Without profit, there is no business. No business equals a hobby. A hobby means you pay instead of someone paying you.
Too many people go into business without thinking about how they are going to make a profit. Too many corporate executives are in business without continuously thinking of strategic profit models.
One of my favorite lines from the book is: “Profitability is a way of thinking. Profitability is thinking differently, always asking: ‘How does high profit happen?” Then to paraphrase the next line: you ask yourself that same question five times until you get your answer.
There are 23 profit models in this book, which will help you to open your mind to big business and how it makes its money.
I highly recommend this book to anyone who is self-employed, anyone thinking about a system that will create a big business for you to own, investors or even employees.
Even W-2s will recognize the signs your employer is about to downsize and/or go belly-up. Great reading. I am going to take a break, read The 50th Law again and then re-read this book.