August 24, 2018

040: Profit First: A Strategy to End Entrepreneurial Poverty – Mike Michalowicz

54 minutes

Mike Michalowicz, author of Profit First, is a man on a mission: Eradicate Entrepreneurial Poverty! In 2008, Mike lost everything through what he calls arrogance & ignorance. Listen as Mike recounts his story of how his 9-year-old daughter wanted to 'provide for her family'.

WHAT WE DISCUSSED IN THIS INTERVIEW:

Mike Michalowicz's "Profit First" is recommended for your accountant to enhance business profitability.

Over 300 certified Profit First accountants work globally with entrepreneurs.

The concept of "Profit First" is discussed in-depth, promising significant life changes.

Five essential bank accounts for entrepreneurs are detailed to eradicate entrepreneurial poverty.

Debunking the myth "It takes money to make money," learn to profit with less capital.

Assessing business health and shifting to a Profit First mindset are crucial.

Key topics: profitability over revenue, cash equity, managing built-up profit, and sustaining a 4-week vacation.

"Clockwork" teaches business self-sustainability and removing the owner from daily operations.

Mike Michalowicz Books

Clockwork: Design Your Business to Run Itself

The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine.

The Toilet Paper Entrepreneur: The Tell-It-Like-It-Is guide to cleaning up in business, even if you are at the end of your Roll.

Surge: Time the Market Place, Ride the Wave of Consumer Demand, and Become Your Industry's Big Kahuna

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CONCLUSION

What a really nice guy Mike Michalowicz is. He really is a man on a mission: To Eradicate Entrepreneurial Poverty. What a fantastic goal. We both agree that failure does not have to be an option and there are teachers that truly want the best for you and your business, and Mike is one of these guys! He has a lot to teach Entrepreneurs and I highly recommend his methods.

Mentioned in this episode:

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By Mikkel Thorup

173173 ratings