Starting these (videos) is always the most difficult – like, what do you say?
Welcome back to learning business conversation with the Personal MBA.
Of course, I'm Kallan.
Here to help you with business, confidence, and just success in life.
We're still getting introduced to what exactly this course, the Personal MBA, right here,
is going to introduce us to.
If this is your first time, click up here.
We've already covered a lot of really good, interesting stuff.
And if you can: I've got an assignment for you!
Since this is is business, I want you, down there in the comments, to tell us about an
entrepreneur that you admire.
And i'll start!
So my example today is Muhammad Yunus.
A Bangladeshi social entrepreneur who has done a lot of work with micro banking and
developing the concepts of micro banking.
I think it's an amazing idea, I love the social aspect, and I think it's great that you can
incorporate those values in business.
What do you think?
What's your example?
I'm sure you've got something.
Of course I cannot explain everything in depth while we are reading, so if you have any questions
put those in the comments too.
And I will be here to help you out.
If you want to help me, a good like on this video is plenty enough.
Thank you!
To get more practice, the podcast will be available shortly, you can get your own actual
copy of the book or the audiobook, for... *cough* Or the audiobook for free, all of
those links are in the description.
To know when the next videos are available, subscribe and click this bell, because it
will tell you immediately!
But!
Before we start go down here, the three dots.
Open transcript.
It will be so much easier to read along with me.
I think we're ready to start.
So let's get down to business!
Questions, Not Answers.
Most business books attempt to teach you to have more answers.
A technique for this, a method for that.
This book is different, it won't give you answers it will help you to ask better questions.
Knowing what's critically important in every business is the first step in making good
business decisions.
The more you know about the essential question to ask in your current situation, the more
quickly you'll be able to find the answers you need to move forward.
Mental models, not methods.
To improve your business skills, you don't need to learn everything there is to know.
Mastering the fundamentals can take you surprisingly far.
I call these fou– I call these foundational business concepts "mental models" And together
they create a solid framework you can rely on to make good business decisions.
Mental models are concepts that represent your understanding of how things work.
Think of driving a car, what do you expect when you press down on the right side pedal?
If the car slows down, you'll be surprised.
That pedal is supposed to be the accelerator, that's a mental model.
An idea about how something works in the real world.
Your brain forms mental models automatically by noticing patterns in what you experience
each day.
Very often, however, the mental models you form on your own aren't completely accurate.
Your only one person, so your knowledge and experience are limited.
Education is a way to make your mental models more accurate by internalizing the knowledge
and experiences other people have collected throughout their lives.
The best education helps you learn to see the world in a new, more productive way.
For example, many people believe things like, "starting a business is risky", or, "to get
started you must create a massive business plan and borrow a lot of money" and "business
is about who you know, not what you know" Each of these phrases is a mental model.
A way of describing how the world works, but they're not quite accurate.
Correcting your mental models can help you think about what you're doing more clearly.
Which will help you make better decisions.
Let's look at some inaccurate mental models and accurate mental models.
INACCURATE: starting a business is risky.
ACCURATE: Uncertainty is an ever-present but manageable part of business and risks can
be minimized.
INACCURATE: in order to successfully create a business, you must create a flawless business
plan before you start your business.
ACCURATE: a written plan is secondary to understanding the critical functions of your business and
no matter how much you prepare there will always be surprises along the way.
INACCURATE: You must raise large amounts of capital before you start building your business.
ACCURATE: raising money is necessary only if it allows you to accomplish something that
would otherwise be impossible, like building a factory.
INACCURATE: it's not what you know, it's who you know.
ACCURATE: Personal connections are important, but knowledge is key if you want to use those
connections to your best advantage.
What do you think about these inaccurate and accurate mental models?
Do you agree with them?
Disagree with any of them?
What are your thoughts?
After learning the mental models in this book, many of my clients have realized that their
picture of what businesses are and how businesses work was inaccurate.
Getting their venture off the ground would be far easier than they originally planned.
Instead of wasting valuable time and energy feeling intimidated and freaking out, learning
these concepts gave them the freedom to stop worrying and start making progress.
This book will help you learn the fundamental principles of business quickly so you can
focus your time and energy on actually doing useful things.
Creating something valuable attracting attention, closing more sales, serving more customers,
getting promoted, making more money, and changing the world.
Not only will you be able to create more value for others and improve your own financial
situation, You'll also have more fun along the way.
Alright.
let's review a little bit.
before I continue, if you want to improve your writing, I would try to copy this writing
style.
Here we have a topic, business, that is assumed to be a bit difficult.
And Josh Kaufman, the author, is doing an excellent job writing about it.
This is how you take a complicated topic and write about it with very simple language.
Josh starts by talking about essential questions.
If something is essential it is very important.
Necessary, critical.
So you need to know these essential questions, it's not the answers, it's these essential
questions.
Josh goes on to talk about models, which also means a framework.
A framework or model is a design for something, it's a structure.
In studying English, the most common framework is to go to a school and take classes.
It's the design and structure that you do something.
He goes on to talk about internalizing some of this knowledge.
To internalize something means to really understand something and to go a little further and maybe
even to make it part of yourself.
To really understand it, to assimilate it.
