#158: Learn How to Profit First & Take Control of Your Business with Mike Michalowicz

When Mike made it big, he lived the lifestyle and grew an ego the size of his business. But after the funds ran out, that’s when he learned his biggest lesson about entrepreneurship. 

Today I talk to Mike (Motorbike) Michalowicz about his financial heartattack, the best way to get started, and the first step to building a valuable company.

What You Will Learn:

• Who is Mike Michalowicz?
• What did Mike do after his financial heart attack?
• What is the root cause behind the way entrepreneurs view profit?
• How “putting your tennis shoes on top of the lid of the toilet” can help
• The five types of bank accounts every business should have
• How healthy is your business?
• The definition of TAPs
• The definition of CAPs
• Which expenses have a proven ROI
• The danger behind using OPM
• Using Occam’s Razor in entrepreneurship
• The best way to get started
• The correlation with valuations

Takeaways:

How do you create a cash machine, regardless of how big you or your business are? Mike talks about you how to take your first steps when you want to build a valuable company (to increase the cash flow), because after you’ve built your business into an ATM, that’s when you should think about an exit strategy.

Resources: 

Mike Michalozicz

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