A summary of things you should know about The Toilet Paper Entrepreneur according to Mike Michalowicz:

Introduction

In this episode Mike Michalowicz shares his book, The Toilet Paper Entrepreneur where he gives you the business tools to get ready for building a business and the kick in the behind to get started.

In his book, Michalowicz provides his perception on what entrepreneurship is and how you can navigate starting and building a business when you have no resources. The difference between this book and others like it is Michalowicz connects entrepreneurship to the bathroom experience when we find a way to survive on a very small amount of toilet paper.

This book is perfect for the aspiring entrepreneur who needs the tools to startup when they don’t have money and for the established entrepreneur in need of realigning their business.

The Book’s Unique Quality (2:27)

I think it’s the analogy I use. I have to argue that the content that I talk about has been addressed by others in different ways so for a book to be fresh it just has to be a new spin. In Toilet Paper Entrepreneur I connected entrepreneurship to the bathroom experience. If you are every stuck in the bathroom with three sheets of toilet paper we find a way to survive it on just three sheets. It’s all about leveraging the fact that what you have is enough.

The Best Way To Engage (3:58)

All the books I write build on the prior concept so this isn’t a jump in jump out, it’s a read through and at the end of every chapter I give specific actionable steps.

The Reader’s Takeaway (18:22)

Resources are perhaps your biggest asset. When we have resources then the path we want to take becomes the doable path, conversely when you have no resources the obvious may not be doable and therefore it forces you to think of alternatives. And that’s where innovation comes from, when you can’t follow the obvious you have to break that rules.

A Deep Dive Into The Book (4:42)

I broke Toilet Paper Entrepreneur down into three different segments which are belief, focus and action.

The first part of the book is about the mental game of entrepreneurship, a big part that is not normally talked about. A lot of different resources talk about the strategies of entrepreneurship and they definitely apply but the big question first is to make sure your mind is behind it. The first chapter is titled Natures Calling and what I mean by this title is simply what you feel naturally compelled to do. A lot of people know there passion but I am taking one step further in this chapter and talking about what your purpose is. Passion is something you love to do and purpose is the reason behind why you are doing what you are doing.

The second chapter I call A Little Piece and Quiet in your mind and what I talk about in this chapter is the power of beliefs. Beliefs can either be a wall or channel. We are all wired in our minds to prove ourselves right. If you say you can’t get something done, it’s in your best mental interest to not get it done. And if you say to yourself that you will get it done, you will find a way to get it done. Our beliefs can be channeling where they can move us towards an accomplishment or they can be a wall. When it comes to entrepreneurship we have to investigate what the internal conversation is going on in our heads and then convert it into a channel. A channel will get us to our vision; a wall will prevent us from getting there.

The third chapter I talk about the fire in your belly which is the Why. When you know what your purpose is in your business and how it connects with you, you will know why you are doing it and that keeps driving you forward. I totally believe that the foundational component of entrepreneurship that so many people miss is the mental game.

In the next couple of chapters I talk about getting down to the actual execution of your ideas. One strategy that I talk about and strongly suggest is a strategy called tacking. Tacking comes from an analogy/strategy used by sailors. Tacking is where you identify the place you’re going but how you get there might not be straight on. It is about avoiding the obstacles’, leveraging yourself and redirecting your steps but ultimately you will get to your destination.

The final section of Toilet Paper Entrepreneur is the Action section. One of the biggest actions that entrepreneurs can take is to have the discipline of saying no. There are numerous stories and strategies that I share in this section pertaining to this issue. I talk about how to burn the boats in your business so that there is no plan B, it’s all about plan A, and you execute it until it works.

I wrap up with talking about money and equity which is an extremely important component. I talk about how to grow a business when you don’t have money and those resources. I show you how to extract some money when you don’t have traditional financing in place.

I believe The Toilet Paper Entrepreneur gives an aspiring entrepreneur all the tools to get ready and the big kick in the ass to get started. And I think for established entrepreneurs it realigns them with where they are and with their relationship of their business.

Notable Quotes From The Book (19:50)

“Successful businesses don’t get richer quick, they get rich right.” – Mike Michalowcz

The Credibility/Inspiration Of The Author (0:38)

I am an author of The Toilet Paper Entrepreneur, The Pumpkin Plan and Profit First. Prior to becoming an author I was a fulltime entrepreneur growing a couple companies and today the forefront of my activities is writing books and talking about them.

I wanted to challenge all the academic reads that were out there. I believe there are a lot of great content books but most of the books I was reading about business you have to bore your way through it. And so I decided to write my perception of what entrepreneurship is and how you can navigate starting and building a business when you have no resources.

Other Books Recommended By The Author (21:25)

Moonwalking with Einstein by Joshua Foer

More Information About This Book and The Author

Buy The Toilet Paper Entrepreneur by Mike Michalowicz on Amazon today

Visit ToiletPaperEntrepreneur.com to learn about the book and download the first chapters

Visit MikeMichalowicz.com to learn more about Mike and all of his books

Follow Mike Michalowicz on Twitter and Facebook

More Information About This Episode

Download the full transcript here

Listen on iTunes, Stitcher , and SoundCloud

Related books: The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz | Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz | The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs by Kevin D. Johnson

Relevant advice and tips: 7 Unique Styles Of Entrepreneurs | 5 Personal Qualities That Make Up a Lifestyle Entrepreneur

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Wade Danielson

Wade is a 4-time serial entrepreneur and is the Founder/Host of The Entrepreneurs Library. With a long time passion for reading books, Wade created an online resource and podcast for entrepreneurs who love to read personal and business development books. His long-term goal in life is to start an entrepreneurial home schooling program for children of business-minded families.