If something is ever-present, it is always there.
To minimize something means to make something smaller.
So you want to minimize risks.
If something is flawless, it is perfect.
Nothing is flawless.
And capital is wealth in the form of money or assets.
Assets can be things like land or property.
A very good term for business, "venture".
A venture, or business venture, is just a new business project.
There can be high-risk ventures and low-risk ventures.
Meaning lots of money involved and low amounts of money.
To freak out is great, this means to go crazy.
To lose your mind.
A lot of people freak out when thinking about starting a new business or a new project.
To close a sale means to make a sale, or just to sell something.
Alright.
Let's continue.
WHAT YOU'L LEARN IN THIS BOOK: This book is designed to teach you the fundamentals of
sound business practice as quickly and efficiently as possible.Here's a quick preview of what
you'll learn.
HOW BUSINESSES WORK: A successful business, roughly defined, provides 1) something of
value that 2) other people want or need at 3) a price they're willing to pay in a way
that 4) satisfies the customers needs and expectations so that 50 the business brings
in sufficient profit to make it worth while for the owners to continue operation.
Together, the concepts in chapters 1-5 describe how every business operates and what you can
do to improve your results.
HOW PEOPLE WORK: Every business is created by people and survives by benefiting other
people.
To understand how businesses work, you need a firm understanding of how people make decisions
, act on those decisions and communicate with others.
Chapters 6-8 introduce you to a few major concepts in psychology that describe how the
human mind processes the world, how you can work more effectively, and how you can create
and strengthen professional relationships.
HOW SYSTEMS WORK: Businesses are complex systems with many moving parts that exist within an
even more complex systems.
Like industries, societies, cultures, and governments.
Chapters 9-11 will help you understand how complex systems work as well as help you analyze
existing systems and find ways to improve them without provoking unanticipated consequences.
Here are a few things you shouldn't expect.
MANAGEMENT AND LEADERSHIP OVERLOAD: Many business resources and all business schools conflate
management and leadership schools with business skills.
They're not the same thing.
While management and leadership are important in the practice of business, they aren't the
be-all end-all of business education.
Without solid business knowledge it's possible to organize and lead a group of people toward
the accomplishment of the wrong objectives.
Business is about the profitable creation and delivery of valuable offers to paying
customers.
Management and leadership are simply a means to this end.
We'll discuss the essentials of effective management and leadership in chapter 8, but
in their proper context.
CFA/CPA LEVEL FINANCE AND ACCOUNTING: Finance and accounting are very important topics,
and we'll discuss the essential concepts and practices in chapter 5.
Including common mistakes and pitfalls.
That said, we have many topics to explore, and finance is not the sole focus of this
book.
Deep examinations of financial analysis and accounting standards have filled thousands
of books much longer than this one.
And unless you plan on becoming a chartered financial analysis (CFA) or a certified public
account (CPA), you should learn the basics of these topics but leave the details to the
specialists.
QUANTITATIVE ANALYSIS AND MODELING: WE'll discuss the fundamentals of measurement and
analysis in chapter 10.
But this book won't turn you into a Wall Street "quant".
Or a high flying spreadsheet jockey.
Statistics and quantitative analysis are very useful skills when used appropriately, but
the actual techniques are very situational and beyond the scope of this book.
Now we have a great idea of what we will be learning in this book, and when we'll focusing
on it.
It's a lot of great vocabulary, so let's review.
Sound as an adjective means safe.
So a sound business practice is a safe business practice.
A sound investment, a sound idea.
To do something efficiently means to do it with minimal, the lowest amount of waste possible.
With the lowest expense and effort needed.
You always want to be efficient.
If something is sufficient, it just means enough.
Not too much, not too little.
To do something effectively, is similar to efficient, but effectively simply means to
do something in a way that gets the desired result.
To provoke means to cause an annoyance or irritation.
And if something is unanticipated, it means unexpected.
The opposite Is to be anticipated.
Expected.
To conflate means to combine two things into one.
Usually in a negative sense.
That's why we don't want to conflate management with business knowledge.
They're not necessarily the same thing.
If something is supposed to be the be-all end-all, it is supposed to be the perfect
solution, the perfect fit.
There's never really a be-all end-all.
If someone suggests that they have a be-all end-all for your business idea, it's probably
a scam.
When we talk about a means to do something, we're just saying it's a way to do something.
With this book, you have a means to learn business, business English, improve your confidence,
and find more success.
It's just a means, it's just a way to do it.
And then a pitfall.
This is a great word, a pitfall is just an unexpected danger or difficulty.
Another great term, a hiccup.
Although usually a hiccup is something more minor.
A pitfall can be more severe.
Awesome!
So now we are really ready to dive in to this book.
Of course if you have any questions, ask away in the comments.
I will be here and ready to help.
And don't forget!
I'd love it if you could share an example of an entrepreneur you look up to, someone
you respect, or admire.
If you want more practice, the podcast will be available.
You can get your own physical copy of the book, or your own free audiobook.
If you enjoyed this video definitely give it a like, and if you haven't yet, subscribe
and then click that bell because then you will know when the newest videos are available.
Always a pleasure, guys!
Ciao for now.
Adios!
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