EP. 166 - £1M Entrepreneur: How Anyone Can Build a £1M+ Online Business ft. Michael Berhane

Listen to this episode from The Savvy Wallet Podcast on Spotify. In this episode we have Michael Berhane, a software engineer and founder of POCIT a career platform for the underrepresented in tech. In this episode we discuss: - How he scaled POCIT to 7 figures but then had to PIVOT the business- Dealing with anxiety whilst growing the business - How being a CEO is like being a parent- Wealth building strategy to retire early- Biggest surprises of 7 years of entrepreneurship - How you're losing to people you're better than- Impact AI will have in the next 5 years and moreConnect with Michael:Instagram: https://www.instagram.com/michaelberhane_Techish Podcast: https://www.youtube.com/@techishpod📩 Sign up to my mailing list to be the first to know about upcoming events:http://eepurl.com/hJEcLL🤝 SponsorTide - Earn up to 4.38% AER Variable on your business savings here:https://www.tide.co/offers/savvywallet/You'll get a free £100 when you use the code ‘SAVVYWALLET’ and fund the Instant Savings Account with £5,000 within the first 30 days. Ts&C's apply. The more you save, the higher the rate—up to 4.38% AER (variable) on balances between £500K - £1M. New Tide members receive these rates free for 6 months, then your Tide plan’s savings rate applies. For the full offer T&Cs visit tide.co/savings. Rate correct as of 1st April 2025🤝PartnersCheck out our partners who offer Stocks and Shares ISA and more:⚡️Trading 212⚡️(The investing platform I use)Get a FREE fractional share worth up to £100 when you open an ISA or invest account and deposit at least £1, using my link: https://www.trading212.com/join/SAVVYIf you don't get the free share automatically after depositing £1. Use the code "SAVVY" in the promo code box. You can use this code for up to 10 days after opening the account. When investing, your capital is at risk. Tax treatment depends on your individual circumstances and regulations which may change. Other fees may apply.⚡️Hargreaves Lansdown ⚡️http://hl.7eer.net/B0mz50Capital at risk⚡️Interactive Investor ⚡️https://prf.hn/click/camref:1101l3RTLM/ar:SWCapital at riskSome of the links are affiliate links which means that we will receive a small commission if you make a purchase, however there will be no additional charge to you.TIMESTAMPS0:00 - Savvy Wallet Ad0:18 - Preview1:27 - Intro2:03 - Meet Entrepreneur Michael Berhane3:34 - Growing up in North West London9:37 - How my life experiences shaped me 13:03 - Why I started POCIT 16:46 - Tide Ad18:10 - How I made me first $100 with my business21:06 - Why Entrepreneurs should build an audience first!28:37 - The book that made me quit my job 31:24 - Key Challenges in building my business37:18 - Founder should share their business with their employees!38:40 - Pro’s and cons of having a team 42:57 - We generated 7 figures but then how to pivot our business 47:23 - Vision for my business50:34 - Biggest surprises from 7 years of entrepreneurship 52:55 - Habits, skills that enabled my business to flourish 57:13 - Biggest adversity as an entrepreneur1:05:00 - Ingredients of a successful entrepreneur 1:09:25 - My building wealth strategy1:13:34 - Cons of my wealth building strategy 1:18:08 - The plan to retire early!1:20:45 - Investing startups1:23:45 - Why I invested in Tressly Co- Founder, Antoinette 1:27:26 - What impact will AI have on the next 5 years1:32:42 - Final words Learn more about your ad choices. Visit megaphone.fm/adchoices