Mike Michalowicz Becoming a Shareholder of Your Entrepreneur Life
Donnie: Alright was this is going to be an amazing episodes we are going to sit down with mike Michalowicz, We didn’t spend whole lot of time on a back story, we just started jumping in a lot of the philosophy of business, entrepreneurism and there wasn’t any flop, it was a pretty cool conversation, I really enjoyed and I know a lot of you guys asked for me to get him on the show you could more of an intimate conversation with him so I think you are really going to enjoy this one.
And this show has been for a quite few episodes now, is brought you by point blank safety services, so Stacy and Mike are doing awesome and amazing things for the freeways and highways and everything they do by protecting the constructions workers, drivers and just keeping everybody safe while helping police officers that we know aren’t just paid enough to do what they do and put their lives on the line every day for us, so they are really helping this police officers not only protecting us in the afterhours but protect their families financially by giving them additional jobs and work they can do on a regular basis, these guys are doing just tremendous work.
And I love that they have taken their business success and turned it out over to the nonprofit they started which is called … family fund you know that organization is giving scholarships and is helping out the families of fallen officers, you know it’s really cool to see a company remember really where they came from and really giving back to the community as a whole, so do me a favor guys, go follow them on Facebook, go them out on Instagram, check out their website, send them messages and let them know Donnie sent you , you can find almost everything that they are at either at … family fund or point safety in almost all platforms, say hi to them, I couldn’t do this show without them.
So I know a lot of you guys have been harassing me about get mike on the show, so I’m bringing on Mike Michalowicz and this going to be a lot of fun, we already smoke and joke about two Polish guys on a podcast, what could be wrong? But this is going to be interesting, I’m Donnie Boivin this is Donnie’s success champions, mike tell us your story brother, welcome to the show!
Mike: Donnie thank you for having me, I’m an author, I’m excited to be here and I’m on a missing to eradicated entrepreneur poverty, there are so many elements I struggle with entrepreneurship and some many fellow entrepreneurs struggle with and my goal is to fix that for all of us.
Donnie: I love the whole phrase, entrepreneur poverty, because that was my business for a long time you know.
Mike: Well you know what it is, Donnie when you started your business I suspect is the same as I started mine and everyone listening, you star your business and his friends who never own a business, they look at you and they who “oh you started a business, you are millionaire and you sit in the beach and all you do is sit and all you do is drink margaritas” There is this perception as that if you are business owner, you are wealthy and you got all the time in the world, the reality is the opposite, so we have no time, we work our ass off, we sacrifice family, we don’t go on vacations anymore and we make no money! As the general population we are struggling financially, so there is this gap and I called entrepreneurial poverty and so my mission is to resolve that, to make us what we are envisioned to be and when you have wealth and you have time you can be of impact you can serve others, I mean we need to do this.
Donnie: No I love this, because Ii think there is one more twist on that whole entrepreneurial jump, because if they don’t think are automatically super wealthy the other questions is, what the hell do you actually do for a living?
Donnie: So you are not only battling how much money you are supposedly making and all this freedom that you have, you know my wife, people still ask her, what does Donnie do? And she’s like, he kind of does this podcast, speaking, I don’t know what he does.
Mike: Is fine, so when I sold my first company I go proud, I came home to my dad and said “Dad I sold my business” and told them what happened, and he goes “congratulations, so you are gonna have a really job now” and I’m like what? And he’s “yeah because your security and all that” And I love my parents, they have been extraordinary to me, they love me, both of them tho are in trap in their perception of what success is, get a job, stick to a job for entirety of your life, and I think we are surrounded by that perception, spouse, have other perceptions, as entrepreneur the rule is to break the rules, to challenge industries, to bring in our concepts, is new to everyone, Everyone’s is like “what the F are you doing?” is not comprehensible.
Donnie: You know is all interesting, I don’t about you, but when I launched my business, it took me a long time to realize that I spent so long as an employed so when I launched a business I kept constantly trying to almost create a job for myself vs a company and I get lost in the business because it was so hard to make that shift, that is why I tell people that entrepreneurs a made not born because you get punched in the face a lot by life to start figuring things out, was that kind of the same thing to you or you just stepped in gold and riches fell from the sky?
Mike: Oh of course that was exactly my journey! I started the business and people where throwing money at me like what= Is this real? NO! No of course, my first business was in computers system, I was a computer guy and I open the door.
Donnie: Where’s your pocket protector I don’t see it?
