How entrepreneurs can give back without breaking the bank with Fix This Next author Mike Michalowicz

Mike Michalowicz is an author of business-based books for small business owners and entrepreneurs. His books help entrepreneurs fix sales, accounting, and operations. He talks to Geordie about Fix this Next and his latest book.

Here’s a glimpse of what you’ll learn:

  • What is the one thing about Mike that he has never written about?
  • Why you should appoint an excellent team to run and manage your businesses
  • What significant challenge do nearly all entrepreneurs face?
  • What analogy does Mike use?
  • Mike’s hierarchy of business needs and how it works
  • Who does Mike approach while doing his research?
  • Problems entrepreneurs are facing that Mike comes across during his research.
  • Why businesses should understand each employee’s dreams and desires
  • How does Mike define legacy?

In this episode…

Mike says he has been an entrepreneur since his college days, during which he has built various tech businesses and sold them. His third business, as an angel investor, was the most relevant even though it resulted in a challenging phase. Listen to the podcast to find out how that disastrous experience turned out to become a restart for him.

As Mike went through difficult times, he thought about how little he understood entrepreneurship. He made up his mind to spend the rest of his life exploring entrepreneurship to determine what works for him and what does not. Mike wrote everything he learned and ended up becoming an author. He tells Geordie that he is focused on finding simple and effective solutions for the various entrepreneur challenges.

According to Mike, many entrepreneurs struggle to make profits. Clockwork, his book was inspired by the fact that while many entrepreneurs seek personal freedom, they are always working endlessly. Mike says he also struggles with these challenges. Often, he makes a hypothesis of the challenge and indicates potential solutions.

Writing books is not an easy task, and this is evident from Mike’s sentiments that some books can take him up to 10 years to complete. However, he says some are easier and fast to write. Mike considers himself a curator instead of an authority. Find out why from the podcast. While he owns various businesses, Mike says he does not run or manage them actively. He appreciates that he has a great team who assist him in daily operations.

Writing a book makes you accountable, and the content becomes your accountability component. You have to live by what you preach, and Mike says every system he created was suitable to his businesses. Many entrepreneurs have the urge to grow but are unable to do it. Listen to the podcast to hear what Mike has to say about this phenomenon. He explains an analogy that he uses, which you can learn from the podcast.

Mike talks about why many entrepreneurs attempt to fix links in their businesses with no notable results. Many times, entrepreneurs fix links randomly within their business chain and end up breaking the weakest areas. Fix this next, Mike says, is an excellent tool that helps entrepreneurs identify weak links in their businesses. He gives more details about this approach that all entrepreneurs need to listen to from the podcast.

Research is crucial when it comes to writing books. Mike talks about how he conducts his research and the people he targets. Do not miss this comprehensive part of the podcast. Mike perceives his business to be the platform of expression. He says the critical job of an entrepreneur is to create jobs. Their job is to envision where they want the business to be, and aligning the vision with how it helps them get colleagues to move in the same direction. He discusses more details in the podcast.

In the quest to penetrate the market, some entrepreneurs give out free things until their businesses start making losses. Mike mentions that this is a mistake that entrepreneurs should avoid making. He narrates the story of how an entrepreneur ventured into entrepreneurship in the city of Guatemala. While a high percentage of the population is poverty-stricken, the entrepreneur managed to sell his wares for a profit.

Mike does not discourage giving, but he believes there are various ways of giving. He mentions that the problem happens when entrepreneurs give until they compromise their businesses. He narrates another story about a small town in New Jersey. Listen in and learn from the story. He concludes by telling us the title of his next book. Listen to the podcast to figure out the book title and its contents.