Mike Michalowicz is the entrepreneur behind three multimillion-dollar companies and is the author of Profit First, Clockwork, The Pumpkin Plan, Fix This Next, Get Different, My Money Bunnies and his newest book, All In. He is a former small business columnist for The Wall Street Journal and regularly travels the globe as an entrepreneurial advocate.

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Guest Resources

All In: How Great Leaders Build Unstoppable Teams – Get it on Amazon!

All In Website – Foster teams that achieve the extraordinary. Check out Mike’s free resources!

3 Value Bombs

1) Exercise is crucial for overall well-being. If you’re not in good health, it hampers your performance in various aspects of life.

2) The most critical task for business leaders is setting a corporate mission and sharing it.

3) Maintaining a tactile experience and social time in a remote work setup is crucial. Even if your team is remote, consider organizing physical gatherings or retreats.

Sponsors

HubSpot: Starting your year off strong and accomplishing goals like increasing revenue and faster growth starts with the right selling tools. And for that, there’s the all new Sales Hub from HubSpot! Head to HubSpot.com/sales to try it for free!

Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

Show Notes

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

Today’s Audio MASTERCLASS:  How To Be All In with Mike Michalowicz

[1:35] – Mike shares something he believes about becoming successful that most people disagree with.

• He believes that exercise is crucial for overall well-being. If you’re not in good health, it hampers your performance in various aspects of life. Many people neglect exercise and then face challenges in other areas. Prioritize your health—it’s the foundation for optimal functioning.

[4:31] – What have you found are the most common reasons for team disengagement?

• The most critical task for business leaders is setting a corporate mission and sharing it.
• A leader’s job is to know each team member’s aspirations and align them with the organizational mission.
• They will care about the corporate mission when you care about their dreams.
• It is crucial to understand and support the collective dreams of your team.

[6:55] – Mike talks about his research: the stats show that less than 10% of the population is an A-Player.

• He often asks at events if people consider themselves A players.
  • When he was in Puerto Rico, he did the same. Almost everyone raised their hands, claiming to be A players.
  • Then he asked what percentage of the population they think are A players, and responses varied.
  • He finds it amusing that many believe they are A players, but statistically, it does not add up.
  • He then tells them that, in reality, everyone has the potential to be an A player, though not necessarily within a specific organization or role.
• He believes everyone can flourish in the right environment, and his role as a leader is to help them succeed, whether with him or elsewhere.

[9:36] – Mike talks about engagement strategies that businesses should adopt – not tomorrow, but today.

• To retain the best talent and align individual dreams with the corporate mission.
  • Their office has a tree where people write down their dreams for the next 90 days, or a lifetime.
  • As they achieve these dreams, they fill out leaves on the tree, creating a visual representation of progress.
  • This makes people’s dreams public.
•  Another crucial aspect of recruitment and retention is the first day of employment.
  • They create a welcome celebration instead of a retirement party, providing a personalized gift basket with relevant gifts.
  • They include a wrapped gift for the person supporting the employee, ensuring a positive first-day experience.
  • This approach helps win over the cheerleader at home and contributes to retaining the best talent.

[13:25] – A timeout to thank our sponsors!

• HubSpot: Starting your year off strong and accomplishing goals like increasing revenue and faster growth starts with the right selling tools. And for that, there’s the all new Sales Hub from HubSpot! Head to HubSpot.com/sales to try it for free!
• Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

[16:46] – How can companies build a sense of community and commitment among their employees if they are not swapping stories at the water fountain everyday?

• Maintaining a tactile experience and social time in a remote work setup is crucial. Even if your team is remote, consider organizing physical gatherings or retreats.
• Casual discussions about personal lives build trust, a crucial foundation for teamwork and performance. Intentionally include non-business conversations to foster shared stories and enhance team cohesion.

[18:48] – What is psychological ownership, and does it result in top performance and commitment from your team?

• There are two types of ownership: legal ,or contractual, and psychological.
  • The feeling of ownership comes from psychological ownership, illustrated by how you treat rented cars differently than the car you legally own.
  • For psychological ownership, three components are crucial:
    1. Control: People need authority over the object, deciding when and where to use it.
    2. Personalization: Allowing individuals to personalize or contribute to the object gives them a sense of ownership.
    3. Intimate Knowledge: Knowing the object well and understanding its functions enhances the feeling of ownership.
•  As a leader, you can apply these principles in your organization.
  • Provide employees with control over outcomes, let them participate in goal-setting, encourage personalization, and offer training for intimate knowledge.
  • Be cautious about fiefdoms; sharing ownership among multiple people prevents power imbalance.
  • Aim for collective psychological ownership, where individuals say, “This is ours,” fostering a powerful connection.

[25:13] – Mike talks about his book and gives his call to action.

• The book is called “All In: How Great Leaders Build Unstoppable Teams.”
  • The book challenges traditional leadership approaches, offering insights from data analysis, such as the ineffectiveness of many interview processes and the impact of community on culture.
• Mike believes that the presented concepts can bring about significant results.
• All In: How Great Leaders Build Unstoppable Teams – Get it on Amazon!
• All In Website – Foster teams that achieve the extraordinary. Check out Mike’s free resources!

[26:30] – Thank you to our Sponsors!

• HubSpot: Starting your year off strong and accomplishing goals like increasing revenue and faster growth starts with the right selling tools. And for that, there’s the all new Sales Hub from HubSpot! Head to HubSpot.com/sales to try it for free!
• Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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