Mike: Yeah well yeah, actually Donnie that’s what happens , I made a few phone calls and said I started a business and the money will flow in, I called a few people and they were “Oh congratulations, but I’m already taking care of” I said what? You know! I’m your friend! “No, I’m taking care of” and at the end of the day of and they didn’t mean, the holy crap moment kicked in, I think, in the beginning stages, and actual motivators for us entrepreneurs is fear, the first few years of my business I was terrified and what that terror does is kept me awake, I would wake up at 4 in the morning and get to work whatever it takes and I worked until midnight and repeat the process all over again because I was scared I was desperate as parent, the challenge tho is that fear in certain point becomes detrimental it gives you energy but it also gives you stress and start breaking you down, so illness kicks in or exhaustion so of course is a flip side, you don’t want to live in fear for the entirety of your life, use it as a spark and the over time you need to convert that idea was to confidence and when I started to get a bit of a routine I started to see some results, I said ok I’m gonna trying and repeat on that and I started to focus on what was working and doing more of what was working.
Mike: But of course for none of us, you don’t start a business and the money falls in your laps and if it does, you are lottery winner but is actually a curse because then you believe that you don’t need and effort to make this money and so I think when you see on the cover of Ink Magazine “Oh started a business when she was 23 years old and by 24 is a billionaire” In many cases that becomes detrimental because they don’t understand the real journey of an entrepreneur, which is the struggle on the valley to get to the peaks.
Donnie: Yeah Jim Ron when back to as far as motivational speakers go, he’s got a great phrase, he said, the first thing you done when you are handed a million dollars is you mentally have become a millionaire because most people will go through that ride and journey to whatever success they get through and is all those lessons that mold and prepared them for that success and I looked on people that entrepreneur is the new multilevel marketing thing because people go into multilevel marketing or neuro marketing and they are like “Oh Imma be a millionaire tomorrow you know, this I the greatest thing, I can sleep whenever I want t and do all that” so they launch businesses thinking along the same lines and I was just guilty of it, when I launched my business I thought the heaven was going to open up and everybody was going to be “Finally Donnie show up, let’s make a lot of money together” not knowing that you have to learn to run a business before you can try to find any sort of success but is a really interesting twist that how much you have to personally evolve along that journey to become a better version for yourself
Mike: Holy F and true, and I love it you called the multilevel marketing but I sort of had a sentiment of it about a year ago kicked in, everything I talked about is entrepreneur and entrepreneurship and all the books I write, everything’s is of the entrepreneur, I’m sort started to becoming convinced that the word entrepreneur I a dastardly term now, I think is actually hurting us because entrepreneur has been equated to hustle and grind and I hate those terms, I hate them, so I understand the sentiment tho, I understand hustle and grind means you gotta make effort, like when I started my businesses fear was my motivator, I had to hustle and grind, here is the problem I think people are interpreting that entrepreneurship is perpetual hustle and grind and ten years into you belter be grinding out, in twenty years you better be grinding harder, you gotta carry this business on your back and this is the antithesis of what entrepreneurship is, the true definition is identifying n opportunity, taking a risk to make it happen and the choreographing all these resources, people, technology and even your clients to make that vision a reality, is not doing the work is the choreographing of other resources.
I tell people, I was speaking yesterdays at an event and I’m on a room as an entrepreneur and I say yeah I got a challenge for you, when you are at a dinner party and someone ask you got you do, what do you say? And often is “I’m an entrepreneurs that does X” What about we don’t use the word entrepreneur anymore, and not even business owner because is the same thing, what if you call yourself a shareholder in a business, just by changing that label people are “what the what?
Donnie: If somebody hit’s me that I would be like “what?”
Mike: You know many people are shareholders, I own some stock, I’m in mutual funds, I’m a shareholder, no do I go to these companies and hustle to make successful? No, Do I do anything in the business? No! I do row when it comes to share holder boats and stuff, I do give I some directions as shareholder but I’m not actively participating in it, when we use the label entrepreneur we are saying that we actively work our asses of inside the business and I think we use the term shareholder is shocks ourselves back to reality, that our mission is to vote maybe through some action but.
Donnie: Wait you should make a book out of this.
Mike: How should I call it?
Donnie: I don’t but something along the lines of start calling yourself a shareholder I think because is a cool philosophy.
Mike: Is funny, so I may have a title now called “entrepewhore”.
Mike: My publisher I told him and probably nah I don’t think so but maybe, because I think we bastardize ourselves so much we got to change our label if we change our label we change our behavior, is hard to change our behavior first still holding all labels
Donnie: I agree with that, I got a funny book too, it’s called, “that’s not how you journal jackass”, so I got one of those too, is an eBook is free. Here is what I do, when I launched my business I had no idea how to call myself, I really didn’t think I was an entrepreneur because I think in true to my opinion, are the craziest sons of a bitch on the face of the earth because you got to be jut that shit crazy nuts to go launch a business, so I was warping my head around that I more this business owner that wanted to create this one business, this one company , this model and take it through, wasn’t it really worried about even a legacy type thing, I just wanted to get to that freedom state and I never been hung up on titles and such and people keep asking me, what do you put on a business card, my name? I didn’t know what to actually put in there, but it evolved, now is says business owner, I think I out CEO in one point but I’m like, Am I a CEO? I got virtual assistants but I don’t really have employees so am I a really a CEO? You know, but you dance with all this thought processes and I really love this whole idea of your shareholder because it really makes you shock your own system to reinvent how you position yourself in the market place.
