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Podcaster and business owner Michael Stelzner openly shares his challenges, including financial struggles in his business. He discusses the benefits of a growth mindset and the personal sacrifices he made. Stelzner reflects on the challenges faced in 2023 and expresses commitment to pursue a big idea in 2024.
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Quick takeaways
- Despite significant financial struggles in 2023, the podcast host's frugality and personal savings allowed his company to weather the storm.
- The podcast host emphasizes the importance of letting go of what is not working and refocusing on what brings value, including shutting down various initiatives and prioritizing their core audience.
Deep dives
Struggles faced in 2023 and financial challenges
In 2023, the podcast host shares the story of the struggles and financial challenges faced by his company, Social Media Examiner. They lost $1 million, the first time they ever lost money. The loss was attributed to various factors, including a failed conference and paying out employee bonuses despite the financial hardship. However, the podcast host's frugality and personal savings allowed them to weather the storm.
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