23: The First Principle of Entrepreneurship: Profit First! with Mike Michalowicz

<p><span style="font-weight: 400;">We have the great pleasure of interviewing another amazing guest on today’s podcast! We’re having a conversation with Mike Michalowicz, and he is very well-known everywhere! Mike started three different million-dollar businesses before he turned thirty-five, and he has written several books, including Profit First, Clockwork, The Pumpkin Plan, and his most recent book, Fix This Next: Make the Vital Change That Will Level Up Your Business.</span></p> <p><span style="font-weight: 400;">He is joining us today talk about his journey, and to discuss what he has learned along the way, including his successes and his failures, the principles of Profit First, his Business Hierarchy of Needs, what it takes to be an entrepreneur and the one thing that all business owners need to bear in mind when testing out a new idea. </span></p> <p><strong>How Mike became an entrepreneur</strong></p> <p><span style="font-weight: 400;">At first, Mike never really wanted to be an entrepreneur. He graduated from college with the idea of landing his one dream job, but unfortunately, that didn’t work out. After failing the interview, he returned home and started working at a computer store. It was while working there that he decided that he wanted to be the guy sitting in the back of the business, counting all the money and smoking cigars. And that motivated him to start a business of his own.</span></p> <p><strong>The reality of business</strong></p> <p><span style="font-weight: 400;">He started a business, only to discover that business owners are mostly stressed and panicked with everything that is going on. He had committed himself to entrepreneurship, however, and even though it all seemed terrifying in the beginning, he persevered.</span></p> <p><strong>Leveraging and amplifying his successes </strong></p> <p><span style="font-weight: 400;">Due to his commitment to becoming an entrepreneur, Mike started appreciating the journey, and he began leveraging all his business successes.</span></p> <p><strong