Mike: You know this plays out to employees too, my company is tiny we have 13 employees, I am number 14, we were a micro business and I used to give my colleagues big titles, so I bring someone on and maybe call them the CFO or the office manager and what I found is this that they just like me started believing the title as like who they are, so I had a person who has not even a degree in accounting, she was part time, but she was handling our number so instead of calling her the internal booking person I said we are going to call you the CFO, she went online and found that instead of paying $30.000 that’s what we were paying for that a typical CFO makes a $125.000 so she came back to me literally and said Mike I’m being so freaking underpay I’m being a CFO for this organization I’m not on 125.000 you are ripping me off, and I’m look whoa is just a title and she is no all CFO’s make that and my response was, you can’t got to Ford or GE and say I want to be your CFO and 125, is just a title , didn’t matter she quit, she couldn’t comprehend that, what I realize is that once we star owning a title that becomes who we are, is not just true for us the entrepreneurs, it’s true for all the humanity, if we call ourselves stupid then you become stupid if you say I’m lazy you will become lazy, if you say I’m driven you will become driven, but you have to keep on repeating enough times until you actually believe it to comply with that title otherwise we can’t own that title. So be very judicious in how you use titles is kind of the lesson here.
Donnie: Yeah I love it, so Kevin is known to build all the automation to backing up my stuff, he put under the title of my first email campaign “founding badass of success champions “ and I’m like ok I take that, so if you are going yourself a tittle that you want to step into , you know that you want to own, like “founding badass” or something else along those lines, but is interesting I can see that, going through my career there was part that wanted to be a sales manager and I got sales manager and I’m said “fuck, I don’t want to be a sales manager” so there is a lot to be said in those roles, in corporate America structure formality, there’s a lot of responsibility in owning certain titles.
Mike: Totally is, I think as a small business owner I aspired, not anymore, I aspired to be the big company, I wanted to have a billion dollar corporation, I wanted to be the CEO of Amazon after Jeff retire I wanted to take over, so I wanted to make my own version so I said if I want be that I have to act as if, that’s a popular term, act as if, so I’m gonna start using those tittle right now, but in the outside world that’s kinda of a shame, if I call myself the CEO and I walk in with my little company, people are like, who many people report to you? But none is only a couple of virtual people, are you really a CEO? O are you an entrepreneur that’s is starting in bootstrapping, so there is a risk there too, theirs is this disconnect and if we package ourselves in the wrong way is dangerous in fact our business … no titles whatsoever, because I do know that I go into a sales situation, sometimes it helps to say that I’m the owner and sometimes it helps to say that I’m the sales guy and being the owner is actually a detriment so I think a title is just a thing of conversation in what e aspire to have but also have to see the outside perception around titles.
Donnie: I got other question because I know my followers have been counting on me and I got a lot of people that followed your book First, it was the first book that I read of yours and horrible book by the way.
Mike: Worst book of all the time, hey at least I got a ranking somehow.
Donnie: Hey you put profit in there; at least it has to sell one book.
Mike: Right! I should have put an F bomb because that seems to be the popular books now, the subtle art of F’ing and I should put like F profit or something.
Donnie: You know I’ve been getting a lot of the guys out of the UK right no on the podcast because they are really trying to make a push, they are calling it “the UK invasion” where a lot of the UK speakers are trying to come to the US and is so funny when they come to the podcast because I cursed a lot but those dudes say cursing to a whole other level.
Mike: The brits do?
Donnie: Oh my god yeah! And I have to forward warning because there a couple words they throw around like candy and I’m like, ok look, this is a US based primary show, I mean it plays in almost a 100 countries now but you got to be careful with the certain couple of words, the F bomb fine, but there are some other words they can’t just bring to the table!
But profit first, that and pumpkin plan I think two of the two books of yours that get thrown around the most, at least on my circles, is profit first the first book out of the collection.
Mike: So I’ve written 5 books, technically 6 as profit first has been re-released as revising expanded so that counts too, so I wrote this book of toilet paper entrepreneur.
Donnie: Oh I remember that!
Mike: Kind of a spit on the face of traditional authorship and it was my angry teenage years but it worked, it worked to put me on the map, at least with the publisher and it built a small … The pumpkin plan was my first kind of mainstream book and profit first was the break through.
Donnie: That’s the one that really put you on the map, I’m in forward Texas, you know my hometown and I know there is a little workshop group to get together and discussed that book-
Mike: Oh that’s awesome I love to hear-
Donnie: And the content and everything is out of that, but I’m curious, when you wrote that book was that philosophy for your business? Or something you were attempting to do and you thought it would be the breakthrough for other people if you took on the same thing.
