Episode 126

Profit First with Mike Michalowicz

May 30, 2017

If you’re a business owner, you have to pay yourself. Mike Michalowicz, author of Profit First, joins us to talk about the importance of embracing profit and paying yourself from your business in order to grow a healthier and happier business.

Episode Transcript
"If you want to grow quickly and healthily, take your profit first; it forces that process to happen."
- Mike Michalowicz

Discussed in this Episode

  • An overview of Mike's entrepreneurial journey
  • Revenue vs. profit
  • Loss aversion is making us fear profit
  • An overview of the profit first method
  • Profit vs owners pay
  • What percentage of revenue should you pay yourself?
  • Parkinson's Law
  • Growing vs staying lean
  • Giving it all away for free

Resources Mentioned

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