Secret Academy Episode - Michael Michalowicz
About:

After the sale of his second 7 figure business, Michael Michalowicz thought he had cracked the blueprint to success. In reality, his arrogance was his demise and quickly lead Michael towards losing it all after he made some poor business investments. Michael was able to rebuild through his third multi-million dollar business but also realized a lot of misconceptions when it came to start and grow a business. Using his own experience, Michael broke down the fundamentals in starting a business while being extremely resourceful and specialized in his best selling book "The Toilet Paper Entrepreneur". He then followed up with a recent book titled "The Profit" where he teaches business owners an alternative way to look at your business financially to ensure you get rewarded earlier while still growing at a rapid pace. Today Michael is a best selling author, serial entrepreneur, and television correspondent that teaches entrepreneurs how to grow their business by spending less but still increase profit.

Lesson's in Today's Interview:
  • How Michael used fear to fuel his confidence and aspirations with his first business
  • The story of how Michael sold not one but two companies for millions before his 35th birthday
  • The niche that Michael tapped into for his business that was acquired by a Fortune 500 company
  • The importance of boot strapping your business as told by the Toilet Paper Entrepreneur book
  • Why a little luck and being at the right place at the right time helped tremendously
  • Alternative wayw to look at income and expenses when operating a business as told by The Profit book
  • The movie theater case study that Michael helped to turn around a failing business
  • When you should take home profit versus reinvesting in your company
  • Why you should become a specialist in a specific niche rather than be a generalist
  • Why being different is the key ingredient to success and getting noticed
  • How to overcome your fear by looking at successful working patterns
  • Why it doesn't matter how much money your business makes but rather the bottom line
  • The humbling experience and huge mistake that cost Michael his fortune and near bankruptcy
  • The experience of being a best selling author and the learnings that come with it
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