The Business Survival Trap & How To Escape It w/Mike Michalowicz

There are two reasons why people start their own business. One is to have financial freedom, and the other is personal freedom. The problem is most business owners find themselves struggling financially and feeling trapped by the very businesses they built to make their lives better.

When our businesses become too complicated, and we don't know how to prioritize, we end up in a constant state of damage control which impedes any progress we may make. If our businesses don't have the fundamental elements that make them strong, we can't have freedom, make an impact or achieve any efficiency.

What 5 fundamentals do our businesses need to have for them to become not only stable, but impactful? Why is entrepreneurship a responsibility? In this episode, I'm joined by serial entrepreneur and author of Profit First, Mike Michalowicz. He shares how we can get all the unnecessary complexity out of the way in the running of our business.

Three Things You'll Learn In This Episode

- The survival trap in business In our businesses, there's a rift between where we are right now and what our businesses need to grow. If we know where we're going, we can identify the problems we need to solve to ensure that we're not stuck in a loop of constantly putting out fires.

- Why entrepreneurship is a big responsibility Only 7% of people in the world will start businesses, but 93% of the world's population will work for entrepreneurs and business owners. It's our responsibility to grow our businesses because they drive the economy. If we choose to do everything in our businesses ourselves, we're robbing other people of their jobs.

- Why we can't make an impact without order Our businesses become impactful when we change people's lives and transform them in some way. It's hard to have sustainable impact if our businesses don't achieve order first. This comes after consistent sales and profits.

Guest Bio-

Mike Michalowicz is an author, speaker and serial entrepreneur with years of experience building strong and successful companies. He is the creator of the "Profit First Formula", a way for businesses to ensure profitability from their very next deposit forward.

Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic."

For more information visit https://mikemichalowicz.com/.

Buy his latest book Fix This Next: Make the Vital Change That Will Level Up Your Business here.