The Five Parts of Every Business
This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…
What are the “Five Parts of Every Business?”
“A business is a repeatable process that makes money. Everything else is a hobby.” — Paul Freet, serial entrepreneur and commercialization expert
Key Points:
- Roughly defined, a business is a repeatable process that:
- 1. Creates and delivers something of value…
- 2. That other people want or need…
- 3. At a price they’re willing to pay…
- 4. In a way that satisfies the customer’s needs and expectations…
- 5. So that the business brings in enough profit to make it worthwhile for the owners to continue operation.
- Take away any one of these five parts, and it’s not a business.
- When planning a new business or analyzing an existing venture, always begin with the five parts – they will help you discover any major issues or gaps quickly.
Questions for Consideration:
- Think of the business you’re working on: what are the five core processes?
- Can you describe or diagram them in detail?
- How do they fit together?
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