Read Time: 6 minutes

Michael G. Eckstein, a seasoned entrepreneur with over four decades of experience, has built a reputation for resilience, focus, and innovation. In this second part of our conversation, Michael delves deeper into the principles that have guided his success, from financial planning and personal development to mentorship and legacy-building. His candid insights provide a window into the mindset of a business leader who has not only overcome challenges but continues to inspire the next generation. Read on to uncover valuable lessons and timeless advice from one of the industry’s most accomplished professionals.

Michael, let’s dive right in. How do you approach financial planning and management to secure the long-term success of your business?

Your #1 focus should always be cash flow. Sure, incoming revenue, sales, and building the backlog pipeline are all important. However, for every entrepreneur, the top priority must be managing cash flow. Product expansion, developing new markets, and increasing staff—these decisions all need to be carefully weighed against their impact on cash flow.

You’ve painted a clear picture of the grit and focus needed to grow a business. On that note, how do you maintain a healthy work-life balance as a business owner, and what practices do you recommend to others?

This may sound a bit off-kilter, but let me speak bluntly about the idea of “life balance” when you’re starting your business. When you’re just launching and growing a company, there’s no such thing as a healthy work-life balance. Ask any successful entrepreneur about the early days of their business, and you’ll hear stories of 24/7 workdays, weekends spent at the keyboard, doing the books, hiring staff, making sales calls, advertising, and promoting products—it’s a nonstop grind.

During this launch phase, the most important part of your life will be having a considerate, understanding, and supportive life partner (spouse, significant other, etc.). In this period of “birthing” your company, 100% of your focus and energy needs to be on these early stages of your entrepreneurial journey. You’ll miss date nights, cancel dinner plans, and excuse yourself in the middle of a concert.

Looking back, I can say without a doubt that every successful project I’ve completed, every client I landed through hard work and going the extra mile, and every company I’ve started and grown successfully would not have been possible without my supportive wife—always there, listening, encouraging, and understanding through all the ups and downs.

It’s clear that dedication and support have played a big role in your journey. Shifting gears, can you share any personal development practices that have contributed to your success as an entrepreneur?

It’s always #1: focus, focus, focus. Never let yourself get distracted by the latest shiny object that suddenly appears. Plan your work and work your plan.

Your emphasis on focus is inspiring. With that in mind, what legacy do you hope to leave through your business, and how do you envision your impact on future generations?

Here I am, “well over 65,” still getting up every morning full of energy and excitement to work with smart, young marketing professionals, AI software developers, and more. I feel it’s my duty—my obligation—to mentor and support all these fantastic individuals. It’s my way of creating a succession plan, ensuring that my passion and love for sports, as well as my sports technology projects and clients, are passed on to the next generation.

That’s a powerful vision. Looking back, if you could go back in time, what advice would you give to your younger self when you were just starting out?

I hate to say this, but ALWAYS get everything in writing and legally protect your ideas and creative IP. I’ve been burned VERY badly by being too trusting in handshakes and verbal promises or commitments. And when I say burned VERY badly, I mean losing millions of dollars in deals, high-value concepts, and new market initiatives to others—whether by stealing my ideas or failing to honor verbal commitments.

Thank you for sharing such an important lesson. Now, looking forward, how do you envision your business evolving over the next five years, and what steps are you taking to prepare for that future?

We Americans have what I call the “Copernicus Complex,” and I’m just as guilty of it as anyone—we tend to think the world revolves around us. Did you know there are over 3.5 BILLION soccer fans worldwide? That’s more than 10 TIMES the entire population of the U.S.! While most of my sports technology projects and initiatives remain focused here in the U.S., this past year I’ve started building connections with companies, teams, and leagues in Europe, the PacRim, the Middle East, and more. Many of our technologies can be adapted and applied to other countries, cultures, and markets.

It’s exciting to hear about your global outlook and plans for the future. To wrap up, what final thoughts or key takeaways would you like to share with our readers who aspire to be successful entrepreneurs?

Never quit. Never quit. Never quit. There will always be skeptics, roadblocks, and naysayers saying, “You can’t do that” or “That won’t work.” Get your facts straight, stay the course, remain goal-oriented, and put 100% of your energy into your new idea and company. DON’T EVER, EVER QUIT!

Thank you, Michael, for sharing your valuable insights and experiences with us. Your journey is truly inspiring, and we’re certain our readers will take away lessons they can apply to their own entrepreneurial paths.

Marc J. Bernstein JD, ChFC®, CLU®, CAP®

Financial Planner and Consultant, Bestselling Author, and Creator of the Forward Focus Forums

Marc helps high performing entrepreneurs and business owners create a vision for the future, accomplish their business and personal goals, financial and otherwise, and assists them in following through on their intentions.  Marc recently co-founded March, a forward-looking company with a unique approach to wealth management.  He captured his philosophy in his #1 Amazon Bestseller, The Fiscal Therapy Solution 1.0.  Marc is also the founder of the Forward Focus Forum, a suite of resources tailored specifically to educate and connect high performing entrepreneurs, and to help them realize their vision of true financial independence. The forum includes;

• the Founders’ Forward Focus Forum: a series of articles focused on entrepreneurship
• the Founders’ Forum Radio Show and Podcast: featuring interviews with some of the area’s top founders and their experiences in business
• the Manufacturers’ Forward Focus Forum: a specialized resource group for owners/founders of manufacturing companies, including a private Facebook group; a private discussion group for high performing leaders of manufacturing companies to share resources, news, network with each other, and collaborate