As I continued to interview people for my book, not only did I uncover what success looked like for many entrepreneurs but what really came to life was that this changes over time. My interview with Mike Michalowicz opened my eyes and expanded my vision of what my successful company looks like so I had to share it with you.
My Perspective Changed
One particular interview opened my eyes to a change in perspective for myself and my company. For the years I've been in business I've never talked about building a big company or hiring on employees. My dream consisted of me working basically as a consultant for others and providing income for my family. While I dreamed of making more money, I didn't really dream of building a company of people.
This is evident in how bad I am at delegating...more on this in the interview.
But it was during an interview with one of my business mentors, Mike Michalowicz, that my perspective was changed. I've interviewed Mike before in episode #100 about his Profit First Method and I was thankful to be able to share my gratitude to him as he has changed my business in many ways. And now I get to say it happened again.
In this interview we talk about his newly revised book, Clockwork, a book about building a business to run itself. At first you'll likely think "I'm just starting out, I don't need to think about my business running itself yet" and you're right...kinda.
While it's great that you are a one-person show right now, I'm going to share some information that might have you thinking differently about how you can dream about your business in the future.
In a recent study by the Small Business Administration, it was stated that 14% of the global population will ever start a business. Only 20% of that 14% is ever successful in creating a sustainable business. This means that 97% of the world is looking for a job with a good company.
According to an article from Oberlo, in 2021 small businesses created 1.5 million jobs in the United States which accounted for 64% of jobs!
"Our job as the entrepreneur is not to do the job but to create the jobs" - Mike Michalowicz
At first you have to do the work and take the risk of creating the company but after a certain point, if you are still doing the work you're stealing the job from someone who needs and wants it. WOW! Did that hit you like it hit me? Stealing jobs from people who need them. That might feel extreme right now but if you step back and think about it, it's actually a really neat place to be in.
You could create jobs that people actually want! You could create a place of employment that allows someone to stay home with their kids, or have a flexible schedule, or tap into their gifts of organization when you struggle with it. What a gift that truly is but in order to get to this place, you have to build your company to sustain you first.
Mike Michalowicz Book GIVEAWAY
My book will guide you on the foundations of creating your thriving business but that's just the beginning. And I truly believe that weaving together teachings from many entrepreneurs is how you will tap into the entrepreneur you want to be.
Because of this, I've giving away 6 copies of Mike's book, Clockwork (revised version, 2022). All you have to do to be entered into this giveaway is pre-order my book. Once the presale is done on December 16th I will randomly draw 6 winners and ship your copy of Clockwork to you.
*If you're outside the United States we will calculate shipping and determine the best option.
>> Click here to pre-order my book before December 16, 2022 <<
Get ready to laugh and enjoy Mike as he shares how and why you can create not just your dream business but a company that runs like Clockwork!
**This was also a podcast episode (episode #170. Use the player below if you'd prefer to listen to this message.
Different Stages Of Business
In his book Clockwork, Mike shares four stages of business:
You're likely in the Doing stage now as you're doing all.the.things and it feels like you're running a marathon. The good news is that by doing all the things you're learning about your customers and building on that foundation for a strong and sustainable business.
If you're feeling scattered in this particular stage, I recommend pre-ordering my book Uncover Your Confidence because this is the stage I'm focused on in the book. In my book I share tips on how to define success for yourself and not fall into the trap of what others see as successful. I also talk about boundaries and values.
In the Deciding stage you're making choices and assigning tasks to other people. This could be part or full time employees or contractors and freelancers. The goal is to start taking steps so that you're not responsible for everything in your business. While this is a tough phase, it's also an exciting time to see how you can do better, together.
In the Delegation stage you're not just assigning tasks to people but rather assigning an outcome to an employee. By doing this you're empowering them to really run with the project so they can execute it often better than you could. This is when things can really start to shift and you can truly step away from your business to get the rejuvenation you need as the owner.
This is the stage where you are focused on the evolving vision for your company and how to create systems and processes that support that vision. You as the owner are only focused on this while your team is focused on the other 3 Ds.
Mike is an author and a speaker yet he employs 22 full time employees and the business runs without him when he is gone. This is incredible to me and because of this he is able to provide jobs where people get 4-week paid vacations on top of regular vacation time! He's build his business this way and is now sharing with us how we can too.
"What I found is for almost all businesses, if the owner or the leader of the business can be gone from the company for four-consecutive weeks, a full digital disconnect, a full physical disconnect, and the business can operate in their absence, that is usually an indicator that the business can operate in their absence into perpetuity." - Mike Michalowicz
Set Your Strong Business Foundation
While it might seem far off in the future to think about delegating outcomes to employees, it's great to have this in your mind as you're setting your foundation.
Your foundation is set through a few key decisions that I cover in my book: Uncover Your Confidence (working title):
Define success in your terms
Know what boundaries are needed in order to achieve that definition of success
Understand how you work best and tap into your strengths
Identify what support you need and who you can lean on for that support
My book will be available for pre-sale until December 16, 2022 and if you pre-order, you'll be entered into the giveaway to win Mike's revised version of Clockwork. With these two books in hand you will not only be set up for creating your dream business but also opening up opportunities to create jobs for others who want to work for an amazing company.
>>>> Click here to pre-order your copy today!
And until next time give yourself permission to dream a little bigger and grace along the way. I'll talk to you soon.
"After interviewing many, successful entrepreneurs for my book and my podcast I've realized a few things. (1) Entrepreneurs are awesome problem solvers, (2) My definition of an Accidental Entrepreneur, (3) Our definition of success changes over time and (4) My goal for the book overall."
- Amanda McKinney
Learn More About My Book
If you're looking for more inspiration and lessons from people like Mike Michalowicz, be sure to pre-order your copy of my book by December 16, 2022.