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Episode 18: Mike Michalowicz: Profit First

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On today’s episode we welcome Mike Michalowicz. By his 35th birthday, Mike had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor, and proceeded to lose his entire fortune. Then he had to start all over again, with a drive to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.

Mike is now running his third million dollar venture. He is also a former small business columnist for The Wall Street Journal, he is the former MSNBC business make-over expert, a popular keynote speaker on innovative entrepreneurial topics, and is the author of Profit First, Surge, The Pumpkin Plan, and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.” In today’s episode we talk about how to make any business profitable, how to stand out from the crowd, and we learn more about Mike’s book, The Pumpkin Plan.

 

Key Points From This Episode:

  • Mike tells us how he got started on his journey to entrepreneurship.
  • Hear how Mike was motivated to grow his business.
  • Learn why you need to focus on niche specialization.
  • Mike shares on how he founded and sold two multi-million dollar companies and went on to become an angel investor, and proceeded to lose his entire fortune.
  • Discover what triggered Mike to start writing books.
  • Hear how Mike coped during his two years of depression by journaling his feelings.
  • Find out how the idea for Mike’s book, The Pumpkin Plan came about.
  • Learn why focusing and exploiting strengths are the key takeaway’s from this book.
  • Find out why Mike says to take your profit first then to serve your clients.
  • Hear how you reverse profitability by taking your profit first.
  • Understand what Parkinson’s Law is and how it is applied.
  • Mike identifies one book that everyone must read.
  • Learn some steps that someone stuck in their business can take to break free.
  • Hear what piece of advice Mike’s father never got to tell him yet demonstrated in his actions.
  • Discover why Mike says that action always beats out learning.
  • Find out what projects excite Mike.
  • And much more!

 

 

Links Mentioned in Today’s Episode:

Mike Michalowicz – http://www.mikemichalowicz.com/

Mike on Twitter – https://twitter.com/mikemichalowicz

Profit First – http://profitfirstbook.com/

All of Mike’s books on Amazon – https://www.amazon.com/Mike-Michalowicz/e/B002E4G0CC

Frank Minutolo – http://www.rfm2020.com/

Robert Cialdini’s book, Influence – https://www.amazon.com/Influence-Psychology-Persuasion- Robert-Cialdini/dp/006124189X/

1 Comment

  1. Sola Mathew on 06/23/2017 at 12:11 PM

    Wow.

    I love this episode so much.

    Educative, hilarious and inspiring.

    Right from the how to overcome depression using journaling and to the profit first…

    When something comes last, it shows it’s not significant.

    Thanks so much, Mike.

    And thanks, Calin for the great work.

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