{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"EP 15: Mike Michalowicz \u2014 The Fundamental Flaw With Most Entrepreneurs\u2019 Profit Approach","description":"Some years back, serial entrepreneur and author Mike Michalowicz was on his third business. And it, like the two businesses before it, wasn\u2019t going well.  \u201cI had two exits early on, both in the tech services space\u2026 they were never profitable, and so that meant the valuations got pushed down,\u201d he says. \u201cThe third business I started as an angel investor. I sucked. I call myself now, in retrospect, the Angel of Death. I was so bad. Every business I destroyed. But it woke me up to the fact that I was waiting for profit to happen.\u201d  (3:45) Mike was making a mistake that he believes most entrepreneurs make.  \u201cI thought one day the switch would flip. If I got that next big client, that was the moment I\u2019d be fine and be profitable. But as I looked at those businesses, I realized that profit isn't an event as I destroyed my third business. It's a habit, and it needs to be baked into every transaction every day.\u201d (4:30) That was when Mike started transforming his approach to profit through small, everyday actions. Those actions ultimately laddered into the behavioral management system that\u2019s the basis of his book, \u201cProfit First.\u201d In this episode of The Anthony Sarandrea Show, Anthony and Mike talk about the fundamental flaws that most entrepreneurs make in their understanding of profit and the health of their businesses \u2014 and how these fundamental flaws can be replaced with Mike\u2019s Foundational Five approach.   What You\u2019ll Learn: Why the narrative around revenue for entrepreneurs is such a toxic, flawed one Why the psychological key to change, rather than a cold-turkey transformation, lies instead in \u201ccontinuing to behave in the certain way we\u2019ve always behaved, but now channeling that to drive results\u201d (5:45) What Mike calls the \u201cmomentum effect\u201d and the difference it can make in your day-to-day And much more!   Favorite Quote: \u201cTop-line thinking is basically \u2018how big is it?\u2019 It\u2019s dick-waving content, to be honest\u2026 The new question we\u2019ve got to ask ourselves is \u2018how healthy is the business? That\u2019s the big question. And the next time someone asks you, \u2018Oh, tell me your revenue\u2019 or \u2018how many employees do you have,\u2019 actually say, \u2018You know what the better conversation is? Let\u2019s talk about how healthy our business is.\u2019 You\u2019ll see some people pop their eyes open.\u201d \u2014 Mike Michalowicz (10:50)   Connect With Mike:  LinkedIn Instagram  Facebook   How to Get Involved: Anthony Sarandrea, the founder of SiteFlood, is a philanthropist, entrepreneur, and keynote speaker known as a renowned customer and lead generator across the globe.  Be sure to follow him on LinkedIn, Instagram, and gain access to his consulting and speaking engagements via his website. Let us know you enjoyed this episode by visiting us on Apple Podcasts and giving us a review! We love hearing from you and appreciate your support of the show!   ","author_name":"The Anthony Sarandrea Show","author_url":"https:\/\/www.anthonysarandrea.com\/","html":"