TEDxFultonStreet: Mike Michalowicz
This talk was given at a local TEDx event, produced independently of the TED Conferences. Mike explains how he made over a million dollars and then lost it, from a form of bad thinking pervasive among small business owners. "Generally Accepted Accounting Principles", a.k.a. "GAAP", describe profit as 'what remains after expenses are subtracted from revenue'. A simple transposition, Mike suggests, extracting an owner's profit before paying expenses, can help entrepreneurs to avoid making the same mistakes.