How To Put Profit First with Mike Michalowicz
Mike Michalowicz is an Author and Entrepreneur. By his 35th birthday, Mike had founded and sold two multi-million dollar companies. Despite losing a fortune and having to start over, with his drive to find better ways to grow healthy, strong companies. Mike has devoted his life to the research and delivery of innovative, impactful entrepreneurial strategies to other struggling entrepreneurs. Mike is the creator of Profit First, which is used by hundreds of thousands of companies across the globe to drive profit.
[00:01 – 05:10] Opening Segment
- I talk briefly about great values that await you in this episode
- I introduce the guest, Mike Michalowicz
- Mike talks about his background and what he teaches people in Business and Entrepreneurship
[05:11 – 15:44] Profit First
- What it means to put profit first
- Mike talks about the Professional Mañana syndrome
- Setting goals to put profit first
- The Parkinson’s Law
- Bank balance accounting
- Proper planning and allocation
- Observing and intercepting behavioral path
[15:45 – 21:31] Closing Segment
- Quick break for our sponsors
- What is the best investment you've ever made other than your education?
- Starting my first company
- What is the worst investment you ever made?
- Ego-based investments and purchases
- What is the most important lesson that you've learned in business and investing?
- People speak truth through their wallets and their money
- Connect with Michael. See the links below.
Tweetable Quotes:
"People speak the truth through their wallets, their actions, their spending, not their words. If people are not willing to open their wallets for their idea, it’s a bad idea.” - Mike Michalowicz
“We modify our demand for something based on supply. Example, if you put a cookie in front of me, I’ll eat one. If you put twenty in front of me, I’ll eat more than one. The increasing supply dictates my consumption. But if there’s none available, I won’t eat any.”
Resources Mentioned:
- Mike’s Lecture - Profit First with Mike Michalowicz PrintHustlers Conf 2019
Send Mike an email at [email protected] and [email protected], or visit his website https://mikemichalowicz.com/.
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