22: How to have your business run like clockwork with Mike Michalowicz

<p>Are you trying to develop organizational efficiency in your business? Are you trying to find a way to take a step back and become an owner and strategist—NOT an operator? Effective leadership as a business owner begins with some tactical decision making. Mike Michalowicz, a renowned entrepreneur and author, is my guest today. Listen if you want to learn more about building an organization that can function independently of you. </p> <p>Mike has been an entrepreneur for over 25 years and thought he knew it all. After running successful businesses—and making a lot of money—he ran an angel investing firm. After investing in businesses that drained his bank account, Mike had to <em>declare bankruptcy</em>. His story is all about overcoming his pride, and rebuilding his life and business from zero to the entrepreneurial success he is today. Mike’s goal as he’s writing his books is to <em>eradicate entrepreneurial poverty.</em> Don’t miss this episode of Franchise Secrets!</p> <h2>Outline of This Episode</h2> <ul> <li>[1:10] Mike’s entrepreneurial journey</li> <li>[4:00] When he lost everything it changed everything</li> <li>[12:30] Design your business to run itself</li> <li>[16:50] What was dinner with Michael Gerber like?</li> <li>[20:40] Look for a common thread that resonates with you</li> <li>[26:15] His research on productivity and organizational efficiency</li> <li>[36:00] What is the biggest promise you make to your consumers?</li> <li>[40:55] Delegation is the assignment of outcomes—not tasks</li> <li>[44:10] Hire employees who want to be entrepreneurs</li> </ul> <h2>How do you know if your business is on the brink of failure?</h2> <p>According to Mike, <strong><em>83% of entrepreneurs are struggling to survive check-to-check</em></strong>. Sometimes we can’t face the truth that we’re struggling. We tell ourselves “I’ve been doing this for years, I know what I’m doing” as our business circles the drain. The truth is, you need to <em>admit that you have a problem.</em></p> <p><strong>Don’t wait until your b