Mike: No, it was purely for me, here’s interesting when you hear the resume of an entrepreneur like me I share the highlights, got a company, sold it, the thick of the story for most entrepreneurs is the struggle, the entrepreneur poverty and I have evaporated all the wealth I’d accumulated in some priors businesses that were dealing with debt, I was able to sell them pay off the debt and make money and never really understood profit, I started this 3rd business that … my resume I evaporated everything I had, lost my house over it, lost possessions, did not loss my family, that’s one thing, they stood by me, went through depression for a couple years, from 2008 to 2010, the highest level was called functional depression, you are a drinker and stuff and during that phase I realized that I fundamentally didn’t know the most basic elements of entrepreneurship, profits is one, I realized all the things I was doing was misunderstood, and profit what I realized is that we have been told profit is the bottom line or were you rent, every book I read is profit comes last, and I realized omg I’ve been putting profit last, I didn’t consider it until once a year I looked at profit and I’m like “Dammit, maybe next year”.
Donnie: Wait so your business is supposed to profit? I’m confused by that.
Mike: That’s what my old accountant said,” you don’t want to profit, hey congratulations you got nothing left” And I’m like “what?”
Donnie: Hey that’s the whole reason I’m in business.
Mike: And that made no sense, and entrepreneurship is not a parent child relationship, I call it BS on that, we often say hey I started a business I gave life to it is my child and one day I will nurture it and it will come back and feed me, no, is more of conjoint twins, as the business goes we go and as we go the business goes so if I’m struggling at home my business is going to struggle and if I’m going struggling on business my home is going to struggle, especially the finances, pour finances are in so last step, so I say I really gotta resolve this and I realize that is human nature when something comes last is insignificant , so profit can’t be last, profit has to be first, and the exclusion of course says, make profit to have it, every time you sell take a predetermined percentage of that money, is profit, hide it away in your business, repeat day in and day out and you will assure profitability.
Donnie: Is awesome, is one of those book, at least it was for me when I read through it, it just made sense, because same thing, school hard … somebody could tell me the stove is hot three times and still touch twice to just to make sure.
Donnie: But it’s one of those book that when you read you are like “ok that make sense to me why I don’t do it”? So I started to employing some of the principals of the company and the being typical growing up financially foolish, “oh we are hitting a down turn, let’s just pull form the profit pile we have already put into the business” and you are like ok that’s not the whole principles of the book but it was a fun read, what did the success of that book do for your business, you company, what evolved or changed for you?
Mike: That’s an interesting question, there’s a couple of realizations, when the book hit, so it came out 4 years ago and 2 years ago I did the re-release and it hit right away, is funny how ego is, I got like omg all this main stages, Seth Golden move here comes Mike “Polish” Michalowicz.
Donnie: Because you got that name that belongs in light.
Mike: Right, exactly, when you hit the movie theatre and my name is two lines..
Donnie: Or is turned down on the edged
Mike: I think the better one is a limp penis of an A, So first my ego is move over Seth Golden, here comes the new main stager and it was like deadly silence, I’m like for how long? The book is so popular and went on for a year like this and my agent who I spoke to me was “get ready for the pumped up fees” nothing, and so I was like I guess it takes more than just a popular book, and yea about a year ago also did … is not move over Seth Golden but is oh you are speaking Seth Godin is coming after you.
So that happened, so I realize is when a book hits it takes time for it to start playing out in other facets which is speaking but I think that satisfies my ego and I love public speaking and is a joy.
Donnie: Look, nobody writes a book without waiting a little bit of that ego.
Mike: I call it C list celebrity.
Donnie: So if there’s another alphabet out there I am in that I alphabet.
Mike: I put myself in position C , what’s funny that means that if I walk through an airport none knows who I am, except one person every like 3 or 4 airport checks will say “AAAAA” and you get one fan that comes and say “ARE YOU MIE MICHALOWICZ?” actually one person came up and said “ARE YOU TONY HAWK?” And I’m like fuck no, but somebody will say that, and I’ll be like who is this guy, is very weird.
Donnie: You next book you just gotta put your picture on the cover that is all.
Mike: I will put a Tony Hawk picture, be my strange brother tony hawk. Is this kind of weirs moments when none knows who I am but one person who just happens and lose their shit but everyone else is confused by and everyone’s like why? Who’s this guy? Is he a doctor? Did he save your life?
But the bigger thing is I’m on my mission to eradicated entrepreneurial poverty now we get the metrics in place, and I get emails actually I can see we get two since we started the interview, I get emails in 3-4 5-6 hour now of people saying, because I actually ask people to email me on the book, I say emails if you commit to this and they are coming constantly now and I can see I can measure the changes having in business and that is the greatest joy of my life, If I am ever down, for me is just log in the email now and sit there for an hour and everything is ok Mike, you are not looser.
