Dec 7, 2021
Michael Michalowciz is an entrepreneur, business maker on Amazon and a popular speaker on innovative entrepreneurial topics. He is also a former host of the “Business Rescue” segment for MSNBC’S Your business and an American author. His business books include Get Different, Clockwork, The Toilet paper Entrepreneur, The Pumpkin Plan, Surge, Fix This Next and Profit First.
In this episode, Michalowciz gives insight on his best selling book “Profit First”, what inspired the book, and why most businesses fail. He also shares his turning point from employment to entrepreneurship, successful business tips, and good business culture.
In this episode
[01:27] Mike’s view on the video format of his best selling print book
[03:44] Profit First book insights
[07:17] Causes of most business failures and advice to such businesses
[09:10] Learning the process and habits from his failures and success
[13:15] Turning point to being an entrepreneur
[15:00] Pushing employees to work towards their dream
[18:38] Business Culture
[22:45] Drawing the line with bad customers
[25:01] Best professional development book to read
Powerful Quotes
- Profit is not an event but a habit
- Most businesses tend to fail since they do not have a cash flow system.
- Taking money from someone and you cannot stand what you are doing is business prostitution.
- When you get rid of a bad customer, it opens up more space for a good customer.
- The foundation formula, sales minus expenses equal profit, is logical but not behavioural. According to human behaviour, when something comes last, it is not important. Taking your profits first ensures permanent profitability.
- How you manage your mind is a big determinant to success
Mentioned Resources
Books
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