Pay Yourself First with Mike Michalowicz: Lead to Succeed 53
Summary:
Leaders often use “top line” metrics, such as company size, number of employees and income, to measure their success. But what if there was something else – actual take-home profits – that should be the number one consideration? Best-selling author and serial entrepreneur Mike Michalowicz joined Lead to Succeed to share his take on this discussion, his quest to eradicate entrepreneurial poverty, and so much more!
Episode Notes:
Mike’s 2019 Intentions
2:00– Naphtali introduces Mike
2:55 – Real successful entrepreneurship is not a top-line mentality
5:36 - 83% of small businesses under $25 million in revenue are surviving check by check
6:10 – How the traditional business formula fails us
6:37 – Mike’s “Profit First” formula aligns with human behavior
7:51 – Businesses can achieve more with less money by thinking innovatively
9:44 – To change behaviors, learn to intercept your natural behavior path
10:23 – According to Mike, “profit” is reward money for the shareholders’ risk taking
12:16 – Reinvested money is not profit but rather an expense
14:19 – The five foundational bank accounts each business should have
14:56 – Business owners need to adjust lifestyle to live within the owner’s compensation
16:28 – How the strategy of intercept works
18:18 – Reviewing your purpose statement forces you to strategize and take action
19:00 – Mike’s goal: eradicate entrepreneurial poverty - influences his every action and decision
21:55 – Accountability partners help ensure that our goals are met
24:45 – What motivated someone young and successful like Mike to stay “hungry” (HINT: Their desire for IMPACT)
28:36 – How to change lives AND leave a legacy business
33:09 – Mike’s failure that served as a springboard for his current success
38:26 – The gift of a setback
39:15 – Rapid Fire
41:03 – Connect with Mike and access his tools via his website. Follow Mike on Facebook, Twitter and Instagram.
42:36 – Get to the bank, set up an income account, and start setting aside 1% of your profits
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