Ep.437 ~ The Creator of the ‘Profit First’ Formula ~ Mike Michalowicz
~ Current Series ~
100 Interviews with 100 Major Influencers
By his 35th birthday Mike Michalowicz had founded and sold two multi-million dollar companies.... then he decided to become an Angel Investor and lost it all. He started all over again determined to help entrepreneurs grow healthy, and strong companies by creating the Profit First Formula.
Now, Mike is running his 3rd & 4th million-dollar ventures. Mike is a former small business columnist for The Wall Street Journal; is the former MSNBC business makeover expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Clockwork, The Pumpkin Plan, Fix This Next, Surge, and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic." Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. His books have been translated into over 10 languages, and sold over ½ million copies, and he is the host of Entrepreneurship Elevated Podcast!
I recommend listening to this episode for all the entrepreneurs and aspiring entrepreneurs out there. Mike’s method for helping entrepreneurs should be standard business knowledge and I am convinced that if more entrepreneurs knew what Mike taught, the success rate of building a business would greatly increase. It is an incredible episode so make sure to listen to this one!
02:19: Who is Mike Michalowicz?
10:39: Building a 7-Figure Business & Losing It Through Angel Investing
15:05: Mike on Rebuilding After Failure
20:21: Entrepreneurial Hierarchy of Needs
34:18: Apparent Issues VS Impactful Issues
38:31: Achieving Colossal Growth: Quality over Quantity
43:12: Using Nature to Understand Business Efficiency
49:48: Mike’s “Profit First” Business Model
55:05: Tips from Mike’s New Book “Fix This Next”