Donnie: I wanted people to hear that last phrase you said, everybody’s chasing something you know and I had a lot of coming even this morning with the couple guys I was talking to, they were liken men I could just have this happen to my life, life would be X, and I keep telling life is never X, life is right now, is that time you need to embrace you don’t need some sort of trigger mechanism to be catapulted to the next version of your life and I love the fact that you were humble enough to say that there are days like, this day sucks, this day is horrible and you gotta go look in the email to make sure life is on the same path and track, because is good for people who aren’t even in the first level on the alphabet list, you know you got the C list rockstar status to hear those kind of things because they are a lot of people, I know fans of the show I know were like “holy cow is Mike Michalowicz, he’s got “Profit First” and this and the other and they put you into rockstar status and often times when people put people on that rockstar status they gave them like the super power feed of strength and everything else, like nothing ever happens to them they are always killing it and crushing it and I really appreciate that humility you speak through.
Mike: I want to speak that because I think is so important, I believe when we see someone as in a better position we put them on a pedestal, we look up to them, really that is a form of envy and I think is really damaging to ourselves, if you say “oh this guy is better than me, I wish I liked him” but in the same we are saying “I’m less than” and when we see ourselves as less then we want to disassociate, we actually one to pull someone down, as human nature say, well that person is not observing, Michalowicz they guy that probably got myself in driving, you pull in down, pity is just as damaging, pity is where you see yourself here and then there’s this homeless person in the street and “Thank god is not me” that causes a voidance when we move around them, both are form of dissociation an so I think they are very damaging.
I don’t think we should ever use the term look up towards someone or look down to someone, I think we should always say look over, as cheesy as it is I’m big on like totems and this things you can see as the infinity circle and is my reminder that all of us are on the exact same path, no one is front or behind each other, we are on different positions of the path and we have just much to learn from someone who’s in the deepest struggles as someone that we perceived is having the greatest successes, all of them are learning experiences and we can call from each other but if we look up or look down we disassociate, I think we need to say Donnie I look over to you I want to learn from you, tell me your secrets, Mike I look over to you, so I say never look up, never look down.
Donnie: I love that, I never heard it put in that perspective but you know Richard Branson when he takes people out to his private island , one of the first things he asked to everybody out there is, teach me something and I’ve always been fascinated by it because you got Richard Branson, one of the wealthiest man in the world , one of the most cool CEO, at least that is the brand he puts in the market place, a whole part of that is true but the fact that everybody comes back from me to the island going “Richard Branson asked me to teach him something” and I’m always curious to say, what could you teach as Richard Branson and I think a lot of those pull some random shit out their ass but “I taught Richard Branson” Really? Really!?
Mike: I never heard that story I love it and I think it speaks therefore to great intelligence because I bet you, we all got something to teach as much as he teaches us, I don’t think he is more successful than a brand new startup entrepreneur, by certain definitions, the wealthy accumulated, the exposure he’s gotten, I don’t know and this is no judgment, I don’t know what his family is like , I don’t know what is balance is like, I don’t know his contribution to society is like, I don’t know, I also think that we hold people to a higher celebrity ship when they have broader impact as oppose to deep impact and I think most of us are designed for deep impact, Let me use doctor Oz because that example come to mine, Initially he was a cardiovascular surgeon with very deep impact, he saved some people’s life forever, he gave people not 6 more hours of life but 60 more year of life because of his work, he then made a choice to go broad meaning he went on Oprah he started to talking about health and then the guys is Impacting many people, the difference is , Doctor Oz now has a very broad impact but is very shallow you see him on tv shows and eat your vegetables is the lessons, when we worked as a cardiovascular surgeon, now he’s got a very deep impact, I think is a choice and I don’t think is one is better than the other, the shame is we hold up to celebrity ship people with only broad impact, it’s the famous football player, the famous movie start or the famous author like Malcom Gladwell, someone I exalt but never met Malcom Gladwell he just had an impact in some many people and is a name other people recognize I think is equal regardless of what we do of significance and people that are going for deep impact, I guess the lesson here is don’t aspire to be broad, aspire to be who you are call to be, if it’s deep go deep, if it’s broad is broad if it’s something else do it, just speak truly to yourself, they are all significant.
Donnie: Man I love that, is such a powerful message because most people in my belief that have hit a celebrity status they are really good at one thing. It comes down to … marketing, I tell people all the time Tony Robbins, one of the biggest motivational speaker of the world and I ask people all the time and they are like omg is Tony Robins, Tony Robins, he’s done amazing things I’m not knocking down for anything but I ask people all the time, What’s Tony’s job? “Oh he is the CEO of the company blah blah blah” and I mean no he is not, and they look at me like “ what do you mean?” He is the face of the company, Garyvee, he is the face of the company and even Mike Michalowicz a C list celebrity is the face of the company, now all that to say is not meaning they are not making decisions, they are not having vision but they are the PR machine their job is to build brand new awareness for the company is the broad stroke.
Mike: Is like a band, the front man is the one who everyone knows and is constantly with the groupies but the drummer and the bassist and the keyboardist who’s behind the curtains sometimes they are the ones collectively that need to make the music and I think that is what this organizations have, I think we can positon ourselves as the spokesperson and we will get all the accolades, I think the day I sort believe in that, over.
