50: The Surprising Secrets of Successful Entrepreneurs with Mike Michalowicz
Profit by Design
Navigating Business Success: From Setbacks to Investments
This chapter highlights an entrepreneur's transformative journey after losing a fortune, leading to the development of the Profit First Formula. It emphasizes the importance of understanding business value and introduces a special course for evaluating business worth.
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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Special Course: Starts September 5, 2019 - Only 15 Spots Left!!
Sir Steven Wilkinson - Entrepreneur to Investor: How to Calculate Your Stock Price
11:00 AM – 12:00 PM EDT
50% Savings - Use Code: TAP2019
https://www.tapthepotential.com/investor
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:
Join us August 5th - 7th for the FREE Better Business Better Life Jumpstart Workshop
We know that small business owners need a growth plan that delivers. In this 3-day workshop, you’ll understand how to: - Design Sustainable Profitability: We’ll help you calculate your profit potential and design a plan for profit in the year ahead and many more to come! - Simplify Your Business: Discover the profit that’s hiding in plain site. Then you’ll see a clear path to simplify to grow. - Identify Your Unique Value: What if you could charge more and free up your time? You can once you identify where you can deliver more value than anyone else. Visit https://tapthepotential.com/jumpstart to get registered today!
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