In episode 867, Author and Entrepreneur, Mike Michalowicz joins Kevin and Alan to share his expertise on building a business bigger than yourself.
As humans, we naturally have unrealistic expectations for our business. We make projections so misaligned from the work we put in that we often become so disappointed and give up. It must be understood that the Google and Amazon’ of the world are the lottery winners of entrepreneurial success. We cannot compare our journey to these very successful and rare achievements.
True entrepreneurial success, we often don’t even hear of. They are an efficient caring business with meaning deeper than billion-dollar goals. Remember, there are many successful million-dollar businesses that aren’t as popular as Google and Amazon, but it doesnt have to be all or nothing. Just because your business hasn’t hit the ear of every single person on the planet does not mean that it isn’t successful.
The next problem we make is, we create a product that we believe EVERYONE needs. It’s best to have a narrow specific community and give personally to them. Mike explains it as carrying your customers on your shoulders and having them support you through each stage of your business. Remember, when you specifically try to impact a small group of people and change their whole life, then they will commit to you and won’t try to find a better product elsewhere
Next, understand the correlation between success and legacy.
Mike shares a story of an entrepreneur who makes a profitable business helping purify water in Guatemala city. This story reminds us that we are to be business stewards rather than business owners.
Remember, it’s not about us. We are the seed to grow something for the world.
In the business story that Mike shared, a product was created to purify water. The water purifier saves the city’s residents so much money each month that they then can start their own businesses. This creates a hummingbird effect.
Originally workers would burn wood to boil and purify water, now with the new water purifier the air quality was improving better than any country because they’re not burning firewood! This business owner created a legacy to impact the whole world. And this legacy creates success.
Mike goes on to share the impact of traumatic incidences in our life to be the catalyst in creating our purpose. Everyone has had difficult experiences, these experiences are needed for pivotal moments and to help us find our true deep mission that becomes our legacy and then our success.
You need to tap into what truly fires you up. There’s always something that is deeply painful within you. “We are all given gifts, but some of these gifts come in pretty horrible packages; it’s up to us to leverage these challenges to impact the world.”
Here is something Mike has given us to contemplate. Success is not a demonstration of accumulation. Success is contribution. It’s okay to have external materialistic things, but when we use external resources to manipulate others, that is when it becomes a problem. This is why you must focus on building a business bigger than yourself.
Networking is another important aspect of business success. But do you know the difference between networking and relationships?
Short-term networking isn’t as impactful as relationship building. We don’t want to just drop off all these cards to people. It’s offensive! We must not treat these relationships like a transaction. That will cause retaliation and resistance.
Mike shares with us that it’s the little transformation you create in someone’s life that creates relationships.
It’s a give-and-take situation that builds a bond. It takes time and effort. Giving without expecting builds trust.
One last thing to take note of when building your business is to make sure you keep doing the things that got you to success. Be mindful of losing sight of what worked and what lead you to a great leap in your business. Once we get in shape, we can lose the consistent reminder and motivation and we may stop doing the things that got us into shape.
Connect the dots consistently and recognize what worked.
“It’s hard to see the forest through trees,” explains Mike, but if we put metrics in place we can stay attuned to what’s working. Look at the data and integrate metrics.
Mike has written numerous books on entrepreneurial success. His newest one is “Get Different.” You can find more of his work at https://mikemichalowicz.com/ and be sure to check out his Instagram @mikemichalowicz
Look deep inside of yourself. Then look far outside yourself. What is something that truly matters to you? What dent do you want to make in this universe? Find something that is much more vast than short-lived desires. Start building a business that’s bigger than yourself.