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The Personal MBA by Josh Kaufman - Vocabulary Flashcards

1
Q

the five parts of a business

A
  1. value creation
  2. marketing
  3. sales
  4. value delivery
  5. finance
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2
Q

Value Creation

A

Discovering what people need or want and then creating it.

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3
Q

Marketing

A

Attracting attention and building demand for what you’ve created

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4
Q

Sales

A

Turning prospective customers into paying customers

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5
Q

Value Delivery

A

giving your customers what you promised and ensuring that they’re satisfied

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6
Q

Finance

A

bringing in enough money to keep going and make your effort worthwhile

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7
Q

not every skill or area of knowledge is

A

economically valuable

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8
Q

Iron Law of the Market - If…, .your chances…

A

if you don’t have a large group of people who really want what you have to offer, your chances of building a viable business are very slim

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9
Q

4 Core Human Drives + 1 (ABLD-F)

A

The Drive to Acquire

The Drive to Bond

The Drive to Learn

Th Drive to Defend

+

The Drive to Feel

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10
Q

The Drive to Acquire

A

The desire to obtain/collect physical objects and immaterial qualities

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11
Q

The Drive to Bond

A

the desire to feel valued and loved by forming relationships with others

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12
Q

The Drive to Learn

A

The desire to satisfy our curiosity

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13
Q

The Drive to Defend

A

the desire to protect ourselves, our loved ones and our property

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14
Q

The Drive to Feel

A

the desire for a new sensory stimulus, intense emotional experiences, pleasure, excitement, entertainment and anticipation

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15
Q

Status Seeking

neurotypical human beings care intensely about…

they spend a significant amount of energy tracking…

A

a universal phenomenon: neurotypical human beings care intensely about what other people think of them, and they spend a significant amount of energy tracking their relative status compared to other members of their group

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16
Q

Mercenary - doesn’t pay, don’t start a business for the money alone becasue …

A

doesn’t pay, don’t start a business for the money alone because starting and running a business always takes more effort than you first expect

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17
Q

Crusader - finding ideas to fascinating…

A

Doesn’t pay. You will find an idea so fascinating it becomes hard to think about it objectively

