EP023: Why Your Business Should be Your Soulmate with Mike Michalowicz

Is your business taking on any clients who give you money when what it requires is a profitable endeavor? Try using your lack of resources to encourage innovation and creative change within your organization. Mike Michalowicz, the author of three business strategy books, used the advice of his mentor to learn the process of growing colossal pumpkins. After a year of taking it all in, he implemented the 5 core elements of the pumpkin growers into his business. It resulted in success, and he now helps people express their authentic selves through their business.   Key Takeaways: [01:17] A lack of resources will force innovation [03:00] Survival mode doesn’t foster your long-term business growth [04:51] Express your values through business; it should be your soulmate [09:01] Persistence is the basis of success [11:33] Mike’s life purpose is to guide people in expressing their authentic self via their businesses [12:58] How colossal pumpkin farming can lead to colossal business growth [14:11] Five core elements of colossal pumpkin farming or growing your business [21:40] Mike found 3 primary ways businesses use to convey information and engage in activity Computer-based input Verbal commands Physical action [22:41] A hack to systemize your work: simply record each thing you do [24:34] Sort your clients by revenue; determine their profitability and what their cringe factor is [27:04] The concept of loss aversion: people are more motivated to retain than to gain [29:27] You grow by saying no [31:04] The Profit First Book – Take your profit first [35:03] Google “Mike Mic” to get to Mike’s website   Mentions: Mike Michalowicz Profit First The Pumpkin Plan The Toilet Paper Entrepreneur Strategex Praxent