In this inspiring episode of The Happy Millions Show, we sit down with Mike Michaelowicz, bestselling author of Profit First. Mike shares his personal story of losing millions, and then having to face his daughter with shame as she offered her piggy bank money to him to make things better.

But rather than let this experience defeat him, Mike turned it into a powerful lesson and developed the Profit First system. He talks about the importance of prioritizing profit over revenue and provides practical tips on how entrepreneurs can implement this system in their own businesses.

Don't miss this candid conversation with Mike Michaelowicz, a true leader in the world of entrepreneurship and profitability.

Show Notes:

00:00 - Introduction to Mike Michaelowicz

01:21 - How did it feel for Mike Michaelowicz to lose it all, then to come back?

06:22 - Million-dollar revenue is NOT going to change your world.

12:04 - The most costly mistake of entrepreneurs

15:17 - Entrepreneurial depression

21:54 - Happiest moments as an entrepreneur

23:34 - A message for entrepreneurs

Quotes:


“More revenue a company has, the more stress on the organization, and in a small business.” [06:38]

“Most businesses that are selling are trying to grow and are not scaling. And there is a distinct difference. Growth is not scaling.” [07:01]

“Growing is where we have to do more to get more, work harder, work longer, bring on more people hire, grow, push. Scaling is where we do less to get more efficiency, resource utilization, specialization, prioritization, those elements.” [07:11]

“As you make more sales, there's more stress in the organization, you become more precarious in your position, the potential collapse is coming and it is deep.” [07:29]

“What I strongly encourage people to do is, let's focus on not how much we're making, but how much we're taking. Let's not worry about the vanity of revenue, let's worry about the sanity, of profitability.” [07:44]

“Don’t try and change who you are, it’s a battle with yourself that you’re not going to win… instead, let’s channel your habits into successful ones.” 

“I believe we need to channel our habits, not change our habits. Channel means if you're doing something already, chances are you can be really good at keep doing that. We have sustainability. So let's not change who we are. But let's put systems or intercepts in the path of our behavior.” [12:35]

“Writing a journal and writing your actual thoughts out is the cheapest form of effective therapy.” [18:14]