Episode 87

Earn Profits to Feed Your Family Rather than Earn Revenue to Feed Your Ego – (Episode 87)

Today’s podcast episode presents a conversation between Gabe Arnold and Wally Carmichael. Carmichael is a shot-from-the hip entrepreneur who can help your business see fantastic results. Keep listening to learn about all the helpful information Mr. Carmichael provides.

The Mindset of Abundance

Of course, anyone who sets out down the entrepreneurial trail wants to be successful. The first key to attaining that goal is to start with the mindset of abundance. This idea is similar to the military outlook of always improving your foxhole. Since you are going to be spending a lot of time in one place, you need to be active and productive by continually fortifying it and improving it. You can accomplish this by continuing to do things that add value to other people as well as yourself.

Moving From Struggling to Abundance

To move from a place where you are struggling to a place where you have abundance, you need to start with a mindset and perspective. First, put yourself into the mindset that abundance is not about money, it’s about resources, which include your connections, relationships, spiritual connections, health and anything else important to you as well as paying all of that forward. Then, you need to be brave enough to break out of the mold that everyone else is working from. You can’t just be good at offering the product or service you have. You need to be good at the business end, too. Plus, always keep in mind that your business not only provides a service for your customers, but you are also providing a service to yourself.

Changing the Scarcity Mindset

It is easy to adopt an attitude of holding onto things and not wanting to squander anything. With this mindset also comes the attitude that if you give something then something is expected in return. This mindset can be inborn from a culture or learned from a family situation. But, if you have that mindset from any origin, you need to break out of it. The first step in changing that way of thinking is by changing the language you use. Keep in mind that this change cannot happen overnight. It takes time and effort. Try journaling, making a conscious effort to correct your word choices and incorporate your new vocabulary into your vernacular and writing the words you should be using on sticky notes so you can access them at all times. Consistently employing these tricks will help you change the words you use and ultimately your mindset.


Working with a coach is a great way to forge forward in your entrepreneurial life. A coach can help you see things from a different perspective and help you grow. But, you need to be careful about who you choose for a coach. Although on the surface, someone may seem to be the ideal mentor, there is a chance that you only want part of what that person has and not the whole picture. When you seek out a mentor or coach, make sure you do your due diligence and get to know someone before you invest yourself in that person.

What’s New With Wally?

Even though Wally has reduced his workload, he’s still busy helping entrepreneurs be successful. His new venture is a group program where we will work with 10 people at a time via a weekly Zoom call. His goal is to help participants see the necessity for different levels of entry by working with partners in different industries.

If you want to learn more about Wally or if you are interested in learning how to go from earning revenue that feeds your ego to earning profits that feed your family, click here or send him an email. Find out more about the solutions available from Business Marketing Engine. Learn more actionable advice from leading entrepreneurs by listening to more installments of Today’s Business Leaders.

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