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18
Q

Economic Value

A

has 12 forms

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19
Q

Product

A

a tangible form of value

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20
Q

Duplicated

A

A book is only written once, but individual copies can be printed

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21
Q

Scale

A
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22
Q

Service

A

helping someone in exchange for a fee

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23
Q

Shared Resource

A

a durable asset that can be used by many people

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24
Q

Subscription

A

provides predefined benefits on an ongoing basis in exchange for a recurring fee

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25
Resale
the acquisition of an asset from a wholesale seller, followed by the sale of that asset to a retail buyer at a higher price
26
Lease
acquiring an asset, followed by allowing another person to use that asset for a predefined amount of time in exchange for a fee
27
Agency
the marketing and sale of an asset you don't own
28
Audience Aggregation
collecting the attention of a group of people with similar characteristics
29
Loan
an agreement to let the borrower use a certain amount of resources for a certain period of time
30
Option
the ability to make a predefined action for a fixed period of time in exchange for a fee
31
Insurance
the transfer of risk from the purchaser to the seller
32
Capital
the purchase of an ownership stake in a business
33
Hassle Premium
collecting money by removing the hassle of DIY options
34
Perceived Value
determines how much your customers will be willing to pay for what you are offering
35
Modular
create and improve each offer in isolation, then mix and match to better serve the customer
36
Bundling
allows you to repurpose value that you have already created to create even more value
37
the benefit of making your offers small and modular is \_\_\_
that it allows you to take advantage of bundling
38
Unbundling
taking one offer and splitting it up into multiple offers
39
Prototype
early representation of what your offering will look like
40
Iteration Cycle (6)
WIGWAM Watch - what's happening/not Ideate - what could you improve/options Guess - biggest impact Which - decide which changes Act - make the change Measure - what happened
41
Useful ... from ... helps you understand how well ... before .., which allows you to ... before ...
Useful feedback from a real prospect helps you understand how well your offer meets their needs before development is complete, which allows you to make changes before you start selling
42
As you develop your offering, you can't avoid making a choice between competing ...
alternatives
43
Trade-off
a decision that places higher value on one of several competing options
44
Patterns
how specific groups of people tend to value some characteristic in a certain context
45
Assuming the promised benefits of the offering are appealing, there are nine ...
Economic Values 1. Efficacy 2. Speed 3. Reliablity 4. Ease of Use 5. Flexibility 6. Status 7. Aesthetic Appeal 8. Emotion 9. Cost
46
As a rule, people never accept trade-offs unless they are forced to make a ...
decision
47
Relative Importance Testing
a set of analysis techniques that give a way to determine what people actually want - 0-10 - comparison
48
Critical Assumptions
fact or characteristics that must be true in the real world for your business offering to be successful
49
Shadow Testing
the process of selling an offering before it actually exists.
50
Minimum Viable Offer
an offer that promises and/or provides the smallest number of benefits necessary to produce an actual sale
51
Incremental Augmentation
the process of using the iteration cycle to add new benefits to an existing offer
52
Field Testing
53
Without \_\_\_, no business can survive.
Marketing
54
Modern life is overloaded with demands on...
your attention
55
Rule #1 of Marketing is that...
your potential customer's available attention is limited
56
Receptivity is ...
how open a person is to your message
57
Being ___ is the best way to attract attention
remarkable
58
Probable Purchaser
the type of person who is perfectly suited to what you are offering
59
Preoccupation
at the beginning of the marketing process, your prospects are paying attention to something else, not you
60
Marketing is most effective when it focuses on the ...
end result
61
Qualification
determining whether or not a prospect is a good customer
62
Point of Market Entry example
when you have a baby
63
Addressability is a measure...
of how easy it is to get in touch with people who might want what you are offering
64
Receptive
65
If your marketing activities don't produce some visceral feeling of ... in your prospects, you're wasting your time and money
desire
66
The best marketing is similar to ... it show s the prospect how the offer will help them achieve what they desire.
education-based selling
67
The most effective way to get people to want something is to encourage them to .... what their life would be like once they've accepted your offer
visualize
68
Framing is the act of .... the details that are critically important while ... thing that aren't, by either minimizing ... or ...
emphasizing de-emphasizing certain facts leaving them out entirely
69
If you want to attract ... quickly, give something valuable away for ...
attention free
70
Asking for ... to follow up after providing ... value is more effective than interruption.
permission free
71
Hook is ...
a single phrase or sentence that describes an offer's primary benefit
72
Call-To-Action
directs your prospect to take a single, simple, obvious actions
73
Most compelling Narratives follow...
a common format
74
Controversy means publicly
taking a position that not everyone wil agree with, approve of, or support
75
Reputation is what people generally...
think about a particular offer or company
76
Without a certain amount of ... between parties a transaction will not take place.
trust
77
Common ground is the state ...
of overlapping interest between two or more parties
78
Pricing uncertainty principle
all prices are arbitrary and malleable
79
Pricing is alwasy an ...
executive decision
80
If you expect people to pay you perfectly good money, to wbuy wht you're offering, you must be able to...
proved a reason why the offered price is worth paying
81
Four ways to support a price on something of value...
1) replacement cost 2) market comparison 3) discounted cash flow/net present value 4) value comparison
82
DCF/NPV asks the question: How...
much is it worth if it brings in money over time?
83
When using DCF/NPV, what is the estimate of value based on?
Next best alternative / opportunity cost
84
Price transition shock will...
can completely change the experience of operating your business
85
Value-baseds selling is ...
the process of undersanind and rreinforcing the reasons why your offer is valuable to the purachaser
86
the VAlue Comparison metho is often the best way to support a high price on your offer.
87
Education-based Selling is the process of making our prospects better...
more informed customers
88

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