DN141 - Mike Michalowicz: How To Identify Your Biggest Opportunities

The DreamNation Podcast With Casanova Brooks

The number one problem our podcast guest wants to be defeated is "entrepreneurial poverty". What exactly is that? That's a word he likes to use for an entrepreneur who had high hopes when he entered the world of entrepreneurship but found himself broke financially, emotionally, and physically. Mike Michalowicz actually found himself in that situation for nearly two decades. He lost his house, fortune, and launched failed businesses. But today, he has built a couple of mufti-million-dollar companies, a keynote speaker, and a very successful author. If you haven't already, definitely take a hold of his books which will really ignite and spark your entrepreneurial mindset to make your business healthier and your life wealthier.

Mike had an ‘early’ adult life. Right after college, he had his son and got married in his early twenties. He shared how he started from scratch, even moving into a retirement building because of the cheap rent. He and his small family had to live off peanut and jelly and ramen soup. His being entrepreneurial changed the course of their life. Although he did not do it perfect the first time {he had about 10 failed businesses) but these experiences made him ache for small entrepreneurs like himself. He set a clear mission for himself: Eradicate entrepreneurial poverty. He went through it, he knew how he struggled and he knew millions of other entrepreneurs are out there grinding and hoping to make it happen. Through his experiences and interviewing other entrepreneurs, he was able to write books of huge help.

In this podcast, Mike shares very good points on how to build a business, get it to get going, to make it healthy for you, and to get the most out of it using without requiring your full amount of time and energy. As he says and is the definite truth, the ultimate business has no dependency on you. How do we actually achieve the ultimate business? Mike talked about delegation, systems, debts, specifying, and diversifying. All of which are key ingredients to having a healthy business. He talked about his ups and downs in the world of business, his first hires and fires, and how he helped thousands of businesses fix, sustain, and grow their business. Mike has a special place for small businesses in his heart.

Here’s What You Missed

• How to not need money when starting a business
• What is delegation and how to apply it to your business
• What the ultimate healthy business
• The importance of systems
• Differentiate debts
• Specificity in growth, diversity in learning- why?

Knowledge Nuggets

[3:24] On Toilet Paper Entrepreneur Book: There's a certain scrappy community of entrepreneurs that are just hustling and getting out there every day to move their business forward are doing it smartly.

[5:18] You don't need money to get started. There's an innovative way of doing it. In fact, the lack of money forces you to be creative, and that's the power of entrepreneurship.

[8:30] On Fix This Next Book: We go in for the day's work, we have a vision or plan we want to achieve that day, but within minutes, email and at these questions and challenges present themselves, we never get our vision done. The biggest roadblock to growing our business to our vision is the distraction. Our business is only as strong as the weakest part. I wrote Fix This Next to identify the weak link in your business.

[11:55] If we move to our greatness, we will excel and what we have to do to do that is to start removing the stuff that we're just good at and are doing 'cause its required of us.

[12:55] Ultimately, the ultimate business has no dependency on you. We get there by slowly peeling ourselves out and inserting other people, systems and technology to support what we remove ourselves from.

[15:26] You can't build a healthy business without systems. Revenue is just vanity. What matters is how much of that money can I extract repeatedly with the least effort? And that's where systems come into place.

[17:59] True delegation is the assignment of outcomes, empowering employees to tackle the outcome, and when they face challenges to navigate themselves.

[22:26] Behavioral intercept. Look for an an opportunity for what Behavioral intercept to achieve things you wanted with what we already do now, without the need to change.

[24:30] There's three forms of debt: 1. Debt leveraging- where I know there's give me a specific increased return within a specific time period. 2. Debt bridging- where you cover a gap in time where you need cash flow, but you can return the money 3. Debt anchors- debts that is not calculated.

[27:15] The person that needs to show success is often weak. Those are usually the weakest businesses, it's usually just bluffing. Those who are just totally humble and meek are the most successful.

[30:46] The more I explore outside of my paradigm of what I know, I've discovered more and more strength in that learning. Specificity in growth, diversity in learning

[33:16] If you're bold and you're different, you'll get noticed. Money flows to the difference, not to the similar.

[35:21] Whatever the negative frame is, I start off with "I'm so happy that I don't have" in our subconscious mind. We'll start actually making that a win for us.

Important Reads and Links

Books

Fix This Next by Mike Michalowicz

Profit First by Mike Michalowicz

The Toilet Paper Entrepreneur by Mike Michalowicz

Mike Michalowicz Website: https://mikemichalowicz.com/

Mike Michalowicz Instagram: https://www.instagram.com/mikemichalowicz/

Mike Michalowicz Twitter: https://twitter.com/mikemichalowicz

Mike Michalowicz LinkedIn: https://www.linkedin.com/in/mikemichalowicz/

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