Insights from ‘The Personal MBA’ by Josh Kaufman

Question 1

Do you need an MBA to be a successful businessperson?

Answer 1

No, Josh Kaufman suggests that business success can be achieved through self-education rather than an MBA.

Question 2

What are the three disturbing truths about MBA school as per Josh Kaufman?

Answer 2

1. MBA debt takes about 12 years to repay. 2. Business practices taught are often outdated. 3. An MBA degree doesn’t guarantee a high-paying job or career success.

Question 3

Fill in the blank: Every successful business can be explained using a _____ part system.

Answer 3

5

Question 4

What are the two primary characteristics of products and services people are willing to pay for?

Answer 4

Convenience and high-fidelity

Question 5

True or False: High-fidelity products are quick, reliable, and easy to use.

Answer 5

False

Question 6

Provide an example of a high-fidelity product experience.

Answer 6

Dining at the original Pizzeria Uno in Chicago for its high aesthetic and social appeal.

Question 7

How does Josh Kaufman contrast Pizzeria Uno and Domino’s in terms of customer experience?

Answer 7

Pizzeria Uno focuses on a remarkable dining experience (high-fidelity), while Domino’s focuses on quick and reliable delivery (convenience).

Question 8

What should a business do to attract and hold people’s attention according to the marketing principle?

Answer 8

The business should create remarkable and unexpected messages to capture interest.

Question 9

Fill in the blank: According to Seth Godin, a ____ cow in a field of brown cows attracts attention.

Answer 9

purple

Question 10

Why is ‘1000 songs in your pocket’ a strong marketing message for Apple’s first iPod?

Answer 10

It was remarkable and violated people’s expectations, making it memorable.

Question 11

What is the primary goal of sales?

Answer 11

To make customers believe and trust the business enough to make a transaction.

Question 12

True or False: Social proof can help build customer trust.

Answer 12

True

Question 13

Give an example of social proof in sales.

Answer 13

Having one hundred 5-star reviews on Amazon or a recommendation from a trusted influencer like Oprah.

Question 14

What does ‘value delivery’ mean in Josh Kaufman’s business framework?

Answer 14

It means exceeding customer expectations to encourage repeat purchases and recommendations.

Question 15

How did Zappos exceed customer expectations?

Answer 15

By providing free expedited shipping without advertising it, surprising customers in a positive way.

Question 16

Why is exceeding customer expectations valuable for a business?

Answer 16

It increases the likelihood of repeat purchases and positive referrals.

Question 17

What is the main focus of the finance aspect in the business framework?

Answer 17

Ensuring that the business is making more money than it is spending.

Question 18

True or False: Business finance requires complex models to determine profitability.

Answer 18

False

Question 19

Fill in the blank: Value delivery involves building efficient systems of _____.

Answer 19

delivery

Question 20

Summarize Josh Kaufman’s view on finance in one sentence.

Answer 20

Finance is simply about making sure that revenue exceeds expenses.