Donnie: Have you seen bohemian rhapsody yet? The movie?
Donnie: I love the whole scene where the lead singer of Queen, can’t remember his name.
Mike: Freddie Mercury.
Donnie: Yes Freddie Mercury, thank you, that he hits all the fame and he goes out of his own and launches his own band and he’s trying to create the music and it all fails and he goes back to his guys and he goes “they did everything I told them to do” and I’m like that’s it! And he goes “They weren’t pushing back they did everything and the problem is I don’t know how to do all the stuff that you are great that”
Mike: I think a great leader recognizes that , as a spokes persons you gotta be careful about being inauthentically humble, I see that too, and is like “oh is not me is not me” and declining as is actually discrediting the people who are fans of you, you can’t do that, the same thing you can’t say “this is all me” because you discrediting the people collectively making the product or the service that you do, so is a fine balance, I also think for the rest of the band, like Freddie mercury was the recognize brand and you have Brian May and then two guys like what was their names? That’s an ego check for them too but they are just as important.
Donnie: Even if Freddie would have made it in a solo type carrier thing, even then he still has a band behind him.
Mike: Even that is true.
Donnie: The craziest thing about this whole ride and journey, I know the good things I’m good at, I’m really good on podcast, really good on interviews, well talking on stages but here is the thing I suck at the accounting side of things, I should read you book again “profit first” maybe probably help me out a little bit, but it’s a lot for entrepreneurs, business owners, whatever screwing tittle you want to give yourself, founding badass, is knowing your lane and knowing what you are good at and finding the right people that geek out on the stuff you suck at, is like I’ve got people that do some video editing for me, they freaking love that stuff, I’ve got people that do automated email for me, the gal who does some of the writing for me I call her a magician every Tim, I don’t know how she takes all the crap I put together spins it up and turns it into a master piece, she’s just got gift and a talent for it, but a lot of that is a humbleness for an individual to go “ok this is my lane, this is what I’m good at, how do I get other people to come along for that ride to pick up the slacks for me”.
Mike: There is this thing I call the super hero syndrome when we first start a business we have to do everything, you have to do the accounting, you have to do marketing, there is no one else there, you have to, and we start believing wow I can do anything and then we start superheroing in swiping in when there’s problem oh I will fix this I will fix that, and the trap is, when we bring on employees we actually interning with their progress, they start doing something and we swop in we fix it we resolve, disabling them from doing the work themselves, plus we leave often awaken destruction behind us, entrepreneur like myself are known to fix the 5% of the problem, the big part that is noticeable and 95% like we can skip that and there is this shattered destruction behind us that needs to be swooped and cleaned up, I found that I can’t change my ego, I can’t tell “I’m just going to be mister Mike humble and everything is fine” what I did find is that I can rechannel my ego, I used to be very proud of being the superhero, the savior of my business, and now I use the term supervisionary and what that means to me is that I’m clear of where I want to take this organization but I am also as importantly clear about where my individual colleagues want to go with their lives and then my job is ok “how can I help Amy and Mike and Ron and Kelsey to achieve what their vision is personally and have that aligned the business” and I put more significance on that than being a super hero, now my ego is being filled, hey! I’m doing what I meant to do and the interesting is what I revert to being a super hero because I revert to that often and I say oh I fix this and I swipe in again, I realize that is a step down in where I see myself and put negative context around and I’m less likely to do it, before I thought if I had to remove myself form the business and no longer be the super hero I saw that as a step down so when I reverted back to this super hero role I was stepping up and therefore be stuck in it, so the goal is to put more significant to something else and it will naturally pull us put of doing the stuff that is actually not helping our business.
Donnie: Yeah that’s a really interesting thought, I don’t have kids but I will say the next statement with that in front me, but often times, people that went through a rougher childhood, maybe didn’t have all the things they wanted as a kid and by the time they have kids they spoil they hell out of them because then have become success and the kids don’t learn the grind and drive that they learned to get and find the success, they hit the workplace and everything else and they will be a bit lost, entrepreneurs do the same thing with the employees, when you are taking care of the problem you are taking out he learning they need to evolve, I ran into this all the time in the creative side of things and Think this is probably the biggest screw that entrepreneur s have is they have a creative vision of their brand, their image, their everything else and when they try to explain to somebody else that other person doesn’t grasp their visions of what those color schemes or whatever else side of the businesses so they are like “Oh I screw up I will do this myself”
Mike: I was talking to this guy Scott Alfred, I actually put him in one of my books, he said an entrepreneur would tell to an employee “hey we need to cook food here, get something that will cook food here” and they come back with sticks and rocks to spark a f ire and we are pissed of Like” Don’t you understand? I wanted a Viking?” and the employee is like “Oh I’m so sorry” but the reality is that we didn’t communicate what we wanted, they did the job, In other times they want the Viking and we just wanted sticks and rocks. So I think first of empowering them to make decision but also giving them the freedom that if they don’t comply to our vision to realize that maybe is not their fault, maybe we didn’t communicated well or maybe their vision for that thing is actually better than ours, maybe sticks and rocks is better, is this clinginess we have to what we have a personal vision or mission, how we see things in our mind and we can get upset when people don’t see what we see but we are often to communicating well at all.
