Eradicating Entrepreneurial Poverty w/ Mike Michaelowitz

Dec 17, 2018 | Finance, Guest Expert, Operations, Podcast, Strategy

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Episode Brief Description

Entrepreneurial poverty is something that isn’t often discussed but causes so many entrepreneurs to struggle. Mike Michaelowitz joins us to discuss how to eradicate it

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Key Insights & Timestamps

[00:10] – Welcome
[00:57] – Meet Mike
[04:10] – The mission – eradicating entrepreneurial poverty
[05:23] – “There is this mis construct of what the world sees or believes, and what reality is.” – Mike
[06:28] – You do NOT have to sacrifice yourself
[07:06] – “We need to care for ourselves to care for others.” – Mike
[08:36] – The thing no one ever mentions? Most entrepreneurs struggle
[09:04] – “You don’t need to aspire to be a big business, aspire to be the right size business for what your heart calls out to do.” – Mike
[10:50] – The OTHER thing no one tells you? Growth doesn’t equal more money
[12:00] – The financial challenges
[13:06] – Applying Profit First
[16:24] – Profit First for time = Clockwork
[21:12] – Feedback from the books usually leads back to the concept of the “QBR” or Queen Bee Role
[22:26] – Determining your “grand promise”
[24:13] – What else is there? The hierarchy of needs
- Sales
- Profit
- Time
- Relevance
- Changing the world
[28:03] – Growing where we’re planted
[30:03] – Why impact is actually 2 steps, and why you must choose one
[33:36] – Being a workaholic should NEVER be the goal
[38:47] – Key Takeaway – Micro action. Choose one small thing and commit to it
[39:41] – Where to find Mike

Guest Bio

Mike mi-KAL-o-wits is the author of Profit First, Surge, The Pumpkin Plan, and his newest release Clockwork. By his 35th birthday, Mike had founded and sold two companies – one to private equity and another to a Fortune 500. Today he is running his third multi-million dollar venture, Profit First Professionals.

Mike is a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Over the years, Mike has traveled the globe speaking with thousands of entrepreneurs, and is here today to share the best of what he has learned.