Entrepreneurs tend to showcase their successes and hide their screwups. Yet the mistakes, and what the entrepreneur learned from them, are arguably what brought on the success. It’s those failures that really hone one’s skills and intuition.

One man who’s been honest about his missteps on the road to success in the hopes of helping others is Mike Michalowicz. In some ways, Mike and I have lived parallel lives, starting out with technology businesses in the 90s that we built up and eventually sold, moving on to a life of consulting, speaking, and publishing books.

Mike is the author of six books, including Profit First and Clockwork, and the host of the Entrepreneurship Elevated Podcast. He has appeared on NBC, MSNBC, Fox News, ABC News Now, and CNBC's On the Money.

One of the most powerful business lessons I have learned from Mike is the principle of taking your profit first. This is the opposite of the conventional approach to business, where the profit comes last after you deduct expenses from top-line revenue. Essentially, you’re taking your cut first, and then hiding it from yourself so you’re not tempted to spend it. It’s a simple idea but it will transform your business.

That’s just a tiny fraction of Mike’s wisdom, and on this episode number 223, you’re going to get years of experience in entrepreneurship distilled into one incredible hour. You don’t want to miss this!