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Podcast Episode 106: Profit First, Part 2 with Michael Michalowicz

| August 27, 2018
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Episode Summary

Michael Michalowicz is the entrepreneur behind three multimillion-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 Today, he travels the world as an entrepreneurial advocate helping people take the challenges out of outdated business beliefs and teaching people what to do about it.

In this episode, we discuss Michael’s new book, Clockwork, as well as the different stages of opening a business and how to get your business as successful as it can be. Michael compares Maslow's hierarchy for humans to his newfound hierarchy for entrepreneurship; he states the hierarchy of needs for businesses and why. Michael encourages entrepreneurs to shift away from pride, ego, and the things that are destroying them and their businesses. He warns entrepreneurs of the dangers linked to the pride of overhead and the addiction to business. Instead, Michael states that entrepreneurs and business owners should identify the Queen Bee Role of their businesses.

What Was Covered

  • 01:54 – The different stages of opening a business
  • 04:11 – Getting things to work like clockwork/the hierarchy of needs for business
  • 06:29 – How do you make sure your business is serving the life you want to build?
  • 08:05 – Business owners mistakenly take pride in how busy they are
  • 12:45 – Escaping the addiction to business
  • 14:58 – Identifying the Queen Bee Role (QBR) of your business
  • 19:20 – Why limiting the work for people serving the QBR is necessary

Tweetables

"We have the ability to insert ourselves into our business in a joyful way, to do the work that we love to do."

"We need some sort of inbound revenue, otherwise the business will not continue on whatsoever. This is the oxygen for business."

"I think we have this perverted belief that we should have pride in grinding it out, hustle, and sacrificing ourselves. I think that says we’re not willing to think at a higher level. I think we need to take pride in thinking strategically."

"The QBR, or the Queen Bee Role, is the one function that drives the survivability or thriveability of that hive."

"The Queen Bee Role is the heart of the organization, but we do need to remove pieces so the person or persons serving the QBR limit their work more and more to that one function."

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