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Podcast Episode 105: Profit First, Part 1 with Michael Michalowicz

| August 20, 2018
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Episode Summary

Michael Michalowicz is the entrepreneur behind three multi-million dollar companies, the author of Profit First, The Pumpkin Plan, and six other books. Soon, Michael will be releasing his newest book, Clockwork, on August 26. Michael was a former business journalist for The Wall Street Journal and a former business makeover specialist on MSNBC. He also runs his own podcast, The Profit First Podcast. Today, he travels the world as an entrepreneurial advocate helping people make sure they take the challenges out of outdated business beliefs and teaches people what to do about it.

In this episode, we discuss entrepreneurial poverty, the misconception of success, and the “profit first” philosophy. Michael speaks about his personal entrepreneurial experience and the struggles he faced earlier in his entrepreneur career. He states how he got out of bankruptcy and even shares a touching story about his daughter during that time. Michael states that letting go of his ego and having humility has helped him succeed. We explain how restricting money flow will spark innovation in a business and Michael uses the Apollo 13 mission as an example of this. Courtesy of Michael and his organization, there is a giveaway for listeners of this podcast at the end of this episode.

What Was Covered

  • 02:10 - How Paul was introduced to Michael
  • 03:31 - What it was like for Michael and the people around him the first time he grew a company
  • 06:40 - The misconception non-entrepreneurs have about entrepreneurs
  • 08:25 - Why sales is stress on an organization
  • 09:29 - What happened to Michael on Valentine’s Day that forever changed him
  • 12:57 - How Michael’s audiobooks are an accurate portrayal of the ups and downs of entrepreneurship
  • 17:15 - Why entrepreneurs have a hard time taking profit onto their personal balance sheet
  • 21:49 - Embracing the ‘profit first’ mentality
  • 22:35 - What Michael means by “conjoined twins” regarding you and your business
  • 24:46 - How Michael saved a broken company through innovation
  • 27:34 - Example of the Apollo 13 mission about restricting the flow of money to spark innovation

Tweetables

"Sales are the stress factor of business. The more sales an organization makes, the more responsibilities we have to deliver on those promises."

"Once we relieve ourselves of our dark periods, we can set a new course for our lives."

"What I suggest is to take your profit first. Sales minus profit equals expenses."

"As our business finances go, so do our personal finances and vice-versa."

"Scarcity in the business fosters innovation and also encourages one to be economical."

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