From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Mike Michalowicz is the author of Profit First, Clockwork, Surge, The Pumpkin Plan, and his newest release Fix This Next. By his 35th birthday, Mike had founded and sold two companies – one to private equity and another to a Fortune 500. Today he is running his third multi-million dollar venture, Profit First Professionals.
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Resource
Fix This Next – Pin point what your business needs next from you with Mike’s free evaluation!
3 Value Bombs
1) The thesis of Fix This Next is this: the biggest challenge entrepreneurs have is knowing what their biggest challenge is.
2) The Survival Track is the response you have when you are in crisis.
3) The world is depending on you. You have to make your business successful, and you need to take the right actions immediately. Evaluate your business, and be deliberate in taking the right steps forward.
Sponsor
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Fix This Next with Mike Michalowicz
[1:48] – Mike shares something interesting about himself that most people do not know.
- Christie Brinkley was his client during her divorce with Peter Cook.
[5:23] – What is the thesis of Fix This Next?
- The biggest challenge that entrepreneurs have is knowing what their biggest challenge is.
- You need a system to pinpoint what you need to work on.
- It took Mike about 5 years of research, development, and writing the book.
[7:30] – What is a survival track?
- The Survival Track is the response you have when you are in crisis.
- The Survival Track is where you react to micro-crisis by escaping the immediate situation without considering the longer-term impact.
- Know where your Point A is (where you are at), and know where your B is (where you are headed).
[10:21] – Mike shares what companies usually fail to do for their Survival Track.
- Most companies fail to understand their core delivery.
- One-Step-Back Technique:
- Look at your core delivery, and think about how you can improve it.
- Repackage your offer but continue to deliver the core emotion that you have always been delivering.
[14:19] – How does Maslow’s Hierarchy of needs connect with the Business Hierarchy of needs?
- Maslow’s Hierarchy of Needs is the study of human needs based on a sequence of needs.
- Physiological
- Safety
- Love/Belonging
- Esteem
- Self-actualization
- Business Hierarchy of Needs:
- Sales – the creation of cash
- Profit –the creation of stability
- Order – the creation of efficiency
- Impact – the creation of transformation
- Legacy – the creation of permanence
- The difference is you are not neurologically wired in the Business Hierarchy of needs the same way you’re neurologically wired to Maslow’s Hierarchy of needs.
[18:39]– A timeout to thank our sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[21:20] – Mike talks about the layers within the Business Hierarchy of Needs.
- Within the 5 levels of the Business Hierarchy of Needs, there are 5 core needs.
- Within an organization, there are 25 Core Needs.
- From those 25 Core Needs, have a checklist. Know which are being satisfied, and which are not.
- It will help you determine one vital need until you reach that Point B in your vision.
[24:07] – How can Fire Nation use this knowledge daily?
- Keep in mind that in every action there is a reaction.
- Put consideration in between the action and reaction.
- When something happens, you have to consider where that falls within your Hierarchy of needs for your business.
- Pause and evaluate the 25 Core Needs within the Business Hierarchy of needs.
[25:52] – How can Fire Nation get started today?
- Fix This Next – Pin point what your business needs next from you with Mike’s free evaluation!
[26:10] – Mike’s parting piece of guidance.
- The world is depending upon you. You have to make your business successful, and you need to take the right actions immediately. Evaluate your business, and be deliberate in taking the right steps forward.
[26:33] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
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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