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| How to Learn Business Without Higher Education |
How to Learn Business Without Higher Education. Learning is not only in school, but learning can be anywhere and anytime.
This time I will discuss the book The Personal MBA by Josh Kaufman. This book discusses how you can master the basics of doing business without having to take an MBA program. For information, the MBA is a Master's program in Business Administration which is a Master's program majoring in business.
In his book, Josh argues, it's better to read various types of business books and try to get into business before deciding to invest in taking an MBA. Of course, because the MBA program is not cheap and according to Josh what is taught cannot keep up with the times.
These are the pros and cons. However, what Josh is trying to convey is that you don't have to have a college education to run a good business. He explained that leaders in business are not made in schools but are based on a high desire to learn and seek knowledge.
How to Learn Business Without Higher Education, You Can Try
I summarized them into three highlights from the book The Personal MBA by Josh Kaufman:
First, Is an MBA important?
To improve your business skills, Josh argues that you don't need to learn everything, just mastering the basics can give you significant results.
Many people try to gain this knowledge by taking MBA courses, there are also those who are thinking of growing a business or to enhance their current career.
However, there is an interesting fact, researchers from Stanford University and Washington University found no relationship between a successful long-term career and an MBA degree. They draw this conclusion based on 40 years of data and see if the person graduated with satisfactory or adequate grades.
So, what should you do? Much more important is hands-on business experience and a keen curiosity to keep learning.
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| How to Learn Business Without Higher Education |
It is important to understand that every successful business creates or delivers something of value that other people want or need, at a price they are willing to pay, in a way that meets the needs and expectations of buyers, and provides sufficient revenue for the business to benefit the owner in continuing his business.
Basically, every human being has five biggest drives that influence their decisions.
First, drive to acquire, namely the urge to collect or own an item or something immaterial such as status, power, and influence.
Second, drive to bond, which is the urge to feel loved or appreciated by building relationships with other people, be it friendship or love.
Third, drive to learn, namely the urge to fulfill curiosity.
Fourth, drive to defend, this is the urge to protect yourself, your loved ones, or your property.
Fifth, drive to feel, namely the urge to feel sensations such as intense emotional feelings, enjoyment, entertainment, and so on.
You need to identify from the start, whether the product or service offered by your company is able to answer everyone's basic urges, the more combinations you offer, the more attractive your product or service will be in the eyes of consumers.
Second, Tips on marketing and selling products
Products and services are only of value if people want them. However, their desire can only arise if they know the product is available.
That's why marketing is very important, especially in this day and age, every brand owner is trying to get the attention of consumers in the midst of intense competition.
It's important to be sensitive when someone is about to receive such marketing information, so you can grab their attention before other brands do. For example, if you sell baby gear, it's a good idea to market it during the period leading up to and immediately after birth because parents are very open at that time.
If you manage to get one, they will remember your brand when they have more time to shop for baby products.
There is another important point, as a marketer must choose the right focus for his product, this must be adjusted to consumer preferences. Generally, customers are more interested in the results of a product than its features.
For example, lipsticks with long-lasting features are great, but consumers who buy them are actually more concerned about how attractive they feel when wearing the lipstick than about the features.
Every business should eventually be able to sell what they have to offer. Having millions of prospects is meaningless if there are no consumers who are willing to take money out of their wallets and say "I'll take one".
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| How to Learn Business Without Higher Education |
The best businesses on the planet acquire the trust of their possibilities and assist them with understanding why the offer merits paying for. No one wants to make a bad decision and feel taken advantage of.
So a big part of selling consists of how you can help your prospects understand what's important and convince them that you can actually deliver.
In every negotiation, there are 3 universal currencies described by Josh.
First is resources. These are tangible goods like money, gold, oil. These resources are physical and you can touch.
Second is time. If you work as an hourly employee, then you trade a certain amount of time and effort for a certain amount of resources.
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Third is flexibility. This is quite an understatement. However, being a salaried employee is not only a direct exchange of resources for performance but you also give up flexibility.
There's an implicit agreement that you won't do things you shouldn't and this is a very real opportunity cost. Keep the three universal currencies in mind when negotiating and you'll be amazed at the potential options you can offer the other party.
Third, pay attention to the company's finances
Business owners need to have good accounting practices to know how much money they are making. Income is only a relatively important number.
For example, income can be high but profits low if the business has too many expenses and there is not enough profit left for the owners.
However, higher profits are not necessarily ideal as they can result in so much time being spent; the most important thing is to use your time wisely so that you can strike a balance between work and leisure activities.
A company's cash flow statement is a financial tool that can help you make better decisions. However, the cash flow statement only shows one point of view and does not show how much equity the owner has in his business.
Another thing that is quite important is the balance sheet which is able to provide further information by showing the debtor's debt to the creditor (business). Owners can use these reports to forecast future events and decide how best to allocate funds.
Closing
That's what I wrote about How to Learn Business Without Higher Education, Business school does not make successful entrepreneurs. However, successful entrepreneurs are formed from experience and a high enthusiasm for learning.
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