From Bankruptcy to Bestseller: Turning Self-Improvement into BestsellersHow Mike Michalowicz helps businesses succeed by examining his own failures. With brutal honesty and refreshing authenticity, Mike Michalowicz has helped hundreds of thousands of entrepreneurs tackle the business world using unconventional yet effective methods. The accessible and actionable processes he has described in books such as Profit First and Clockwork infuse both soul and skill into the sometimes cumbersome field of business consulting, boosting startups and small businesses around the world. . (Our own Nathan Chan swears by Michalowicz's Profit First approach to managing cash flow.)As Michalowicz continues to learn and share his understanding of the business world, his own role as an advisor is growing in importance. He even builds a growing network of accountants, bookkeepers and coaches who offer financial coaching and support to entrepreneurs around the world.
One of the employee email database most exciting qualities of Michalowicz's work is how rooted it is in real-life experience, and that doesn't mean he just trumpets his own accomplishments and methods. Sure, he started and sold several businesses. But his successes didn't inspire his career as an author as much as his dismal failures. The madness of youth Ah, the thrill of success as a budding entrepreneur. Michalowicz is a lifelong entrepreneur with many impressive wins in his portfolio. But in retrospect, some of his early efforts weren't as successful as he thought at the time. These days, he's not so thrilled with his early years. On paper, his ventures made a lot of money and influenced a lot of people. It just turned out that his measures of success were all wrong .
“I got sucked into the vanity metrics…how big was my business in terms of revenue and in terms of people,” says Michalowicz. With these as references, he approached other entrepreneurs and asked them about their own vanity metrics, gauged their income and team size, and then fought to stay on top. But even when his own numbers were high, his businesses weren't thriving where it really mattered. “I didn't have an appreciation around money. I had arrogance and ignorance,” Michalowicz says, “and [these two] together are a deadly combination. Despite growing revenues, Michalowicz's businesses posted horrendous profits and cash flow. This made for an extremely stressful time, and Michalowicz found himself begging customers to pay early just to cover basic expenses. "I foolishly thought that if I took care of [income], the rest of the business would take care of itself," Michalowicz says. This is not the case, and he now opines that income is actually a stress point.