01: What Every Business Owner Needs to Know to Avoid Entrepreneurial Poverty with Mike Michalowicz

It’s exciting to start a business, but most business owners don’t anticipate cashflow problems and the time poverty that can come along with owning a business. Your business doesn’t have to take over your life, and today’s guest is here to share his own roller coaster ride with his business and how he finally fixed his time and profit issues. While many people get into entrepreneurship for different reasons, one reason they all have in common is this: they want to succeed. Success can mean different things to different people, but most often having enough time and money to do what you want in life ranks near the top of the list! Today, we talk to Mike Michalowicz about how to define success and how to positively talk about business profit.    Show Highlights: How Mike aims to eradicate entrepreneurial poverty Mike talks about how we define success The controversy around “profit” How to get employees motivated about company profitability Mike compare profitability to Maslow’s Hierarchy of Needs The benefits of journaling for growth and vision The 4-Week vacation and why every entrepreneur should plan one Mike shares some of his Clockwork principles Resources: Mike Michalowicz's Website Profit First Clockwork: Design Your Business to Run Itself