033: How This Multi-Millionaire Went Broke, Turned His Life Around And Discovered The Success Formulas For Life In The Process – Mike Michalowicz

By his 35th birthday MIKE MICHALOWICZ (pronounced mi-‘kal-o-wits) had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor…and proceeded to lose his entire fortune.Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.

Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Subscribe to Quest for the Best

Stu Schaefer Quest for the Best Podcast

Apple Google TuneInStitcher Radio Public | SoundCloud | Spotify

Resources Mentioned:

3 Key Points:

  1. How asking these specific questions will propel you into success exponentially faster! (They are so easy and only a fraction different from how most people ask them… so pay attention here.)
  2. Why you will always do things you “secretly” prioritize… and… why 99% of businesses prioritize the wrong things. (You are probably doing this too and you’re actually prioritizing debt and expenses in your own life!)
  3. What the “reticular activating system” is and why you need to understand how to use it!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

  • [01:30] – The essential principles that create success in business (and health and life)… and why you can even follow a “formula” instead of reinventing the wheel
  • [02:57] – How Mike discovered the success principles in his books and what you need to know about how they will impact you! (If you’ve ever felt like “something was missing” or holding you back, then you need to listen to this because most people have these “success formulas” backwards!)
  • [05:48] – How we operate as humans… and… the shocking (yet simple) implication of this operating mode that will literally force you to succeed.
  • [08:17] – The difference between “owning a business” vs. “being the business” and why you should strive to “own a business”!  (You’ll also hear the “litmus test” to find out if you own a business or if you are the business)
  • [11:40] – One of the most important “techniques” you can use to succeed in any area of life… and why this simple shift will literally transform your life almost immediately!
  • [16:47] – Mike shares the pivotal moment in his life and the one crucial decision that allowed him to succeed and get rid of “entrepreneur poverty”. (Listen closely here because Mike shares an easy yet powerful habit that will make you extremely successful it you use it too!)
  • [23:10] – The one question you must ask yourself to get any type of clarity on how to be successful and what direction or path to take in life!  (This is the questions everyone misses because they ask it wrong and so they stay confused and make much slower progress.)
  • [27:05] – Why mentors are a foundational key for success… and why “mentors” don’t need to be official.  They can be totally random and even a 10-minute conversation. (Mike also shares how to find mentors that could already be living in your hometown… and the difference between “mentors” and “coaches”.)
  • [30:29] – The embarrassing story Mike shares that put him in his place and humbled him immediately.  (This story proves no-one is immune to making simple mistakes, missing opportunities and looking stupid!)
  • [33:41] – How to get in front of mentors and how to find the right people at the right time for your life!
  • [38:21] – The best advice Mike ever received.  (And why you shouldn’t listen to advice from others… unless it matches this specific criteria)
  • [39:15] – The personal habit Mike attributes most to his success… this will surprise you
  • [40:55] – The best resource you can use to help you with immense creativity… (This is something every successful person has mentioned who I’ve talked with!)
  • [42:00] – The new book you absolutely need to get right now!  Friction by Roger Dooley
  • [43:20] – Mike’s parting advice (and how to get in touch with him) 

Awesome Resources!

1) The Goal Setting Guide: Learn how to set goals and actually accomplish them within 90 days!

2) The Novo Method Success Pack: Create rapid success by learning how to overcome your mental blocks… then build your best body using my proven nutrition, cardio, and weight training program.