Mike is the co-founder and CEO of FreshBooks, the world’s #1 cloud accounting software for self-employed professionals. Built-in 2003 after he accidentally saved over an invoice, Mike spent 3.5 years growing FreshBooks from his parents’ basement. Since then, over 24 million people have used FreshBooks to save time billing, and collect billions of dollars. A lover of the outdoors, Mike has been bitten so many times it’s rumoured he’s the first human to have developed immunity to mosquitoes.
Recent episodes featuring Mike McDerment
141: How FreshBooks became a Successful SaSS Business... with Mike McDerment of FreshBooks
Entrepreneur Stories 4⃣ Inspiration
Mike McDerment is the co-founder and CEO of FreshBooks, the world’s #1 cloud accounting software for self-employed professionals. Built-in 2003 after he accidentally saved over an invoice, Mike spent 3.5 years growing FreshBooks from his parents’ basement. Since then, over 24 million people have used FreshBooks to save time billing, and collect billions of dollars. This Episode is Sponsored By: The Meb Faber Show is one of the Top 5 Investing Podcasts as listed by the Wall Street Journal. The show is hosted by Meb Faber, CEO of Cambria Investments and award winning ETF Manager. Go Check Out the Meb Faber Show: millionaire-interviews.com/mebfarber-show. Gusto is making Payroll, Benefits, and HR easier for small businesses. In fact, 9 out of 10 customers say Gusto is easier to use than other payroll solutions. Gusto also saves you time – 72% of customers spend less than 5 minutes to run payroll. Get Three Months FREE by using this link: millionaire-interviews.com/gusto.   Want to Support the Show? Well we'd love for you to join our Patreon Group!  What's in it for you?  Well you'll instantly get a scheduled call from Austin, where he'll help you with your current or future business... Sign-Up Now at millionaire-interviews.com/patreon. 😀😎😍 *** For Show Notes, Key Points, Contact Info, Resources Mentioned, & the Fabulous 4 Questions on this episode visit our website: Millionaire Interviews. *** Support this Podcast via Patreon   Feedback? Questions? Comments? We would love to hear from you! Hollar at us via: Twitter (@acpeek or @millionairepod), Instagram (@millionaire_interviews), LinkedIn (@austincpeek), Facebook (@millionaireinterviews), or Email: austin@millionaire-interviews.com. 😎😍😀  
Breaking the Time Barrier with Mike McDerment
The Productivityist Podcast: A Time Management and Personal Productivity Talk Show
On this episode, I speak with Mike McDerment, the co-founder and CEO of FreshBooks. FreshBooks is the world’s #1 cloud accounting software for self-employed professionals. Built in 2003 after he accidentally saved over an invoice, Mike spent 3.5 years growing FreshBooks from his parents’ basement. Since then, over 24 million people have used FreshBooks to save time billing, and collect billions of dollars. A lover of the outdoors, Mike has been bitten so many times it’s rumoured he’s the first human to have developed an immunity to mosquitoes.This episode is brought to you by the University of California Irvine Division of Continuing Education. Established in 1962, UCI offers education for adult learners in Orange County. But thanks to technology, their courses and certification programs in various fields are now available worldwide and online for just about anyone who's interested. Get 15% off of one (1) course by visiting ce.uci.edu/productivityist then enter the promo code: timecrafting.This episode is also brought to you by Blinkist. Fit reading into your life with key takeaways from the world's best nonfiction books in text and audio. Blinkist now connects 6 million readers worldwide. Visit https://www.blinkist.com/timecrafting and start your 7-day free trial today!Mike McDerment is also the author of Breaking the Time Barrier - How to Unlock Your True Earning Potential, a book that lets most freelancers and small businesses discover their billing blind spots and determine if they are charging what they are really worth. Small business owners sometimes struggle to assert their worth in a competitive market place. Sometimes, they suffer from imposter syndrome. Other times, they just feel grateful to have clients who pay on time, so they undercharge. And, over time, some simply don’t increase their rates, afraid of having awkward money conversations. But, rest assured, they are not alone. If you run a small business, knowing and charging your worth can be a difficult thing so Mike McDerment and Donald Cowper wrote this book as a guide to value-based pricing and unlocking your true earning potential. Specifics that we covered on the show include: The history and background of FreshBooks (3:56) What has FreshBooks become and where is it at right now? (5:46) The equation between time and money and what a “time barrier” is (6:48) Quantitative productivity versus qualitative productivity (13:11) Billing by the hour versus billing by value (16:03) Why did Mike start a secret company to compete with his existing one? (18:12) The value of the secret company experiment and the time spent doing the experiment (23:23) Spending time with exploration and experimentation (28:16) Approaching life on a complementary lens (30:47) How does Mike McDerment approach his work? (33:46) “With the time barrier in the book, the premise is around something called value-based billing. So instead of charging how much time you spent on something instead charge the value you bring. The two don't always go together. I think that's the thing that people don't understand.” ~ Mike McDermentRelevant Links: Website Twitter LinkedIn Book: Breaking the Time Barrier - How to Unlock Your True Earning Potential  The key takeaway from this episode is that the ability to work so little and produce so much income had a lot to do with how one priced and positioned his or her services, something most small business owners struggle with. I appreciate the time you spend listening to the show. If you enjoyed this, make sure to never miss an episode by subscribing. Also, take a moment to give the podcast a rating and review on whatever platform you use to listen to podcasts.Thanks for listening and for your support. See you later.
