The fact is most entrepreneurs live check to check. Our guest for this episode, Mike Michalowicz wants to change all of that with his book: Profit First.
As you can guess from the title, he’s come up with a mind shifting concept of putting your profits before any other expense, or financial allotment in your business.
For those of you don’t know him, Mike is the bestselling author of such notable books as The Toilet Paper Entrepreneur and The Pumpkin Plan. His first book put him on the map, so to speak, and his second book solidified him as a thought leader in business and entrepreneurship.
Mike and I talk about the concept of prioritizing our profits and how to actually do it in your business, plus in a way that will set you up for success. We also talk traditional publishing vs. self-publishing. Even though I’ve known Mike for almost 4 years, I had no idea his first book was self-published – and that is one of the keys to successfully self-publishing: make it AS good as a traditionally-published book.
Mike and I also spend a lot of this episode talking about why ‘profit first' is such an important mindset shift for anyone wanting to succeed in business today.
Most business owners and entrepreneurs will tell you their business is good, or great. But what no one is talking about, that big elephant in the room, as Mike puts it (which I love!), is that they are hoping and praying for that one big client to come along and completely alter the course of their business.
The reality for them – and for you – is that waiting for that one magic client isn’t necessary. By simply shifting your mindset to focusing on profits first, you can go beyond check to check and waiting for your one ideal client, to seeing substantial profits.Take your profit first. - Mike Michalowicz #youpreneur Click To Tweet
Essential Learning Points From This Episode:
- GAP accounting: what is it and why doesn't it work?
- The one small step that will shift your mindset to focus on your profits first.
- Reverse engineering profits: why this is key to your overall business success.
- Some of the most valuable lessons I’ve learned in business.
- Big question – who's the MOST important employee in your business?
- Much, much more!
Important Links & Mentions From This Episode:
- Mike Michalowicz
- Mike Michalowicz's YouTube Channel
- Toilet Paper Entrepreneur
- The Pumpkin Plan
- Profit First
- The Four Hour Work Week
- Penguin Books
- Virtual Freedom
- Mike Michalowicz's Profit First Tedx Talk
- Build the Business of You
- YOUPRENEUR ACADEMY
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Chris founded Youpreneur® in 2015. He is a serial entrepreneur, keynote speaker and author of the bestselling books “Virtual Freedom” and “Rise of the Youpreneur”. He hosts our weekly podcast, Youpreneur.FM, as well as our annual conference, the Youpreneur Summit. Chris is based in Cambridge, UK.