Personal MBA – Chapter 1

Personal MBA by Josh Kaufman

An MBA is an unusual degree in that it isn’t required to “practice” in the field. You don’t need an MBA to become a successful businessman. The most important aspects of the field can be learned on the job or in books. Kaufman read 100s of books and condensed them through the filter of his experience in the business world. The MBA is a risky business investment, especially if you do not know exactly what you want to do with it in the end. Kaufman points out several weak points of MBA programs in general. MBA programs are profitable status symbols for colleges and in high demand, so why should they bother to change?

This book is an alternative to an MBA and understand what it takes to build a business. A successful business provides (1) something of value that (2) other people want or need at (3) a price they’re willing to pay, in a way that (4) satisfied the customer’s needs and expectations so that (5) the business brings in sufficient profit to make it worthwhile for the owners to continue the operation. Ultimately every business is created by people and survives to benefit the people.