An Interview By on November 3rd, 2008
The theme here today is toilet paper. Well, sort of. The Toilet Paper Entrepreneur - a book written by Michael Michalowicz is a source for first time entrepreneur that uses toilet paper in its title as a metaphor for cleaning up in business.
I was curious when I met Mike on Facebook. Here’s a guy who (among other things) makes smart and funny short video blogs with tips for entrepreneurs, made readily available on his Facebook page.
My favorite, Funny - Look in the Mirror, provoked laughter among my friend and I who understood the strange, sometimes silly, but very common anxieties that all of us (entrepreneurs) face through the various stages of growing our businesses. And that feels very human.
Mike has also been named Young Entrepreneur of the Year multiple times and his newest venture Obsidian Launch partners with first time entrepreneurs to help them manifest their dream business.
He’s a recurring guest on CNBC’s The Big Idea with Donny Deutsch, has been featured on National Public Radio (NPR), and in the New York Times, Smart CEO Magazine, and other publications.
Mike and I did a trade. I was interviewed for his blog (along with a photo of me rolled up in toilet paper - more on that later) and I got to pick Mike’s brain a bit on his experiences as an entrepreneur.
Here’s what I got:
Cheryl: I read your bio on your website the Toilet Paper Entrepreneur. You mention your great success with your different business ventures. Can you talk more about your evolution, who you are now, what inspired you early on and how you consider yourself a creative?
Mike: I know we have all heard this a million times, but life is a journey. I don’t really think I have had great success, as most people measure it (usually money and fame). I have had an amazing variety of experiences to this point, and to me that is my great success. Everyone’s journey is simply different, and it is the variety experience that we go through (both good and bad) that is really a measure of success. Through the variety of success, if we can be happy… that brings about more happiness. If we can be happy throughout life, that is the greatest success for all of us.  Okay, enough with my philosophy lesson… I only wanted to say that because most of us want to be wealthy to become happy. And it is key to note, that we need to be happy to become wealthy.
Every company I started, I loved starting because that was my passion; starting companies. They were successful early on, because I was happy. But when they grew into the millions of revenue, they started to become something different, and my roles changed into something that didn’t make me as happy. Those were the “sell the company” points for me. My newest venture of Obsidian (a company I own that partners with start-ups) and writing my book (Toilet Paper Entrepreneur - which teaches entrepreneurs about start-ups), is completely my passion, my happiness. These businesses are growing the fastest for me, since they make me so happy. And I suspect I will do them for a long time, because they make me happy.
In regards to “a creative”, I don’t know if I am anything but myself to the fullest. If we simply be ourselves to our fullest, we are naturally the most successful. It is that simple, it is that hard.
Cheryl: Can you talk about your newest venture, Obsidian Launch and what you mean by your “get rich†approach?
Mike: I call it the “get rich, right” approach. I get upset when I hear of someone trying to get rich quick, by trying to do the latest trend or fad. It rarely works and is rarely satisfying. I believe in an approach that I have coined “get rich, right”… and it simply boils down to what I mentioned before. Do what makes you happy and that will make you a lot of money. I think we all should pursue wealth, since it allows us to be more of who we are. But it is only freeing when we are doing what makes us happy, so the right way to get rich is doing what you love.
Cheryl: Can you briefly describe the topic of your book, ‘The Toilet Paper Entrepreneur?
Mike: The TPE is all about breaking down the misconceptions of business. You don’t need tons of money, or experience or relationships to launch an amazing company. Success is contingent upon your ability to use ingenuity over money, persistence over relationships, and raw passion over experience. That is the way of The TPE and it results in tremendous success (more than just financial, but wealth surely is part of it).
Cheryl: Do you think there is a difference between female and male entrepreneurs? If so, what is it?
Mike: Yes. Quick disclaimer…and guys please don’t lynch me on this…but women are better suited to be entrepreneurs at the early stages. The reason is that women are more intuitive then men. The early stages of launching a business, relies greatly on intuition. As a business grows, it becomes more contingent upon regimen and systems…that is naturally more of a male’s intrinsic abilities. That being said, anyone who has the desire and passion will make it work…female, male or other.