Donnie: Well and I would also add in there that I think, I want to speak for myself, there were a lot of times along this journey so far that I wanted somebody to swop in and take care of that problem for me, If this was an issue or problem and I wanted to go like “hey this is now yours” and take it completely of my plate and when it comes back and not what I had in vision and I am like “What the hell -”
Mike: “ - Are you an idiot”
Mike: That is called abdication; so many people think you are doing delegation when they are doing abdication.
Donnie: Thank you I just added a whole new word today.
Mike: Big word, I wanted to drop it, sort of finding where to use it.
Donnie: You have been waiting the whole episode just to use that one.
Mike: So I just thought of blurring it out if you didn’t have a question, but abdication is simply point someone and say you take care of this and that is the entire instruction said, and entrepreneurs are notorious for to scenarios, either micromanagement where is total control, here’s step 1, step 1.a - 1.b, or abdication which is the polar opposite and both of them are extremely ineffective, both of them prohibit growth to the organization.
Donnie: So how does an individual doesn’t go to the extreme of both of those and actually find that happy medium combination because I’m guilty of both, Because sometimes I’m like “ok I have to tell them what to do or they are not going to figure it out so let’s roll out the power point and walk you through the 500 steps because I need it to get done” but other times I’m just off it, so how do I find the happy medium between those two?
Mike: Is simply, you ask the employee, you say listen I want you to achieve certain results in the organization, I know you want to achieve these results, I will give you information, I need to know form you exactly what is enough information to give you direction or when am I going to the field that is too much, where’s actually hurting your creativity, I need the reverse too, if I’m giving just giving you way too little and you can’t achieve the visions that Ii have I need to know them too, is communication, is asking, shockingly we don’t do that often, is that you sit down the first day of the job and say “your job is to tell me when I’m not telling you what you need to know about me” that doesn’t make sense, is constant communication.
Our little company we are going to a company retreat to Nashville Tennessee, literally next week and the whole thing is about communication, we are just going to sit there, have a talk, build a report, we have half day to set and learn from each other’s stories, because I know to grease the wheels of this organization is the communication and trust among each other is the ability of my colleague who I write her paycheck out to come back at me and say Mike you’re being an ass about so and so and not feeling threaten or in risk, that will only happen if we have a true connection beyond functional connection, if we have a human connection, I think there is where the answer comes.
Donnie: And I love that, I think some people when they go into business they are looking for the pedestal, they are looking for people to look up to them and be that guy and I think that was a hard lessons for me because I know that was a part of my struggle as well is that I wanted people to seem me in a certain way which put me in this weird situation on how I was dealing with vendors and stuff until one of my mentors and coaches said dude, knock it off, but the whole thing is realizing that you are not superman, you are not creating something that hasn’t been created before, you are just repackaging somebody else’s shit up into a better more usable consumable product and format
Donnie: I love the fact you are taking your employees in things like retreats and stuff, is that something you did out of the gate with your company or is that something you evolved into.
Mike: Well we got it out the gate but is also something you have evolved into, well we had it out the gate but we’ve also evolved into, like going into Nashville is because we’ve had quarter after quarter of profitability that’s grown and we actually set an account called the retreat account so the firs retreat we went to Starbucks because we couldn’t afford lunch, me and my partner we jut said hey let’s just hang out before we get back to go back to work is something evolves, but what I did, recently I did the 4 week vacation, is something I wrote about in one of my book, so if you are going extract yourself from your business for 4 weeks, full disconnect and the business can grow or operate in your absence, you’ve proven the business can likely run into perpetuity in your absence.
Donnie: I think that across the world every entrepreneur that just go and take this big gasp because they know way their business functions if they are gone.
Mike: Which is a major problem, if you’re carrying the business on your back, and everyone will take the 4 week vacation or over, when get sick or die, so it’s going to happen, we are going to make it delivered so we are prepared for.
The funny thing is that I’ve been presenting this concept around the world, when I was in Europe talking about this, we did this, literally yesterday, I flew back form BMW as there yesterday, all august, Germany shuts down and BMW ain’t going out of business, we need to do this for small businesses and so I went for 4 week vacation last year and when I did is not that business was perfect, I put a lot of structure in place to make it happen but there were some problems, one of the problems I realized is internal communication, I’ve become this choke point, when people have questions they come to me a group of come to me to see what’s Mike’s decision but they weren’t making laterally and internally, well I’m absence they were forced to, but there were some uncomfortable things like this person doesn’t really know the other person should approach them? Even if they went only 14 people, so that’s why we are doing this retreat, is all about just building report, we are going to do some cooking sessions together, we are going to have some wine together, we are just going to talk about our lives together, we are going to talk about our struggles and challenges, just to have that human connection, I really believe it greases the wheels.
