand exclusivity.
14. Simple is often best…
How many times have we seen Apprentice team members overcomplicate things and pay the price in the boardroom? Simplicity is often best. Remember the ‘KISS principle’ – Keep It Simple, Stupid.