Pure business gold from serial entrepreneur and prolific entrepreneurial author Mike Mikalowicz
Mike Michalowicz shares his journey from employee to business owner to author of seven books and counting. His mission? To help entrepreneurs avoid financial struggle as they build their empire.
Mike joins me in this episode and we discuss:
- Eradicating “entrepreneurial poverty”
- How Mike bridged the gap between losing all of his money as a millionaire and becoming a successful author
- Hacks that Mike used to become a prolific author and the advice he got from Tim Ferris
In this episode we discuss:
Unlocking new opportunities by leaning into fear instead of running from it [20:08]
01:02 Introduction to Mike Michalowicz
- Mike’s background [01:24]
- What Mike is focusing on right now [01:57]
04:32 The catalyst that led Mike to go from employee to entrepreneur
Why Mike was frustrated throughout his employed life [5:42]
09:26 Going from business owner to business author
11:27 Mike’s tips for writing a book
Becoming profitable as an author [13:05]
15:57 Mike on his consulting business
18:09 The natural strength that helped Mike to succeed in business
Quick Juice Questions
24:05 What is your best tip for those thinking about leaving full-time employment?
There’s a lot of financial opportunity out there, but I think the mistake we make is that we chase the money but we don’t chase our heart. The money component wanes pretty quickly. I’m not disregarding money. We need money to survive and to thrive, but if it’s not in alignment with what your heart desires, it can become burdensome. I see more entrepreneurs trapped by their business rather than in love with their business. The people who are in love with their business—they inevitably become the best at what they do, and they get paid the most. So follow the heart over the purse.
24:58 What are the first steps that aspiring entrepreneurs should take?
I would look at your own personal history. Were there moments in your life where you were so out of line with who you are and so angry and upset at yourself? That moment can become a defining moment where you decide that you’re never going to allow it to happen again. Or maybe you had a childhood dream that’s been abandoned. Can you get so riled up over it to realize that, by abandoning that dream, you’re abandoning who you were called to be? Today’s the day you make that declaration.
26:00 What has inspired you the most in your journey and where are you most inspired?
The entrepreneurs themselves. In all my books, I invite readers to reach out to me. I get dozens of emails every hour from people who’ve read my books saying something—sometimes a long story, sometimes a couple of sentences: what they’re doing, how their life is transformed, or maybe where they’re stuck. But this regular feedback, hearing from entrepreneurs, just gets me more and more jacked up.
26:52 Which book has inspired you and changed your thinking the most?
Indistractable by Nir Eyal, Extreme Ownership by Jocko Willink, Rejection Proof by Jia Jiang, The E-Myth Revisited by Michael E. Gerber, How to Win Friends and Influence People by Dale Carnegie, and Influence by Robert Cialdini.
28:00 If there’s one last bit of Executive Juice you can share for people who want to get to the top of their property game, what would it be?
Listen to wallets. Don’t listen to words. As we go into our business, it’s very common for us to tell our friends: “Here’s what we’re going to do.” Would you be interested?” “Would you buy this?” And of course they’ll say “yes”. They want to support you; but it doesn’t mean they’ll actually do it. Go to people you don’t know, to strangers, and ask them to give you a deposit—give you money on your idea. If you can get people to depart with money, they’re betting on your idea. They believe in your idea.
- Indistractable by Nir Eyal
- Extreme Ownership by Jocko Willink
- Rejection Proof by Jia Jiang
- The E-Myth Revisited by Michael E. Gerber
- How to Win Friends and Influence People by Dale Carnegie
- Influence by Robert Cialdini
- As an entrepreneur, whenever I had a vision for myself or for my business, I had total control. Working for a company, I had no control. It was just about being a cog in the wheel. It was their machine, and if I wasn’t compliant with it, there was punishment.
- It was these failure-to-comply moments that showed me opportunity. When I see something where I’m not fitting in or I’m different, I’ll actually lean into that.
- The irony is, the only way to get noticed is to do something that no one else is willing to do. It doesn’t have to be weird or wacko or goofy. It can be extraordinarily professional. It can be very serious. It just needs to be a true flavor of who you are, amplified.