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The Intrinsic Value Podcast - The Investor’s Podcast Network
MI Rewind: Business Crash Course w/ Mike Michalowicz
Sep 8, 2023
Serial entrepreneur Mike Michalowicz discusses entrepreneurship and marketing tactics, including the value of having no money or experience, why a business plan is a waste of time, and the importance of being different to stand out. They also explore the concept of the 'power of broke' and share strategies for launching a new business and acquiring the first client.
57:11
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Quick takeaways
- Necessity and lack of money or experience can actually be advantageous in starting a business, forcing innovative thinking and breaking industry norms.
- Traditional business plans with long-term projections are often futile, instead creating a vision document and using shorter intervals for strategic adjustments allows for flexibility.
Deep dives
Importance of Necessity and Lack of Resources in Entrepreneurship
Necessity and lack of money or experience can actually be advantageous in starting a business. The pressure of limited resources forces innovative thinking and finding creative solutions. Without experience, entrepreneurs are not constrained by industry norms and can break the rules, leading to disruptive ideas and redefining the industry.
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