017 - Profit First

with Mike Michalowicz

Episode 017

Mike Michalowicz is an entrepreneur turned author who, 11 years ago, realized that he didn’t know enough about entrepreneurship. He decided to fix his lack of knowledge and, in the process, decided to write about what he learned to try to help other entrepreneurs. Today, he’s a full-time small business author.

What made him realize that he knew nothing about entrepreneurship?

He’d started and sold two “successful” business that made millions in revenue but $0 in profit. Back then, he believed that making money from a business meant building it fast and then selling it. 

It worked for a while. But in the long run? 

Ten companies that he’d started had all collapsed or were near collapse within six months of starting them. He evaporated his wealth, lost his home, his possessions, and everything he had except for his family.

As he processed what he’d learned, he realized that the classic formula, sales - costs = profit, was flawed. 

In this podcast, you’ll hear about how Mike turned the equation on its head to put profit first. Mike explains how small businesses that operate with profit as their priority are able to actually achieve their desired level of profit. 

Links:

Learn more about Mike and buy “Profit First”: https://mikemichalowicz.com/

For great articles on the Cabinet Industry: http://bit.ly/2lg7UpA

To learn more about Ultimate Cabinet Components: http://bit.ly/2lwT5Qw

To get in contact with Jeff Finney: http://bit.ly/2BZbzTZ