Ep.15 - How to Take Profit In Your Amazon Business with Mike Michalowicz

Welcome back to the Sprint to Profit podcast. Today we’re talking with Mike Michalowicz, author of some great books about business:

• Profit First
• Toilet Paper Entrepreneur
• Pumpkin Plan
• Surge
• Clockwork

He has also been a part of a reality TV show called Bailout where he traded a contestant’s Mercedes Benz for an ice cream truck. Today we’re going to talk about his thoughts on Amazon businesses, his 30-day challenge for you, his thoughts on sales versus profit, and some topics covered in his books.

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Talking Points:

• 00:20 - Introduction and Mike Michalowicz 
• 02:00 - Does Mike do follow digital vacation from Clockwork, and what does he think of the process? 
• 07:47 - What advice does Mike have for Amazon sellers who swap jobs for other jobs instead of stepping away from their business? 
• 10:30 - At what point do you feel is the right time to classify yourself as successful and if you are doing well in the business how do you know when you can spend money on stuff that you always wanted? 
• 14:42 - What advice does Mike have for patience in the journey for Amazon “success”? 
• 17:35 - Mike’s advice on changing your mindset about their business
• 21:17 - What would Mike say to someone who says, “My business is totally different to other businesses?”
• 24:52 - Mike’s advice on portioning out money to help grow their businesses 
• 30:55 - If an alien landed on Mike’s doorstep what would Mike ask them and why would they be here?
• 32:19 - What is Mike’s biggest accomplishment? 
• 33:44 - Mike’s Bailout experience
• 35:56 - Connecting with Mike 
• 36:51 - Summary and conclusion 

Resources/Links:

Mike Michalowics’ website: https://mikemichalowicz.com/

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz: https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4

The Toilet Paper Entrepreneur: The Tell-it-Like-it-is Guide to Cleaning Up in Business, Even if You Are at the End of Your Roll, by Mike Michalowicz: https://www.amazon.com/s?k=Toilet+Paper+Entrepreneur&i=digital-text&ref=nb_sb_noss_2

The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field, by Mike Michalowicz: https://www.amazon.com/Pumpkin-Plan-Strategy-Remarkable-Business-ebook/dp/B0064VPS24/ref=sr_1_1?crid=1G7WZPW6NQGTJ&dchild=1&keywords=pumpkin+plan&qid=1590523826&s=digital-text&sprefix=Pumpkin+Plan%2Cdigital-text%2C264&sr=1-1

Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry's Big Kahuna, by Mike Michalowicz: https://www.amazon.com/Surge-Mike-Michalowicz-audiobook/dp/B01EQQ89F6/ref=sr_1_1?dchild=1&keywords=Surge&qid=1590523864&s=digital-text&sr=1-1

Clockwork: Design Your Business to Run Itself, by Mike Michalowicz: https://www.amazon.com/Clockwork-Mike-Michalowicz-audiobook/dp/B07G1K7CMG/ref=sr_1_1?dchild=1&keywords=Clockwork&qid=1590523908&s=audible&sr=1-1

Our Website: https://www.goteamreal.com/

Real Amazon Seller Facebook Group: https://www.facebook.com/groups/AmazonSellerRoundTable/

Quotes:

03:12 – “It’s more of this, kind of, western mindset of like, “We gotta grind it out and hustle and work all the time.’ But the problem is, it doesn’t give our business independence.” – Mike Michalowicz

03:35 – “An entrepreneur is someone who choreographs the resources, the people around them to achieve an outcome.” – Mike Michalowicz

03:55 – “The four-week vacation is the ultimate test that your business [can] run without you and that’s what we want.” – Mike Michalowicz

14:06 – “Regardless of how we define success, everyone has all the elements of life going on. We don’t know their full story so we have something to learn from everybody.” – Mike Michalowicz

14:44 – “The biggest mythology in the world is top-line thinking.” – Mike Michalowicz