A few days ago, I completed reading the book: The Personal MBA by Josh Kauffman. The book is quite big, but it is broken down into smaller chapters and topics contained in just a few pages.
The first introduction to the book tries to justify why it is not necessary to get an MBA before running a successful business. The author gave examples of several successful business owners who don’t have an MBA. In his opinion, he believes that an MBA is a good leverage for those who want to rise in titles and positions in the corporate world, especially in Business consulting firms. He also spoke extensively on how expensive it is to finance oneself in a Business school, and hence believes that most business schools leverage on the success of their graduating students to make a name for themselves. The book also gives some suggestions on what to learn to run a successful business by not only depending on an MBA.
Here Are Some Lessons I Learned from the Personal MBA by Josh Kauffman
For easy read and understanding, I have broken the book review into 4 sections.
1. Business is about creating and delivering value to paying customers and not orchestrating legal frauds.
2. What makes business exist, is the value they create.
3. To earn from creating value, convert your hobby to a product/ service.
4. You need to keep learning skills to develop/ your business model.
5. As a business owner, your revenue is completely dependent on people actually wanting what you have to offer.
6. If you don’t have a large group of people who really want what you have to offer, your chances of building a viable business are very slim.
7. In running a business, attempting to appeal to everyone is a waste of time, instead, focus your marketing efforts on probable customers.
8. It is important to tell people about what you sell because if no one knows what you are selling, no one will buy from you.
9. The best way to get people to buy a product/service from you is to make them visualise what their life would be if they purchased that item from you.
10. Framing in business means emphasizing the details that are critically important while de-emphasizing the things that aren’t by either minimizing certain facts or leaving them out completely.
1. Effective marketing means getting the attention of your customers to see what you have to offer. This also means that you get their attention in the shortest possible way.
2. If you want people to remember you and what you are offering, you need to grab their attention in the shortest possible second.
3. There are 4 ways of selling:
- Value-based selling (Selling Value)
- Education-based selling ( Educating your prospective customers on your products)
- Next Based alternative selling( Making Your products the next best alternative to what your customers are used to)
- Exclusive selling( Selling exclusive products that customers will like to own to show off their social status e.g Apple products)
4. A successful business doesn’t just deliver the expected value to their customers, but also add-on unexpected services too.
5. Scale in business means to reliably duplicate or multiply a process as volume increases.
6. Sometimes in business, it is good to innovate rather than to compete in an already crowded market.
7. Associate your business brand with something people can connect with.
8. In Business, let the value you are offering to your customer be clearly evident to them. Don’t leave them guessing what it should be.
9. Continue to offer something new, and over time people will pay attention to what you have to offer.
1. To optimise your strength, you need to do the following:
- Understand your pattern
- Do work at your peak period
- Take a break when you feel overwhelmed(by doing something fun)
- Rest well
2. The ability to delay immediate gratification for a long life benefit is what makes of successful people.
3. One good way to deal with a bad habit is to change the environment that supports it. For example, if you want to lose weight, start by watching the kind of food you take in and the kind of things that can trigger your food intake.
4. Businesses are built by people and for people. It is essential that the businessman is in the right frame of mind emotionally, physically, socially, spiritually etc. As a business owner, take time to take care of yourself.
5. Multitasking isn’t all so good, as you cannot focus all your useful energy on all activities at the same time. If you have different tasks to achieve, prioritize them, face each activity, complete them before moving to the next.
6. To become a more experienced person, store up patterns in your brain. By this, store up information that you can connect and relate together when need be.
7. The way to achieve a goal is to have a destination in mind from the onset. The brain will register that and propel you to work towards it.
8. Motivation is an emotional state that links the part of the brain that feels to the part of the brain that is responsible for taking action.
1. Your body and mind are the tools required for getting things done.
2. Monoidealism is the practice of focusing your energy in only one thing to getting it done.
3. Saving uncritical tasks for a later time is a good way to keep your attention and energy focused on what is most important.
4. Goals don’t work in isolation. You need to feed your goals with action, and that’s what your brain can work with.
5. You don’t need to know everything about a project to get it done, you only need to know the next thing to be done to move the project forward.
6. As a business owner, you don’t demand commitment from your customers, you gradually earn it over time.
The Personal MBA by Josh Kauffman is a great book, and I recommend it to everyone interested in learning about how business practically operates. To get a copy, please check out the Author’s website,- Joshkauffman.net or check out any bookstore around you.