Donnie: Love it, I don’t why this popped to my head but I have strange question for you, what is your actual business?
Mike: I don’t freaking know, laugh, I am a full time author, I write books, that’s what I do, so people think you can’t make any money out it, which is total bull, you can become very wealthy as an author if you do it right, the lessons here is I interviewed Tim Ferris on how to be an author a long time ago, he isn’t talking to me now, and he said of course you can make money, before that I was talking to people about being an author, and they said you make no money is horrible, and I said what has been your experience? I’ve never written a book, I don’t know, don’t trust people that haven’t done it, trust people who’ve done it, people that have failed learn why the fail and then learn and then I have talked to people who have been successful and find out the difference and go for the ones who are successful, I have a license: profit first, the pumpkin plan, clockwork, I have a new book coming out, to other companies and they pay me override of revenue so I have a constant revenue stream from all these different companies.
Donnie: What do you mean by license, like program?
Mike: Yes the program is called run like clockwork that teaches the clockwork system, they pay me a license in fee in front and 15% override … processionals for accountants.
Donnie: You have accountants around the world.
Mike: Yes over 350 and now and I license this organization but also in the case In that case I took an equity interest but the other two companies I don’t have any equity just the license in fee they pay me.
So one of those things as people run their journey, one of the things I had to do was to turn to the people that has done it before , and realize somebody else had cut the trail, go learn from them and get advice from them along the way.
Donnie: I gotta tell you man, this has been one hell of a ride I had no Idea about what you and I we were going to get into tonight and actually it has been kind of fun.
Mike: Yeah on the recap my head says oh we talk about entreprewhore, you learned a new word abdicated.
Donnie: Dude, don’t do the spelling bee on me, if you ask me to spell abdicate.
Mike: I don’t know how to spell it I think it starts with an A
Donnie: We talked about C level celebrities in there somewhere I am sure.
Donnie: So that’s awesome, but dude I really appreciate the job done here, here’s how I like to wrap up every show and I do stump some people over this so get ready…
Mike: 17 INCHES.
Mike: Take it right? What’s the question?
Donnie: I don’t want ask what 17 inches is! Now if you were going to leave the champions who listen to this show, people from all over the world, business owners, entrepreneurs, people who are trying to make the next movement in their life, if you were going to leave them with a quote a phrase a mantra or a saying, something they can take with them on their journey, especially when they are stack up against it and goring through what would be that quote or phrase you would say?
Mike: So, I have it above my desk, Oscar Wilde says: Be yourself, everybody else is already taken.
Donnie: Oh I love it is one of my favorite quotes from all time, didn’t know it came from Oscar Wilde, I saw it on a meme on Instagram and I thought “Oooh is brilliant”.
Mike: Actually I went to Ireland, not specifically for this, but visited statue from him, visited his own home.
Donnie: Where ahead in Ireland? because we were just there last year.
Mike: Outside Dublin
Donnie: Oh no kidding, Dublin was my least favorite city.
Mike: Did you see the “Stiletto in the ghetto” the big spike in the middle of the city?
Donnie: No we didn’t see that.
Mike: I would say it was my least favorite too because is like any other metropolis.
Donnie: That’s what my wife and I kept saying, is that if you go to Ireland go to Dublin and I would not knock in Ireland would no knock in Dublin by any means.
Mike: No Omg.
Donnie: Is like any other big city.
Mike: The people in Ireland I would argue are the nicest people, India is number 2 but Ireland is number 1.
Donnie: Did you do the breakfast thing?
Donnie: Dude I wanna tell you the nicest people, they were so genuine, and the breakfasts were insane.
Mike: Insane, blood pudding.
Donnie: And the two different styles and all that, so awesome, but look man I really appreciate what you doing, thanks for joining out and looking forward to many big things coming.
Mike: Thank you!
END OF INTERVIEW
Donnie: Wow, what a fun episode, got to tell you, when you see one of these guys and hit some of the celebrity status and maintain this cool level of humility like Mike did all the way through this is just a fun thing to see is a great conversation you are part of.
If you like those rise together authentic style conversations o a regular basis you really need to come and hang out with us in our Facebook group “success champions”, daily we are putting cool inspirational stuff or having awesome stories and we helping other rose and go together, so come hang out with us, just go to Facebook type In “success champions” look forward in groups join up and come tell us hi, we will be glad to have you there, if you got any value of this show whatsoever do me a favor, rate it, review it, share it with at least one fiend that would get value out of it, it would mean everything to me to get more people sharing and listening to these stories and ratings and reviews mean everything, so wherever you are listening this podcast, leave a rating leave a review, share it with a friend I really appreciate you guys, thank you for being a champion, thank you listening this show, keep on rolling shit up and keep going baby!
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