Marcus Lemonis, the CEO of Camping World, serial investor, and star of the hit CNBC TV series The Profit, has a blunt message for New York entrepreneur Elizabeth Frank: "Being successful ... has costs."
He says this to Frank, who heads up the staffing and modeling agency Eye5 Mktg & Talent, when she appears as a guest on Inc.'s inaugural episode of the Ask Marcus Lemonis video series.
In each new episode of the series, which will be published Tuesdays on Inc.com, a featured entrepreneur can ask Lemonis one question about his or her biggest business challenge. For Frank, that challenge was whether or not to take on the "risk" of hiring more full-time employees.
While Frank doesn't see herself as gutsy--she describes herself to Lemonis as "habitually a very low risk taker"--Lemonis immediately rejects that this could possibly be true.
"You take on all these clients, all over the country, in markets outside of where you live; you have 1,200 contractors that represent you and your brand. That's a big risk to take," he says.
Lemonis diagnoses a different issue. He says that a reality of entrepreneurship is recognizing what you may have to sacrifice personally in return for going after more business opportunities.
Ultimately, he points out that Frank's particular decision--whether or not to aggressively expand--has little to do with Eye5's cash flow statements, and more to do with what Frank would have to give up in her personal life to make it happen. As Lemonis adds: "It's not just writing a check. It's … like giving a part of your finger forever."
For more on the price of entrepreneurship, and Lemonis's take on Frank's leadership style, watch the full episode above.