On this week's Indie Business Radio, I interviewed Mike Michalowicz, author of The Toilet Paper Entrepreneur. Here's a short video featuring a few highlights of the interview, and a written summary for those who prefer that.
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On the show, Mike shared insightful tips to help you launch and manage your business in ways that maximize your chances of long term success and profitability. Mike says that one of the things that will determine your success is the mindset you have as you approach the execution of your business ideas. Here are a few ways you can keep your mind continuously prepared to excel in your business.
- Ditch Nay-Sayers. Mike reminded us that there will always be people who tell us that our business ideas will never succeed. He says that the best way to respond to these nay-sayers is to ask them if they've ever tried owning a business of their own. If they have, Mike says, listen further to determine whether they can offer you any salient advice. If not, and they have nothing to offer but unreasonable negativity, Mike says to stay as far away from them as possible so they do not impede your progress.
- Passion Is Overrated. The single fact that you are passionate about something does not mean you should start a business doing it. Passion is great, says Mike, but business success requires that you have more than passion. You may love to do something, but that doesn't mean you should try to make a living doing it. Mike suggests that passion must be coupled with something you love doing so much that you wake up every day with consistent enthusiasm to do it more and more, and do it in a way that drives you to profitability.
- Don't Do It Just For The Money. Mike says that there is really only one reason not to start a business, and that is because all you want to do is make money at it. Of course you have to make money to stay in business, but Mike says that raking in the cash alone will not sustain you or your business for the long term. If you want to be successful at something, the desire to make a profit must be combined with a desire to serve — to help people and give them something they enjoy. When you do those things, Mike says, the money will come.
Listen to the Show
Learn more of Mike tips wherever it's convenient for you. You can download it on iTunes (search on Indie Business). You can also stream it or download it at my radio show website, where you can also pick up a copy of Mike's book. If you like where you are right now, simply click on the link at the bottom of this post to listen right now! It's a great way to digest useful information while you work.
Click here to enjoy the companion newsletter for this show. The newsletter features the story of how Indie Beauty Network member Karen Seremak owns and manages a natural bath and body care products business. In the story, Karen shares some of her tips and recommendations for being successful in business, and also shares a bit about her products.
Coming Up Next Week!
Coming up on October 12 at 1:00pm EST on Indie Business Radio, my guest will be Shel Israel author of Twitterville: How Businesses Can Thrive in the New Global Neighborhoods.
See you then!