Hello friends, in today’s article, we see The Personal MBA Book Summary. This book helps you to understand the finances, and also an important part of the business. so let’s see the detail about the book.
The Personal MBA:-
At the present time, you can grow your business without any degree or certificate. to grow our business, the MBA degree you get after spending multiple lakhs rupees is not required.
Friends, in this video I will tell you about a business expert/ business consultant and coach who helped many companies to grow and had worked with a manufacturer of world’s renowned consumer goods companies like Proctor and Gamble.
Josh Kaufman’s best-selling book ” The Personal MBA ”
the author says that colleges do not make successful people. they only accept them and take credit for their success. that’s why the author has understood this point and put his focus on self-help books and business-related books.
He grasped the tips and techniques which can help in the practical world at very less expense, and he has combined all the knowledge he had gained to write this book.
The Personal MBA master the art of business. Josh Kaufman tells these five principles are available in any successful business.
- Value Creation
- Value Delivery
If any of these is not available in any business then that is not a business. In which no value creation is a hobby A business that doesn’t have good marketing is a flop.
The business which has not had good sales is non-profit. A business which has less value delivered than customer expectation is a scam. and the business that, is non-profitable will get close. (The Personal MBA Book Summary)
so to run a profitable business we need to understand all 5 principles.
1) Value Creation:- The Personal MBA Book Summary
Can you create something that people really want to buy? Because most people buy things only for two reasons.
It means if your product does its work easily, quickly, reliably, and flexibly, then they will buy your product the best example is Ola’s growth in India.
Ola offered the same that people wanted their services are easy, quick, reliable and flexible. They provide service A/c to people’s needs.
2. High-Fidelity:- this means, is your product looks attractive is there any emotion in people’s minds related to that? can people get high social status with your product?
If yes, then they will surely buy your product. the best example is Apple’s Ecosystem, by the way, in India People buy things for convenience rather than high Fidelity.
But if we talk about all over the world then people have only these two reasons to buy things. so the first point is very important that your product creates some value that people need.
Because in hot summer, people will also be ready to give 500 rupees instead of 20 rupees water bottle because they need it. (The Personal MBA Book Summary)
2) Marketing:- Can Your business get attention through Marketing
When Apple launched their first iPod. then they said this is not a device, this is a collection of 1000 songs in your pocket and that was very attractive to people.
Marketing means is to get the attention of people with a remarkable and unexpected message. If you are going somewhere in the car, and if you see a field filled with brown cows, then that will be normal for you. and maybe you won’t see that. But if that field is filled with purple cows, your eyes will go on that and you will notice that.
Marketing should be remarkable and unexpected that seen in energy drinks advertisements.
This is the main part of any business. people buy from whom they have trust, particularly in India things recommendations we get from relatives.
People used to ask relatives before buying a car, T.V. pr Freeze. see reviews on youtube, Amazon and Flipkart. this means they want social proof that this product is good, and social proof generates from trust.
so to increase sales of your product you have to make that trust with people that you care about them. you have to make trust that your product can make it easy then only they will buy.
4) Value Delivery:-The Personal MBA Book Summary
This means, if you deliver more value than what they expected then they will become your advertiser themselves. they will become marketers of your business themselves.
For example, Domino’s Pizza Launched an offer at the start that pizza will be at your home in 30 minutes, if not you will get that pizza for free and Domino’s deliver that pizza late by that they can give pizza to customers for free and this was unexpected for customers.
That they are getting a lot of free orders so they told others that today I ate domino’s Pizza for free and this way Domino’s Marketing was done.
Successful businesses don’t deliver less value than customers’ expectations they always want to give good service to their customers. (The Personal MBA Book Summary)
This means at last you have to keep in mind that your business cash flow i.e. good
Cash In should always be more than cash out then only your business will grow. so these are the 5 principles to grow a successful business taken from Josh Kaufman’s Book ” The Personal MBA ”
This book is full of business knowledge whether you are doing business or want to start a business in future, then you must read this book.
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- Rich Dad Poor Dad
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