In this first part of the guide, we’ll explain the five basic needs underlying all of the different things that people want. Part #1: Create Value That Satisfies NeedsĪccording to Kaufman, the first process a successful business must focus on is providing something valuable to trade. Part #1: Create value that satisfies needs.This guide discusses Kaufman’s advice for managing these five processes in four parts-we’ll explore his thoughts on managing the fifth process, finance, throughout the guide:

Understanding specific industry requirements will give you a clear idea of what additional key processes you need to manage to make your business a success.)

For example, risk and compliance processes are essential for a business operating in a highly regulated industry, such as finance, but aren’t as necessary for businesses operating in less regulated industries, such as fashion. While management experts agree that Kaufman’s five processes are common to all businesses, they argue that different types of businesses rely on additional key processes depending on what they offer and their industry. (Shortform note: The number of key processes underpinning every business is debatable. He argues that there are five key processes underpinning every business-creating value, marketing, selling, delivering value, and managing finances-and suggests ways to optimize them for successful results. In The Personal MBA, bestselling author Josh Kaufman offers a comprehensive overview of how businesses work. 1-Page Summary 1-Page Book Summary of The Personal MBA

The personal mba book