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Books > The Personal MBA by Josh Kaufman - Vocabulary > Flashcards

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
Q

Resale

A

the acquisition of an asset from a wholesale seller,

followed by the sale of that asset

to a retail buyer at a higher price

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26
Q

Lease

A

acquiring an asset, followed by allowing another person to use that asset for a predefined amount of time in exchange for a fee

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27
Q

Agency

A

the marketing and sale of an asset you don’t own

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28
Q

Audience Aggregation

A

collecting the attention of a group of people with similar characteristics

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29
Q

Loan

A

an agreement to let the borrower use a certain amount of resources for a certain period of time

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30
Q

Option

A

the ability to make a predefined action for a fixed period of time in exchange for a fee

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31
Q

Insurance

A

the transfer of risk from the purchaser to the seller

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32
Q

Capital

A

the purchase of an ownership stake in a business

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33
Q

Hassle Premium

A

collecting money by removing the hassle of DIY options

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34
Q

Perceived Value

A

determines how much your customers will be willing to pay for what you are offering

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35
Q

Modular

A

create and improve each offer in isolation, then mix and match to better serve the customer

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36
Q

Bundling

A

allows you to repurpose value that you have already created to create even more value

37
Q

the benefit of making your offers small and modular is ___

A

that it allows you to take advantage of bundling

38
Q

Unbundling

A

taking one offer and splitting it up into multiple offers

39
Q

Prototype

A

early representation of what your offering will look like

40
Q

Iteration Cycle (6)

A

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
Q

Useful … from … helps you understand how well … before .., which allows you to … before …

A

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
Q

As you develop your offering, you can’t avoid making a choice between competing …

A

alternatives

43
Q

Trade-off

A

a decision that places higher value on one of several competing options

44
Q

Patterns

A

how specific groups of people tend to value some characteristic in a certain context

45
Q

Assuming the promised benefits of the offering are appealing, there are nine …

A

Economic Values

  1. Efficacy
  2. Speed
  3. Reliablity
  4. Ease of Use
  5. Flexibility
  6. Status
  7. Aesthetic Appeal
  8. Emotion
  9. Cost
46
Q

As a rule, people never accept trade-offs unless they are forced to make a …

A

decision

47
Q

Relative Importance Testing

A

a set of analysis techniques that give a way to determine what people actually want

  • 0-10
  • comparison
48
Q

Critical Assumptions

A

fact or characteristics that must be true in the real world for your business offering to be successful

49
Q

Shadow Testing

A

the process of selling an offering before it actually exists.

50
Q

Minimum Viable Offer

A

an offer that promises and/or provides the smallest number of benefits necessary to produce an actual sale

51
Q

Incremental Augmentation

A

the process of using the iteration cycle to add new benefits to an existing offer

52
Q

Field Testing

A
53
Q

Without ___, no business can survive.

A

Marketing

54
Q

Modern life is overloaded with demands on…

A

your attention

55
Q

Rule #1 of Marketing is that…

A

your potential customer’s available attention is limited

56
Q

Receptivity is …

A

how open a person is to your message

57
Q

Being ___ is the best way to attract attention

A

remarkable

58
Q

Probable Purchaser

A

the type of person who is perfectly suited to what you are offering

59
Q

Preoccupation

A

at the beginning of the marketing process, your prospects are paying attention to something else, not you

60
Q

Marketing is most effective when it focuses on the …

A

end result

61
Q

Qualification

A

determining whether or not a prospect is a good customer

62
Q

Point of Market Entry example

A

when you have a baby

63
Q

Addressability is a measure…

A

of how easy it is to get in touch with people who might want what you are offering

64
Q

Receptive

A
65
Q

If your marketing activities don’t produce some visceral feeling of … in your prospects, you’re wasting your time and money

A

desire

66
Q

The best marketing is similar to … it show s the prospect how the offer will help them achieve what they desire.

A

education-based selling

67
Q

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

A

visualize

68
Q

Framing is the act of …. the details that are critically important while … thing that aren’t, by either minimizing … or …

A

emphasizing

de-emphasizing

certain facts

leaving them out entirely

69
Q

If you want to attract … quickly, give something valuable away for …

A

attention

free

70
Q

Asking for … to follow up after providing … value is more effective than interruption.

A

permission

free

71
Q

Hook is …

A

a single phrase or sentence that describes an offer’s primary benefit

72
Q

Call-To-Action

A

directs your prospect to take a single, simple, obvious actions

73
Q

Most compelling Narratives follow…

A

a common format

74
Q

Controversy means publicly

A

taking a position that not everyone wil agree with, approve of, or support

75
Q

Reputation is what people generally…

A

think about a particular offer or company

76
Q

Without a certain amount of … between parties a transaction will not take place.

A

trust

77
Q

Common ground is the state …

A

of overlapping interest between two or more parties

78
Q

Pricing uncertainty principle

A

all prices are arbitrary and malleable

79
Q

Pricing is alwasy an …

A

executive decision

80
Q

If you expect people to pay you perfectly good money, to wbuy wht you’re offering, you must be able to…

A

proved a reason why the offered price is worth paying

81
Q

Four ways to support a price on something of value…

A

1) replacement cost
2) market comparison
3) discounted cash flow/net present value
4) value comparison

82
Q

DCF/NPV asks the question: How…

A

much is it worth if it brings in money over time?

83
Q

When using DCF/NPV, what is the estimate of value based on?

A

Next best alternative / opportunity cost

84
Q

Price transition shock will…

A

can completely change the experience of operating your business

85
Q

Value-baseds selling is …

A

the process of undersanind and rreinforcing the reasons why your offer is valuable to the purachaser

86
Q

the VAlue Comparison metho is often the best way to support a high price on your offer.

A
87
Q

Education-based Selling is the process of making our prospects better…

A

more informed customers

88
Q
A

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