Money Talks 7 – Interview with Mike Michalowicz
There are many ways to earn money, and there are many ways to waste them. Earning money is not easy, so it is wise to put your hard-earned money into something that can be profitable. For example, starting a business. But before you start, you need to do a little research on what to do and how to start, and reading books is one way to start your research and to learn the strategies, and soon, put it into action.
You don’t need to start big, actually, you can start small, but whether you start big or small, what’s important is that your business is making a profit and you are earning. You must know and understand the fundamentals and principles of making a profit and making your money grow to be able to have a profit, if not, then you will lose everything and that’ll be very bad.
Our featured author today, Mike Michalowicz (pronounced mi-‘kal-ō-wits), author of Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, which is one of the bestseller books in Business & Money category, and number one in International Accounting section, is a very useful book for people who have business that needs help and to those who want to start their business and looking for a way to have their business profitable.
Mr. Mike has written lots of best selling business related books such as The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field, The Toilet Paper Entrepreneur: The tell-it-like-it-is guide to cleaning up in business, even if you are at the end of your roll, Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry’s Big Kahuna and Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine. These books aim to help everyone in building their business and making it profitable.
MoneyLang got a chance to get an interview with Mr. Mike and we are so excited to share with you the interview we had with him. It is our honor that a great author and a known entrepreneur gave us a time to answer our questions. Mr. Mike, thank you very much for giving us a chance to get to know you and for giving us some of you time. Mr. Mike, we did our best to transcribe your interview, if you see any mistake, please forgive us!
Hear Mr. Mike’s voice and full interview answers below:
Get to know the Author
Name: MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits)
Background: I am a full-time professional author now for 10 years but also an entrepreneur for about twenty-five years. Sold my first business when I was 21 and have been an entrepreneur ever since I’ve had the good fortune of building and selling two companies. One I sold to a private equity group and one I sold to a Fortune 500. I currently operate my third business. I’m also a podcaster and I love that environment. I have a show called The Profit First podcast and another show called Grow My Accounting Practice.
Favorite gadget: I think right now it’s my guitar. I play guitar for a while and stop playing. But now I’m playing again and getting caught up and maybe guitar can’t be considered a gadget but my Washburn acoustic is just a blast to take a break and jam out some chords and some notes on the guitar.
Maybe this explains it. I play guitar. I also bike, as in a pedal bike and run regularly three or four times a week and I gotta admit I love to drink a good bottle of wine with my wife and play guitars as already said.
1. What inspired you to write your books:
It was really my own challenges when I wrote my first book it’s because while growing their businesses they weren’t nearly as profitable as I wanted them to be. Actually, I was losing money and some of them, I also became an agent investor because I thought the concept was to grow more grow faster but found that that formula was more than flawed. It inspired me to fix my own wrongs. Profit First was the solution to profits. The Pumpkin Plan was a solution to growth. My other books address other challenges they have and I just got started my next book on business efficiencies. It’s all lessons that I’m trying to master for myself quite frankly and think that many other people face similar challenges as I find solutions. Love to share it with others.
2. If I’m an aspiring offer what advice can you give?
Freakin go for it like I think there’s nothing better than authors. Think about it, you can go to a webinar or you can attend a conference and you can invest that hour and time in the webinar or a week stay at a conference and learn amazing things. But when you leave, we take action on one or two ideas because it is pure overwhelming. A book though is the author’s notes. I mean the notes are taken for you and consolidated and vetted and edited.
Everything you need and want is in there so I think there’s nothing better than a book for the value provides and the cost point for what, 25 bucks, you can buy a used copy of my books for a penny. I mean it’s the greatest way to deliver knowledge. So if you’re an aspiring author go for it! The world is starving for your work.
3. If there’s one chapter in your book people should have read, which one should it be and why?
Well, I’ve written five books now so I’ll just refer to all my books. Let me say it’s the introduction for every book. Those are the interesting words. The first three pages you find so maybe it’s the introduction itself, maybe it’s the first three pages of the first chapter. Maybe it’s anywhere you open the book and read three pages.
My commitment/belief that is if a book is truly good, any three pages you go to, it should engage the reader, they should connect with it. And if you’re in three pages deep into any of my books and it’s not connecting with you I haven’t done my job or it wasn’t designed to serve you and that book is no good. But if I can get you in three pages and you’re engaged, that means I’ve written the book for you and I’ve written in a way that engages you. So my suggestion is to pick up any book, start anywhere and then you can determine what you think.
4. If you can give one piece of financial advice to readers, what would it be?
Spend less than you earn. I mean it’s really that simple yet we struggle with it. So we need have behavioral principles around us. That’s where a proper first about how an entrepreneur can do this process “spending less” than we earn by simply saying up and using the world famous traditional, old and successful envelope system just with some modern approaches that we can apply to our business.
5. As an author which book made the most impact on you?
I think the first book that blew me away in the power books have, is How To Stop Worrying and Start Living, by Dale Carnegie. That’s one of the first self-help business books I ever read. I think it is the first. I was just starting my first business. I was 21 and read that book and said oh my god this is life changing. I still think is one of the best books I’ve ever read but it inspired me to read countless others. I assume I’ve read hundreds of books by now. I’ve stacks of them everywhere marked up. I never counted.
6. What would you like to ask the next author being interviewed?
I would ask him what I ask anyone is why did you become an author. I’m always curious about people’s passion and drive. I’ve heard about them I think it’s noble that you’re pursuing authorship or an author and I know how challenging it is. So I want to get to the essence of why you’re doing because I know when I understand the essence of it and you the author knows the essence of it that’s what will drive you through thick and thin and get to deliver the world impact I think you may be called to have. So that’s what I’ll ask the author.
BONUS QUESTION FROM Ernest Chan: “Where do you get inspirations and investment ideas from?”
Inspirations from life around me investment ideas, I’m not a specialist in investing so I don’t think I can add value there. But inspiration just anything any activity around me. I find that there’s so many parallels between our daily life in business life that we need to unpeel them. So I’m very observant of what’s going on around me at any given day. I’m like oh my gosh that lesson I’m just learned in life may translate to business.
There we go! Once again, we would like to say Thank You Mr. Mike! And to you, our dear readers, we do hope that we helped you be inspired by reading this interview! Be the first to be updated when we publish new interviews by liking our Facebook Page and following us on Twitter!