Building a Global Company in Canada with Mike McDerment – July 23rd 2019
Startup Canada Podcast: Canada's Entrepreneurship Podcast
Mike McDerment is the Founder and CEO of Freshbooks, the world’s number one cloud-based accounting software for self-employed professionals and entrepreneurs. Mike designed Freshbooks to meet the accounting needs of individuals across all fields, from designers, marketing professionals, plumbers, architects and everyone in between. “I would hope, if you are Canadian, you are saying “I can build a global company” In this week’s episode, Mike reflects on his humble beginnings of starting Freshbooks and why Mike created a secret competitor company, BillSpring. The post Building a Global Company in Canada with Mike McDerment – July 23rd 2019 appeared first on Startup Canada.
Ep. 153 - Mike McDerment, FreshBooks Co-founder/CEO and Author of Breaking the Time Barrier on Building and Scaling a Company
Inside Outside
Mike McDerment is Co-founder and CEO of FreshBooks, the world’s number one cloud accounting software for self-employed professionals. Mike talks with Brian Ardinger, Inside Outside Innovation Founder, about building and scaling a company, product development, and his free e-book called Breaking the Time Barrier.Mike built a simple tool to solve his accounting problem, and now 20 million people have used it. After building the first version,, Mike soon hired a software designer. They worked on the product for nine months, then added another co-founder and employees. The team valued the connection to their customers, always showing the product early in development. By understanding the market, the team knew what to build first.Bootstrapping the Company Raising capital is not success. A better strategy is to find customers and fund yourselfOver ten years, FreshBooks de-risked the market, product, team, and model. The first round of venture money was $30 million. Obstacles and Things That Almost Killed FreshBooksCheck out Blog post: https://www.freshbooks.com/blog/7-ways-ive-almost-killed-freshbooks Listen to advisors, but trust yourself. Sometimes you move fast, but some areas you need to slow down, especially with product-market fit. Don’t Rush. Breaking The Time BarrierBreaking the Time Barrier, Mike’s book for his customers doing client services work explains how to price services. Focus on value-based billing instead of on the number of hours worked. Understand how big the problem is and how expensive it is. Nobody cares about tech. They care about the value they get from tech. Product Development Better to focus on building benefits like time savings, revenue generation, or performance. Brings more value for your customer. Frame pricing on value. e.g., $50 a month will save 20 hrs, or for less than a cup a coffee, you can have this service. What’s different for a company at scale? Culture - How does a company respond when challenged with something?Customer-obsessedHow do you maintain the freshness of a company?Combo of direction and constraints for motivation. Creates a condition for taking chances.For More Information For more information on Mike McDerment or FreshBooks check out freshbooks.com. If you enjoyed this podcast, you might also enjoy:Ep. 146 – GoSquared’s James Gill on Product Design, Listening to Customers & Making it EasyEp. 114 – Canva’s Cameron Adams on Democratization of DesignEp. 113 – ProfitWell founder Patrick Campbell on Growth, Pricing and SaaSFind this episode of Inside Outside Innovation at insideoutside.io. You can also listen on acast.com/privacy
Ep. 153 - Mike McDerment, FreshBooks Co-founder/CEO and Author of Breaking the Time Barrier on Building and Scaling a Company
Inside Outside Innovation
Mike McDerment is Co-founder and CEO of FreshBooks, the world’s number one cloud accounting software for self-employed professionals. Mike talks with Brian Ardinger, Inside Outside Innovation Founder, about building and scaling a company, product development, and his free e-book called Breaking the Time Barrier.Mike built a simple tool to solve his accounting problem, and now 20 million people have used it. After building the first version,, Mike soon hired a software designer. They worked on the product for nine months, then added another co-founder and employees. The team valued the connection to their customers, always showing the product early in development. By understanding the market, the team knew what to build first.Bootstrapping the Company Raising capital is not success. A better strategy is to find customers and fund yourselfOver ten years, FreshBooks de-risked the market, product, team, and model. The first round of venture money was $30 million. Obstacles and Things That Almost Killed FreshBooksCheck out Blog post: https://www.freshbooks.com/blog/7-ways-ive-almost-killed-freshbooks Listen to advisors, but trust yourself. Sometimes you move fast, but some areas you need to slow down, especially with product-market fit. Don’t Rush. Breaking The Time BarrierBreaking the Time Barrier, Mike’s book for his customers doing client services work explains how to price services. Focus on value-based billing instead of on the number of hours worked. Understand how big the problem is and how expensive it is. Nobody cares about tech. They care about the value they get from tech. Product Development Better to focus on building benefits like time savings, revenue generation, or performance. Brings more value for your customer. Frame pricing on value. e.g., $50 a month will save 20 hrs, or for less than a cup a coffee, you can have this service. What’s different for a company at scale? Culture - How does a company respond when challenged with something?Customer-obsessedHow do you maintain the freshness of a company?Combo of direction and constraints for motivation. Creates a condition for taking chances.For More Information For more information on Mike McDerment or FreshBooks check out freshbooks.com. If you enjoyed this podcast, you might also enjoy:Ep. 146 – GoSquared’s James Gill on Product Design, Listening to Customers & Making it EasyEp. 114 – Canva’s Cameron Adams on Democratization of DesignEp. 113 – ProfitWell founder Patrick Campbell on Growth, Pricing and SaaSFind this episode of Inside Outside Innovation at insideoutside.io. You can also listen on Acast, acast.com/privacy
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Stats
Episode Count
38
Podcast Count
36
Total Airtime
21 hours, 34 minutes