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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

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.