Key Points at a Glance

• Mike Michalowicz, Entrepreneur and Author, in conversation with Naren Arulrajah
• Writes books for small businesses
• Latest book is Profit First
• Learning from mistakes
• 83% of businesses run paycheck to paycheck
• Sales – profit= expenses
• Parkinson’s Law. Greater supply, greater consumption
• Once you possess something, you make more of an effort to retain it
• Have a separate bank account that you put a percentage in and use itonly for one purpose
• Don’t let your business be led by your expenses, let profit drive your business
• Start slowly, don’t try to do it all at once