040: Profit First: A Strategy to End Entrepreneurial Poverty – Mike Michalowicz
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.
About The Host, Mikkel Thorup
Mikkel Thorup; the host of The Expat Money Show, has 20+ years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.
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Great episode! I always learn so much with you guys.
[…] had some really fantastic authors and entrepreneurs on our podcast. Listen to Ep 40: Mike Michalowicz author of Profit First, or click here for Ep 003: Tyron Giuliani who chats about Lead Generation and […]