A Summary Review Of ‘The Personal MBA’ By Josh Kaufman

I am curious. When we want to do differently in terms of contribution to the betterment of society life, we aren't firm with our ideas, thinking “the ideas are too impossible”. Sometimes we duplicate with existing successful business models and hope for the same fruitful outcomes. However, getting into the big league with competitions will not create the most value for people.

There is an equation to deliver the right value to the right beneficiaries that willing to pay at a fair price. The equation consist of 3 variables:

What potential customers value more than buying the power of the dollars in their wallets are connected to 5 Human Core Drives (Acquire, Bond, Learn, Defend, Feel) which translated to these Economic Values below. For instance, for technology, maybe its economic values are efficacy, speed, reliability, and ease of use.

 

ECONOMIC VALUES

Efficacy 

Speed 

Reliability 

Ease of Use

Flexibility

Status

Aesthetic Appeal

Emotion

Cost

After we know about their drives to make the purchase, we need to evaluate the potentials and the expected cost of executions. If there is the massive size of the market that have the same core economic values, then the cost of delivering will be distributed evenly in term of economies of scale. Besides, we need to look at the level of potential customers "willingness" to pay for the value that will be offered. This level of willingness will affect the margin.

EVALUATION 

Urgency 

Market Size

Pricing Potential 

Cost of Customer 

Acquisition 

Cost of Value Delivery 

Uniqueness of Offer 

Upfront Potential

Upsell Potential 

Evergreen Potential 

 

Finally,.. we are able to create the right solid value at the right economic level for the right beneficiaries. However, we need to find out how the customer can get this value. Hence, we should remove the friction in the process for the customer to get this value.

 

FORMS OF VALUES

Product

Service

Shared Resources 

Subscription

Resale

Lease 

Agency

Audience Aggregation 

Option 

Insurance 

Combination 

New Form.. 

 

PS. Reads to share and unite for Malaysia future - “Malaysia a True Entrepreneurial Nation by 2030”.

📒 The Personal MBA by Josh Kaufman