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Profit First by Mike Michalowicz | Episode 052
In his book, Michalowicz shows you the correct formula for success as opposed to the original from Generally Accepted Accounting Principles of GAAP. He proposes a new formula about selling as much as you can, extract your profit from your business first and then pay your expenses with the remainder. His approach changes the entire paradigm.This book is perfect for all entrepreneurs who have based their businesses profitability on the formula of sales minus expenses equals profit. By taking the advice from this book, there will be less money for expenses, your behavior will change and you will find ways to get the same things done with less money.About Mike Michalowicz:“I am an author targeted toward small business books and how to grow them to be successful and competitive in market. I challenge all the beliefs that are out there about growing a business and study other businesses to find the current formula for success.After selling my second company I thought I knew the formula to success and became full of myself. I decided to become an angel investor, took my own money and started 10 companies and threw money at these businesses believing that the only thing that mattered was my involvement. This ended up being a train wreck and caused me to lose basically every penny I put in it. The day I lost my last penny became a defining moment for me and the realization that what I thought was the formula to success was in fact wrong. I thought that profit was an event and I became to realize that profit is not an event, it’s a habit.” – Mike MichalowiczFor a detailed summary of Profit First according to Mike Michalowicz CLICK HERERelated Books:Show Me The Money by Alan BarrellHigh Profit Selling by Mark HunterHyper Sales Growth by Jack DalyFor more advice, tips, and stories on entrepreneurship, join our community on Facebook and Twitter.Category Tags: how to profit, increase profits, accounting tips, expenses, sales, cost of goods, formula to success, rod beckstrom, GAAP, formula for business, finance, quickbooks, Thomson reuters, balance sheet
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By Wade Danielson interviews Best Selling Authors on the Latest Books for Entrepreneurs Inspired by Leaders Like Malcolm Gladwell, Pat Flynn, John Lee Dumas, Tim Ferriss, and Gary Vaynerchuk.In his book, Michalowicz shows you the correct formula for success as opposed to the original from Generally Accepted Accounting Principles of GAAP. He proposes a new formula about selling as much as you can, extract your profit from your business first and then pay your expenses with the remainder. His approach changes the entire paradigm.This book is perfect for all entrepreneurs who have based their businesses profitability on the formula of sales minus expenses equals profit. By taking the advice from this book, there will be less money for expenses, your behavior will change and you will find ways to get the same things done with less money.About Mike Michalowicz:“I am an author targeted toward small business books and how to grow them to be successful and competitive in market. I challenge all the beliefs that are out there about growing a business and study other businesses to find the current formula for success.After selling my second company I thought I knew the formula to success and became full of myself. I decided to become an angel investor, took my own money and started 10 companies and threw money at these businesses believing that the only thing that mattered was my involvement. This ended up being a train wreck and caused me to lose basically every penny I put in it. The day I lost my last penny became a defining moment for me and the realization that what I thought was the formula to success was in fact wrong. I thought that profit was an event and I became to realize that profit is not an event, it’s a habit.” – Mike MichalowiczFor a detailed summary of Profit First according to Mike Michalowicz CLICK HERERelated Books:Show Me The Money by Alan BarrellHigh Profit Selling by Mark HunterHyper Sales Growth by Jack DalyFor more advice, tips, and stories on entrepreneurship, join our community on Facebook and Twitter.Category Tags: how to profit, increase profits, accounting tips, expenses, sales, cost of goods, formula to success, rod beckstrom, GAAP, formula for business, finance, quickbooks, Thomson reuters, balance sheet