The Personal MBA By Josh Kaufman Book Summary

In 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 lac 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 of 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
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, Marketing,
Sales, Value Delivery, Finance.

If any of these is not available in any
business, then that is not a business.

In which no Value Creation that is Hobby.

A business that doesn’t have
good marketing is a flop.

The business which has
not 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.

So to run a profitable business,
we need to understand all 5 principles.

First is Value Creation.

Can you create something
that people really want to buy?

Because most people buy
things only for two reasons.

The first reason is “Convenience”.

It means if your product does their
work easily, quickly, reliable, 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 service is easy, quick,
reliable and flexible.

They provide service
according to people’s needs.

The second reason is “High-Fidelity”.

Means, is your product look 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 ready
to give 500rs instead of 20rs water bottle.

because they need it.

The second is “Marketing”.

Can your business get
attention by 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 for 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 advertisement.

The third is “Sales”.
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., or Freeze.

See reviews on YouTube,
Amazon and Flipkart.

This means they want social
proof that this product is good.

and social proof generates from the trust.

So to increase sales of your product, you have to
make trust with people that you care them.

You have to make trust that
your product can make their work easy.

Then only they will buy.

The fourth point is “Value Delivery”.

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 then 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 customer.

and the last point is “Finance”.

Means at last you have to keep in mind
that your business cash flow is good.

Cashin should always
be more than Cashout.

then only your business will grow.

So these are the 5 principles
to grow a successful business.

That I tell from Josh Kaufman’s book
“The Personal MBA”.

This book is an inventory
of business knowledge.

Whether you are doing business
or want to start a business in future,

then you must read this book.