Every successful business (1) creates or provides something of value that (2) other people want or need (3) at a price theyāre willing to pay, in a way that (4) satisfies the purchaserās needs and expectations and (5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.Josh Kaufman, The Personal MBA
āValue Creationā means performing activities that increase the value of goods or services to consumers.Josh Kaufman, The Personal MBA
Everyone has different preferences and values things differently ā thereās no āone size fits allā product or service.Josh Kaufman, The Personal MBA
Contrary to popular belief, our decision-making process is heavily influenced by hidden psychological biases. Critical Thinking is the tool we use to logically and systematically evaluate these influences and make reasoned decisions.Josh Kaufman, The Personal MBA
Thereās a huge difference between knowing how to do something and knowing how to get something done. The key to success in life is not accumulating knowledge, but getting results.Josh Kaufman, The Personal MBA
Every product that becomes a part of our lives - every product that is worth spending money on - solves a problem or fills a need for the people who buy and use it.Josh Kaufman, The Personal MBA
Your job as a businessperson is to identify things that people or businesses want and find a way to get it to them. Your ability to do that effectively is a major determinant of your success.Josh Kaufman, The Personal MBA
Making good decisions is a crucial skill at every level. You should strive to create options for yourself in everything you do. Options are a hedge against uncertainty and give you a better chance to seize the opportunities life has to offer.Josh Kaufman, The Personal MBA
If you canāt sell what you have to offer, you donāt have a business. Marketing makes selling easier by communicating your value to prospective customers.Josh Kaufman, The Personal MBA
Scarcity creates demand. Limited availability increases perceived value. This can be positive: think of a rare-book dealer, or an auction house. Or it can be negative: if something is too difficult to acquire, people will refuse to buy it.Josh Kaufman, The Personal MBA