Cheryl: How do you define success in your personal and professional lives?
Mike: The measurement always changes. Sometimes I measure success in my personal life by the number of times I hugged my kids and my wife. Other times by the freedom I have in driving one of my cars. And other times by the fact that it is freezing outside and I am inside watching football or reading a book. Same thing professionally; sometimes by my paycheck, other times by excitement of my colleagues and other times by the thank-yous I receive from customers. I guess the only real measure is my internal emotions; do I feel positive and happy or negative and sad? Success is obviously feeling good.
Cheryl: Many of us want to start a business but are riddled with fear. Seth Godin (and many others) site this as a major block to finding success. In your opinion, what is the most challenging barrier for entrepreneurs to break through?
Mike: Breaking off with the past. The split second before you stop the past (e.g. quit the job or stop other sources of income / security), is the scariest moment. Then a split second later it feels like the most relieving moment, since you have jumped off the cliff. The key to success is just doing it, kinda like ripping off a band-aide. The thing is that most of us approach that final moment, and are too afraid, so we back down and put it off “until we are better prepared.” Then the next time we approach “the moment” we have already proven to ourselves that it is safer not to do it, and so we don’t. This becomes a reoccurring pattern of not doing. Ultimately, we end up living with regret. The key is to acknowledge that it is really, really fucking scary. Then say it is now or never and jump. Worst case you crash, and go get a job again.
There is a growing demographic of people who are conscious consumers. In other words, we care about products and services that support quality of life, global issues and the environment.
Cheryl: In your experience, have you seen a shift in new entrepreneurs/start-ups towards this type of thinking?
Mike: Absolutely! But there is one caveat. In general the mass consumer (I include myself here), wants to do the right thing without compromising themselves. So anyone that introduces conscious products, and it is a “no-brainer” gets all the consumers. Just think how many batteries have been saved with the solar calculator, because it is a “no brainer”, yet rechargeable batteries aren’t a mass consumable because it is a “pain in the ass” to recharge those things. The thinking is there for sure, we as entrepreneurs just need to make conscious consumables “stupid easy” to buy and use.
Cheryl: Is it possible to start a business with no money?
Mike: Oh. My God, YES!!! Actually your long term success actually increases with the less money you have. I can go on for pages and pages about this, but I already did in my book (you can read it there).
Cheryl: How do you self-care and balance your professional and personal life?
Mike: As an entrepreneur I have found the most success in integrating the two as much as possible. My kids come to work, my office is near my home and friends (lots of lunches with buddies). And my golden tip - Don’t have a Blackberry. I don’t, and on the weekends and after hours, I disconnect.
Cheryl: The majority of my readers are Cultural Creatives following their passions, with a strong desire to contribute to a better world. What advice would you give to start-ups considering the current economic climate?
Mike: I feel this is the BEST time to start a business. Competition is weakening or not even starting. The funny thing is consumers become more aware of the world around them (there is less work after all) and start refocusing on family, community and the earth. If you don’t start now, you are making a mistake. This is the proverbially “buy low” scenario. It is ‘go’ time. But just like any other economic client proceed with persistent, prudent focus. And serve the living hell out of your customers.
Cheryl: Patricia Martin in her book :Business talks about the parallels between our current society and that of the fall of the Roman Empire and the birth of the Renaissance. She is optimistic in her observations and argues that we are currently seeing the signs of the beginnings of a Renaissance where creativity and the influx of new ideas are coming on the scene in full force. What is your opinion?
Mike: I met Patricia last year at a lecture at MIT. After she was done, I ran up to her and said “Finally, someone is preaching the truth.” There can only be a start once there is an end. I think great things are ahead of us.
Jump on the boat now, there’s tons of room. I did.
For more on Michael Michalowicz and his book, The Toilet Paper Entrepreneur visit: www.toiletpaperentrepreneur.com.
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