115: Mike Michalowicz – “I’m a huge fan of fear…I believe that anyone who starts a business, embrace the fear. Don’t live in it. Because over time it brings about stress. But fear will wake you up at 5 in the morning and it will have you working until 5 the next morning.” “It’s very hard to remember specific conversations, all we remember is emotion… So a lot of the stuff that we experience is instantly forgotten, it’s just the end of emotion” “[Unlike on shows like Shark Tank and The Profit] The reality is that 99.9% of businesses never get an investment outside of the founders and the family.” “You must find the profit within yourself! And that’s my investment, giving them the knowledge and the mentorship, but not the money. Seeking someone else to save us is the fallacy of so many businesses and I see it now more than ever.” “The Profit First Formula is really simple: Sales-Profit=Expenses” “Profit isn’t the whole focus [of my business] it’s the first focus…Profit is the foundation of a healthy business.” “Successful people don’t look for other’s approval in their success and therefore don’t need to show it off.” “There’s a truism of life in poker. When someone starts bluffing, that means they have a weak hand.” Links Mentioned: MikeMichalowicz.com MikeMotorBike.com Surge Profit First Profit First Podcast The Pumpkin Plan Toilet Paper Entrepreneur Help Us Stand Out: Subscribe And Leave Us A Review On iTunes Like Us On Facebook Produced and edited by Podcast On The Go

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related