The Apprentice Episode 4: Electric Bikes—Key Business Lessons For Entrepreneurs

It’s week four and the candidates are tasked with creating and selling electric bikes. What a week it is! Bad decisions lead to an uphill struggle for sales, but one team’s disaster is another team’s spectacular victory.

The Apprentice Episode 4: Key Skills

This task required a number of key skills that are essential in business, but below I have articulated the skill and its relevance in real life business scenarios.

1) The Power of Profile - Personal Branding

Personal brand is essential. I am a personal brand expert so I am bound to say this . That said, if you have been hard work and hard to work with, à la Lottie, then it isn't likely that the team are going to want to work with you, appoint you as team PM or even sub team manager! Your personal brand is in everything that you do, think about how you use your personality and your personal story to gain traction with clients but also to build rapport with team members. If your team cannot work with you or trust you, how can you work together?

2) Brand Names & Branding

Like Shakespeare once said... “What is in a name.. a rose by any other name would smell just as sweet.”

BUT if you choose a name like Aphrodite (the Greek goddess of love, beauty, pleasure, passion and procreation!) you probably need to realise that you have now defined and potentially limited the market, perhaps inadvertently so. You may have narrowed the market by 50%—which can be a good niche choice, if it is intentionally made.

One Apprentice Secret to reveal: You cannot choose any name that you like, often you are brainstorming loads of names only to be told that there is a trademark conflict which means “legal” have said you cannot use it. Very frustrating (given you aren't making a product that will be sold in real life) but also a reality of life in business.

I cannot tell you how many times I have mentored an entrepreneur, they have chosen a name, get really excited and sold on it, then realise there is a trademark conflict! I actually think its an interesting part of business reality that they leave out of the edit!

3) Client Demographic

When you are designing anything for your brand, keep your client in mind. It is easy to get carried away.

Always refer back to the original plan so that you know who you are targeting. Think: who are they, where do they shop, what solution are they currently purchasing, where from and how much for? And you definitely need to know what the problem is that you are solving for them?

4) Sales, Sales, Sales

If you are in business and you cannot sell—I hope you can afford to hire someone who can!

In chapter 8 of Self Made we talk about the basic sales equation:

Listen carefully + ask questions + listen carefully + demonstrate value = Sale

In real life, ask the right questions, listen to the customers’ needs, understand their problem—this then helps you provide them with the right solution.

In any country, you may have the VERY best solution, but if I don't have the problem I am not going to part with my hard earned cash to buy your solution!

That said, when you are on The Apprentice, you are short on time and in this task you are in front of an audience who want to buy a bike—so ask questions, illustrate the value, sell its attributes, negotiate on bulk and sign the deal! Time is money after all.

The Apprentice Episode 4: The Business Reality

There are a few things to think about from this task in addition to the above, so here is a round of quick fire bullet points:

  • Being called a horrific leader is an unfortunate scenario—poor Thomas, that has to hurt. Leaders need to be able to inspire and encourage their team, whilst pushing them to do what is required—there is a balance.
  • Listen to your leader—If you are given a brief to follow, feedback to them if you don't agree before making potentially detrimental executive decisions!
  • Two people didn't sell anything—that is a problem. If you were not selling, what were you doing? Unsure of why that is the only thing that matters? Refer to point 4 above!

The Apprentice Episode 4: Who Deserved To Be Fired?

*Spoiler Alert* If you haven't watched this episode, stop reading now.

Well, the goddess came through... £1.2 million worth of sales! That is no mean feat, congratulations to Iasha and the team. What an excellent win!!

Integrity, honesty and “being yourself” is not enough to win a show, Lubna—it is definitely worth you doing some personal brand work on your strengths and building credibility.

Unfortunately, Lord Sugar was right to fire her. This process is TOUGH, you literally have to be able to “back your chat” and show what you can do.

Who doesn’t love a dramatic ending?

And, the next task was revealed—my favourite: the scavenger hunt. Arguably the most entertaining to watch, the one that most indicates the age of those who can read a map.

See you next week!
