THE PERSONAL MBA
Book THE PERSONAL MBA SUMMARY explains, how the author of this book Josh Kaufman made the decision to write this book and also with its summary. To get the link of PDF File of “THE PERSONAL MBA SUMMARY PDF” got near to the comment section.
|THE PERSONAL MBA BOOK SUMMARY
Below is the shortcut sentence that will explain to you the whole summary or the summary of The Personal MBA Book, “The Value Created of your Product/Services in such a way that will Boost your Marketing and Sales which creates Value in customer’s eyes without affecting your Finance System.”
When Josh Kaufman completed his studies, in a technical field. He got an amazing opportunity to work for a billion-dollar company PROCTER AND GAMBLE [ P&G ], which he accepted happily, and started working over there, when he was working with his colleagues who all were MBA pass out from big colleges.
He realized a very important thing, that how important business and marketing skills are.
If in the future, he wanted to start something of his own, then he must be aware of these skills. So from then on, he was so much obsessed about these skills, that anyhow he wanted to learn it.
So at first, he decides, just like his colleagues he will do his MBA from a big college. But after analyzing properly, and after doing a lot of research by going to different colleges.
He came to know, that now a day’s colleges are just for show off and people go there just for the sake of Degree, not for education purpose which was according to him and as a company head was a waste of time and energy.
So he chooses a better way to learn these skills. And that the way was SELF EDUCATION.
What he did was, he went to his nearby Library and started Reading books related to business. He read 100 different books related to business because of which what happened, after some time, his knowledge has improved.
More than his colleagues, in fact, more than his colleague’s college professors.
Not only this but continuous reading, made him realized one important and interesting thing. That there were some topics that were repeating.
So he came to know that this topic, which is getting repeated are the most important for the business.
Which summary I am giving you’ll know.
If you don’t know, Josh Kaufman is an interesting author who had written a famous book known as “THE FIRST 20 HOURS” in which he was explained to us that.
How we can learn anything in just 20 hours, whether it is about learning a guitar, programming, surfing, or any other language and how exactly we can learn it by what process.
If you need the summary of this book [ “THE FIRST 20 HOURS” ] let me know in the comment section below.
After reading 100 different books, Josh learned a very important useful knowledge and also came to know about the repeated knowledge.
Josh divided all that knowledge into 5 mental frameworks and explained to us in this book.
1] THE VALUE CREATION
4] VALUE DELIVERY
WITHOUT THIS YOU DON’T HAVE A BUSINESS.
Josh says if any part will be missing in any business then that is not a business.
Because in a business, where value is not added is called a HOBBY.
In business, if there will not be proper marketing, then it will be a FLOP business.
In business, if there will be no sales, from the value, then it will be called as NON-PROFIT.
In a business, if made promises will not be fulfilled then it will be called as a SCAM.
Finally, if the business doesn’t benefit and does not generate money then that business for sure will not work.
So now, we will understand this 5 framework in more detail. So that we can take a proper decision and can run a profitable business.
Whether it will be our own business or other’s business.
To be good in this part, we always need to ask a question to ourselves,
Do Our Product or Service creating any value in other’s life?
Because in any business to make it successful. The only the simple formula is which explain us, the more you create value to your product and service for others.
The more others will pay you for that, and the more your business will become successful.
Example: Just by opening a juice shop you can’t become or like, earn like a Bill Gates.
Because through juice shop you can create value only for some thousands of people by quenching their thirst.
But on the other side, Bill Gates has created such a product and a company because of which in every house because of which in every house use of a computer has become possible and every normal person can use it.
Earlier it was not possible, computer usage was possible only for big companies and huge industries.
But Bill Gates’s efforts have made it possible and created value for millions of people and made people’s life easy and simple.
Hence his company was a huge success.
So, in short, the more you create value to your product or services the more your business will become successful.
LEARN WHAT PEOPLE NEED AND CREATE IT.
Estimation has been made, that companies invest more than $15 Billion for marketing, that too on children’s marketing.
You only think, how much important marketing is for any business, for which companies invest so much, that too every year.
Peter Thiel who has created a PayPal, said in his Zero to One Books, that selling average product with great Marketing is possible it’s the opposite isn’t possible.
If you hide it and keep it at your home, it doesn’t show to anyone. Then how people or others will come to know about it.
If people don’t know about it, how will they buy it? Hence bring your product in front of others. Doing Marketing about it is very important.
One more important thing, always remember while marketing.
Always keep your Target Audience in mind. Do as per your Target Audience.
Because of no matter how hygiene person or family is, if they don’t have any kid in their home, they will not buy your great Diaper Product.
After marketing, the part which comes in Sales. In this part, we must remember people will not buy from us until and unless they don’t have trust and belief in us.
Example: Suppose if you are roaming to an unknown poor country and you are hungry and searching for a food shop.
Suddenly you find 2 places where you can eat, in one shop there is something written in a different language and on the other side you see Mc Donald has been written.
So you tell me which place you will choose and have food well, I guess, just like most of the people, you will go to Mc Donald.
Even the truth can be Probably the opposite, maybe that unknown the place provides healthy and safe foods whereas Mc Donald provides unhealthy food.
But this thing doesn’t affect anyone not even now anyone is bothered about it. Hence if you want people to give you their hard-earned money happily so generate trust and believe in them.
PEOPLE WON’T BUY UNLESS THEY BELIEVE/ TRUST YOU.
4] VALUE DELIVERY:
Now after the sale, the part which comes is Value Delivery. This part explains to us, that we should provide Output more than our customer’s expectation or at least as per their expectation not less than that.
Example: Suppose if you order something through Amazon and it says you that, it will take 6 days to reach you. But if you get your package within 2 days or gets delivered to you before 2 days.
Then this thing will be more than your expectation, which makes you feel great and this thing will be known as Value Delivery which should be there in every business.
So that customer will be satisfied and happy, and also the customer should come to you again and should also recommend your product to others.
EXCEEDING MORE THEN CUSTOMERS EXPECTATION
After Value Delivery, the thing you should and must keep in mind is the last part of your Finance. Whether you are generating more income than your expenses in your business, even if you follow all 4 parts properly.
If still, you do not generate income, then you have to shut down your business even if you don’t want to.
To be good in finance, the author suggests you do 2 things.
i] To reduce your expense in some of the parts amongst the 4 above points.
ii] Is to create a product having a greater value for which you can charge a lot from the customer, and even they happily pay for it.
Now while summarising these 5 parts, I will share the author made Business Definition with you all which is amazing and very interesting and awesome.
The author says, in a rough definition, “Business is known as ;
(a) Which Creates a valuable product or services
(b) Which is needed by people and need is so much that
(c) That they are ready to pay for it happily, by which
(d) Their need and expectations get satisfied and which makes them happy and they fell good. At the end
(e) Doing all this you and your company generates income and profit. Through which you are able to run and continue your business successfully.
The author asks us to keep all these things in mind, The Author also says that “Yes, there are many concepts and many more things you can learn. But this framework is common for every business.”
If you keep this framework in mind and follow it properly. Then any business will be able to reach the height. This framework will not help you to find all the answers which will arise while doing business.
But yes, this framework will help you to ask a proper question in a proper way, which will eventually lead to an answer.
“Business Schools Don’t Create Successful People. They Simply Accept Them, Then They Create a Credit For Their Success.” – Josh Kaufman