Join Brett Gilliland and Mike Michalowicz as they talk about the entrepreneurial roller coaster and the things he learned from the marketing side. Mike did not aspire to become an entrepreneur someday. That changed after he had a few beers with a colleague and heard his story that sparked Mike’s interest in becoming an entrepreneur. In this episode, Mike shares his journey to entrepreneurship that eventually led him to become an author of seven books.
Becoming an entrepreneur did not cross Mike’s mind until he had a few drinks with a colleague and heard his lamenting about having to work for someone. Mike presumed his colleague’s boss to be the kind that sits on a chair in the back room counting money and smoking cigars. As someone working his ass off for a theater company at the moment, Mike got tired of pushing printers and selling, being the person running the little store. That was the moment he told himself that he should own a business. The following day, Mike started his business, a computer system integration similar to computer networks. At 23, he got married and had his first son. At the same time, Mike was starting a business for the first time in his life. He was clueless, and he struggled, but he thought it was a good thing. Fear was Mike’s great motivator because he has no option to fail and have to see the way through it. Despite that, Mike survived, and that was when he became passionate and loved entrepreneurship.
Mike was successful with his first business as it was acquired by private equity after eight years. His second business, involved with computer crime investigation, hit the jackpot because they were hired to do the defense analysis of Enron’s Nigerian Barge Trial for Kenneth Lay. That put their business on the map, their revenues jumped, and they started getting high-profile cases. It was then acquired by Robert Half International, a Fortune 500 company. Due to his success, Mike thought he got it all figured out, that he had the Midas touch. He decided to become an angel investor as his third business, but that was when things began to crumble. Mike invested in ten businesses that all failed. It resulted in him wiping out all the wealth he had earned, lost their house and their car. It was good that a neighbor who knew their situation made Mike and his family live in their place rent-free as they were heading to Europe. At that point, Mike found the silver lining in his situation that inspired him to be an author. He took all the things he knew about entrepreneurship and investigated what works and does not. Fast forward, Mike was able to bounce back from the dark and devoted his life to helping others on their way to becoming entrepreneurs. His goal: to eradicate entrepreneurial poverty.
About Mike Michalowicz:
Mike Michalowicz is the author of ‘Fix This Next,’ ‘Clockwork,’ ‘Profit First,’ ‘The Pumpkin Plan’ and ‘The Toilet Paper Entrepreneur.’ BusinessWeek called Toilet Paper Entrepreneur a business cult classic. His books have been translated into ten languages.
Mike is also the founder of Profit First Professionals. The Profit First Professional organization is designed to support accountants, bookkeepers, and other financial professionals to substantially differentiate themselves in the market – so they can dictate a premium for their services and attract more clients. How do they do it? By introducing a significant service differentiator – the tools and techniques to maximize the profitability of your clients. If you own a bookkeeping or accounting business, and you want to distinguish yourself from your competitors, consider applying to be a Profit First Professional.
Mike is a co-founder of Provendus Group, a business growth consultancy. He has founded, built, and sold two technology service-based companies. Mike’s second company, PG Lewis & Associates, was sold in a public transaction in 2006. His first company was acquired by private equity.
Mike enjoys entrepreneurialism and gladly shares experiences and advice with first-time entrepreneurs. He is regularly invited to sit on formal and informal advisory boards and have relationships with the angel and early-stage investment community.
Outline of the Episode:
[02:02] How Mike became passionate about entrepreneurship.
[03:21] Different types of business Mike did in his life.
[06:36] Lessons learned from failures.
[09:06] How journals help Mike and other thinking hacks he does.
[14:33] Mike’s take on the fears that we put in our minds.
[15:48] Defining “success” in the perspective of Mike.
[18:59] Daily routine Mike does every day without fail.
[20:59] Mike’s eating habits and his taste for alcohol, especially bourbon.
[22:55] The most common recurring theme in Mike’s life.
[25:50] Mike’s understanding of “a future greater than your past.”
[29:22] Mike talks about his new book, “Get Different.”
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