Mike is running his third million dollar venture. He’s a former small business columnist for The Wall Street Journal, the former MSNBC business make-over expert, a popular keynote speaker on innovative entrepreneurial topics and is the author of Surge, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur.
Click to tweet: Fire Nation, Mike shares his incredible journey on EOFire today!
Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:10] – Mike has owned and continues to own several businesses
- [01:12] – He is married with 3 children
- 01:22 – Mike was on Episode 382 of EOFire
- [02:15] – One BIG and Unique Value Bomb: Mike’s area of expertise is the micro entrepreneur – businesses with 10 employees or less. Mike says the most important part of business success is understanding our own behavior
- [03:33] – Self-mastery is important
- [03:50] – John talks about his CPA’s brand
- [04:29] – He advised his CPA to rebrand to CPA on Fire
- 04:46 – This was a result of John reading Profit First
- [05:19] – There were doubts that the first version Profit First would be successful
- [05:57] – 2 years later, the publisher told Mike they made a mistake and that they can help him make the successful book even more successful
- [06:06] – Mike rewrote the book from the ground up
- [06:19] – He took the best of the best stories, put them in the new book, and simplified the system and process
- [06:40] – “Take your profit first”
- [06:53] – John shares Jill and Josh Stanton’s success from leveraging the Profit First mentality
- 07:57 – Mike tells the story of Balloons Over the Rainbow, a hot air balloon business
- [08:02] – They were doing $1M in revenue, annually
- [08:12] – The shocking part was he was losing money
- [08:22] – The owner discovered Profit First and thought it wouldn’t work
- [08:29] – Another year went by, he lost more money, read the book again and still believed it wouldn’t work
- [08:35] – The third time, before he filed for bankruptcy, he tried it
- [08:44] – His business turned around and now it’s extremely profitable
- [09:25] – When you take your profit first, it actually facilitates faster growth
- [10:19] – So many businesses don’t think of the cost of service
- [10:32] – Open your eyes to the real cost of delivering services
- [10:49] – The key element is this: supply increases, demand meets it
- [11:46] – Availability of money increases, spending increases
- [12:17] – Take profit first and run your business off less and frugality will kick in
- [13:21] – Tasks will expand to the time allotted
- [13:31] – Money spent will expand to the amount of money you actually have to spend
- [14:30] – Set up one account for your profit and put 1% of every dollar that comes in into that account
- 15:26 – The Mastery Journal and The Freedom Journal are setup to start each day with a small win
- [16:53] – The biggest challenge for Mike is people not believing it will work for them
- [17:18] – The greatest savings mechanism is the 401K
- 18:58 – Email Mike at email@example.com and let him know you’re drawing the line!
- [20:16] – “Victory comes from actions, not thoughts”
3 Key Points:
- Know the importance of paying yourself first and foremost.
- Your spending will depend on the amount of money available to you.
- Your thoughts won’t take you anywhere—instead, take action!
- Audible – Get a 30–day free trial of fantastic audiobooks!
- Surge, Profit First, The Pumpkin Plan, and the Toilet Paper Entrepreneur – Mike’s Books
- Mike’s website
- Send Mike an email
- Free Podcast Course – A 15-day email and video course on how to create, grow, and monetize your own podcast!
- How To Finally Win – Learn how to create your dream life one step at a time!
- DesignCrowd: Post your design project on DesignCrowd today and get a special $100 VIP offer! Visit DesignCrowd.com/fire and enter the discount code FIRE when posting your project!
- UPS Store: The time to promote yourself to Business Owner is now. Visit TheUPSStoreFranchising.com/fire to get started today!
1) The Freedom Journal: Accomplish your #1 goal in 100-days!
2) The Mastery Journal: Master productivity, discipline and focus in 100 days!
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