Today’s Show Recap
Thanks for listening to Makin’ It. On this week’s episode, on Show Buzz, Tommy, Todd and Brittany take a look at “Hotel Hell.” On The Fix, they discuss how Ringling Bros. Circus could have survived. Also this week on The Danger Report, they take a look at Scottrade. Finally, on Makin’ It or Breakin’ it, the gang poses the question: Can a 25-year-old CEO be trusted? Let us know what you think of the show in the comments section at the bottom of the page!
Step right up! It’s time to start the show!
Show Buzz:
Tommy, Todd and Brittany start the show with Show Buzz, and this week they take a look at FOX’s “Hotel Hell” featuring Gordon Ramsay. Like other shows that help save small businesses such as restaurants and bars, “Hotel Hell” takes a look at small business owners who run bed and breakfasts. Ramsay goes in and helps these owners get it right, typically by having them focus on basics such as cleanliness and customer service.
However, in comparison to restaurants and bars, running a bed and breakfast comes with an additional load of problems. Broken beds, showers not to code, plumbing problems and bed bugs are just some of the problems Ramsay has run into on the show. And, many of the owners have no idea how to run their businesses, having gotten swept up in the romance of owning a bed and breakfast. In the end, their hotels are still businesses and need to be treated as such. The show proves that some people can’t see what’s right in front of them, and that many of the fixes are no brainers, such as cleanliness. Doing the basics can truly turn any business around. What do you think of “Hotel Hell?” Have you ever run a bed and breakfast? What is important to you when you stay at one? Let us know in the comments section.
OMG Fact of the Week:
The idea of painting your fingernails originated in China where the color of someone’s nails indicated their social rank.
The Fix:
In the next edition of The Fix, Tommy, Todd and Brittany discuss things Ringling Bros. Circus could have done to save the show. An American institution for 146 years, nostalgia alone wasn’t enough to keep the Greatest Show on Earth alive. But could the show have been saved?
Ringling Bros. Circus had plenty of indicators that they needed to change their business model and plenty of opportunities for growth, yet they stuck with their traditional methods, and the show ended this year. However, the writing was on the wall for the circus, but they didn’t make any changes. Declining ticket sales and higher operating costs were a key indicator the show needed to do something. Additionally, they were aware of all the animal rights groups and patrons having no desire to see elephants perform or in chains. Yet, they only removed the animals from the show last year. Also, they failed to innovate their shows in a similar vein as Cirque du Soleil, which has become the reigning circus show because of their ability to keep on trend by having new themes and interesting performances without the use of animals. Ringling Bros. could have adapted to a show similar Cirque du Soleil, and they could have capitalized on aerialist Nik Wallenda’s fame. Yet, the show held firm to its roots.
The closing of Ringling Bros. Circus is another example of how businesses have to have foresight and keep innovating toward current trends. However, oftentimes businesses see things as going great and don’t want to change. But, being proactive in business and going with the cultural trends could be was keeps the business alive. What do you think of Ringling Bros. Circus closing? Why do you think it closed? What do you think could have saved the show? Let us know in the comments section.
The Danger Report:
In October 2016, TD Ameritrade and Toronto Dominion Bank announced that it would purchase Scottrade for $4 billion. Based in St. Louis, the discount brokerage has been operating since 1980. Compressed margins in the industry are likely the main reason for the merger. The combined company will have more than 10 million accounts and nearly one trillion in assets. Speaking to the “St. Louis Post Dispatch” after the agreement, Scottrade founder and CEO Rodger Riney explained the business had become very competitive, and a larger scale would help lower costs. In a letter to customers, Scottrade president Peter deSilva explained the core business and network would remain in place, but they might be changing the name. What do you think of the Scottrade merger? Let us know in the comments section.
Makin’ It or Breakin’ It:
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week they ask the question: Can a 25-year-old CEO be trusted to run a company? In most cases, a 25-year-old does not have the life experience to be the CEO of a large company. There are many necessary components that come with life experience that enable a person to successfully run a company. A CEO has to be able to influence, inspire and persuade people as well as be able to negotiate with banks.
However, just because a person doesn’t have experience it doesn’t mean he doesn’t have the qualities of a leader. A 19-year-old could be a born leader while a 60-year-old doesn’t have any leadership skills. Age isn’t necessarily the qualifying factor for a CEO. In fact, a 25-year-old could be the CEO of a trending technology or social media company like Facebook was in its infancy. Also, if it’s a small startup business composed of five people, a 25-year-old could certainly be the CEO.
But, generally speaking, 25-year-olds, even those who have degrees, don’t have the life experience to run a large company because they haven’t amassed the skills necessary to handle all the adversity that comes with being a CEO. Do you think a 25-year-old could run a large company? What do you think it takes to run a large company? Let us know in the comments section.
Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at info@makinitnow.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).
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Additional Resources for Entrepreneurs:
Order Tommy’s new book, The Way of the Rich at amazon.com, barnesandnoble.com, booksamillion.com and buybooksontheweb.com.
For more information on “Hotel Hell” click here.
For more information on Ringling Bros. Circus, click here.
For more information on Nik Wallenda, click here.
For more information on Cirque du Soleil, click here.
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