50: The Surprising Secrets of Successful Entrepreneurs with Mike Michalowicz
Profit by Design
Collaborative Competition Among Entrepreneurs
This chapter explores how entrepreneurs can thrive in a collaborative environment that fosters a positive competitive spirit. Highlighting the importance of sharing strengths and experiences, it draws an analogy with a successful farmer who shares his best seeds for collective growth. The discussion also touches on maintaining quality interactions in business retreats and the necessity of strategic focus for achieving impactful results.
Mike Michalowicz joins Dr. Sabrina on this episode to discuss the surprising secrets of successful entrepreneurs. HINT: “work harder” is not among them. Dr. Sabrina and Mike give you an inside peek into their own processes while discussing the popular Breakthroughs on the Bayou Retreats they co-host each year at Dr. Sabrina’s home, The Entrepreneurs Retreat Center.
Listen in as Dr. Sabrina and Mike dish on the atmosphere of the Breakthroughs on the Bayou Retreat, what they appreciate most about their participants, what Dr. Sabrina won’t do, and how they’ve listened to and implemented improvement feedback from retreat participants over the years, Mike’s upcoming book, Fix This Next, and so much more! “The 4 Week Vacation” has been the theme for the past 2 years, and the upcoming retreat in March of 2020 will be “The 4 Week Vacation Legacy Retreat”.
Mike Michalowicz is the entrepreneur behind three multi- million dollar companies and is the author of Profit First, The Pumpkin Plan and what BusinessWeek deemed the entrepreneur’s cult classic, The Toilet Paper Entrepreneur. Mike is a former small business columnist for The Wall Street Journal, and regularly travels the globe as an entrepreneurial advocate. Mike is an active partner in multiple companies, including an American manufacturer, a business growth consultancy, an augmented reality tech firm, and a certification organization for accountants, bookkeepers and business coaches.
Show Highlights:
- Breakthroughs on the Bayou has a unique retreat structure - a diverse group of people with diverse perspectives - in a unique setting.
- Mike discusses his newest book, Fix This Next. If we can identify the impactful issue, the game-changer of the moment, that will move our business forward, and the next challenge will present itself. Fix This Next teaches a method to not rely exclusively on instinct, but a way to check our instinct and see if it’s congruent with the logic that the business is presenting. It is based on Maslow’s hierarchy of needs, and our base level needs, eventually elevating to higher-level needs.
- Retreat participants are invested in one another’s success. Dr. Sabrina shares a compelling example.
- Retreat participants don’t typically have prior social connections, rather they have business connections and a drive to support each other. This tends to alleviate the competitiveness one would find in a social network. That being said, participants do form friendships and it’s not unusual to learn that they are visiting fellow participants and the respective businesses during vacation time.
- Mike shares with us “The Corn Story”. It is a lesson in sharing the best with who surrounds you.
- The reason why retreat alumni return year after year.
- Why bringing autonomy to the business is the goal.
- Discovering the one impactful thing that is going to be the game-changer for your business.
Links and Resources:
SPECIAL OFFER: To apply to participate in the 2020 Breakthroughs on the Bayou 4 Week Vacation™ Legacy Retreat, go to www.4WeekVacation.com
Mention “Mike sent me” to save $3000 on your Retreat registration!
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Mike and his books can be found here:
Books Mentioned by Mike:
The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results, by Gary Keller
Essentialism, by Greg McKeown
Mentioned in this episode:
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