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“My daughter went running out of the room because I told her she couldn't take her horseback riding lessons. $20 a week for a group session and I couldn't afford that. I was broke. She ran out the room. I thought she was running away from me. She actually ran to her bedroom to grab her piggy bank and she ran back and she said, ‘Daddy, since you can't provide for our family, I'll be our provider'.”
That was the trigger for Mike Michalowicz to redefine everything he knew about entrepreneurship.
He endeavored to be an author who studies what makes entrepreneurship successful, what the shortcuts are – the real shortcuts – what brings real results and how to apply them in his own businesses.
He struggled for two years, deeply, but the seed was planted, and it finally became clear that what he needed was to document everything about entrepreneurship.
Mike Michalowicz Is the author of Profit First and Clockwork. He has built multi-million dollar companies, and he's on a mission to eradicate entrepreneurial poverty after he lost his entire fortune and experienced years of depression.
He says, an entrepreneurs’ job is not to do the job, but to create jobs. If you’re doing the work as an entrepreneur, you’re preventing yourself from thinking strategically.
During our recent conversation on the podcast, Mike explained Parkinson’s Law, the adage that work expands so as to fill the time available for its completion.
As a supply increases, we consume more.
“I just had lunch and we had some sushi here in the office, and I got three rolls instead of my usual two. Well guess what? I ate three rolls. The more a resource is available, the more we consume. The more time we are given to work on an agreement, the longer it takes us to get that agreement done. As you watch your revenue increase, your expenses increased almost the exact same rate.”
The psychology of Parkinson's Law could be the reason you can't break a profit, The more resources available, the more you subconsciously consume. You see less money flowing through your business and adjust again.
Listen in to this episode of the podcast to hear more from Mike Michalowicz and how to think strategically and become a successful entrepreneur.