Having no Ivy League business degree nor having pursued any other business course or certification, today I can confidently claim to have a thorough understanding of at least the fundamentals of business practices, if not more. Proof? Check out this business pitch published on Linkedin . What's my big secret?
I believe, The Personal MBA has been one of my best investments of time (and definitely money as it costs nothing compared to a real MBA!). But you don't have to take my word for it. I’m giving you excerpts from The Personal MBA so that you can judge for yourself! Observe how Josh Kaufman focuses on fundamentals and explains the complexities and nuances of business with refreshing clarity.
Here's a short excerpt from the book (with Josh's permission. He's a great guy!)-
This is how Josh's Personal MBA defines a business:
Every successful business
(1) creates or provides something of value that
(2) other people want or need
(3) at a price they’re willing to pay, in a way that
(4) satisfies the purchaser’s needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.
Take away any of these things—value creation, customer demand, transactions, value delivery, or profit sufficiency—and you have something other than a business. As I deconstructed each of those factors, I found additional universal requirements.
Value can’t be created without understanding what people want (market research).
Attracting customers first requires getting their attention, then making them interested (marketing).
In order to close a sale, people must first trust your ability to deliveron what’s promised (value delivery and operations).
Customer satisfaction depends on reliably exceeding the customer’s expectations (customer service).
Profit sufficiency requires bringing in more money than is spent (finance).
Every business fundamentally relies on two additional factors: people and systems. To understand how businesses work, you must have a firm understanding of how people tend to think and behave—how humans make decisions, act on those decisions, and communicate with others. Recent advances in psychology and neuroscience are revealing why people do the things they do, as well as how to improve our own behavior and work more effectively with others.
Systems, on the other hand, are the invisible structures that hold every business together. At the core, every business is a collection of processes that can be reliably repeated to produce a particular result. (IT is the best example)
There you have it, I’ve literally summarized a world class MBA in under a minute! Need I say more?
If you have already done your MBA, this book will serve as a personal ready reckoner. The Personal MBA is definitely the best advantage anyone engaged in any form of business can have -be it as an employee, entrepreneur, salesman, marketer, business/IT startup, a consultant or a freelancer. So go ahead, neutralize the advantage of the Harvard, Wharton MBA! If today I write business articles like this, the Personal MBA has a very large role to play.
To borrow from Josh’s own book – the Personal MBA is literally a force multiplierwith regard to expanding business possibilities and profitability.