Transaction

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 is a “Transaction”?

“There is only one boss: the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” — Sam Walton, founder of Wal-Mart

Key Points:

• A transaction is an exchange of value between two or more parties.
• Sales are the only point where resources flow into the business, so Transactions are critical.
• You can only transact with things that are Economically Valuable.
• The goal is to make the first profitable Transaction as quickly as possible, because that’s when you transition from a project to a business.

Questions for Consideration:

• How many transactions are you completing each day?
• Are you offering anything that’s not economically valuable?

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