Today's guest post is from Thomas Frank, a longtime HackCollege reader, and founder of collegeinfogeek.com. Thomas has some great takeaways for students from The Personal MBA. Enjoy!
One of the most interesting books I've been reading lately is The Personal MBA by Josh Kauffman. The book is centered around the idea that you can save thousands of dollars by not pursuing an MBA, instead reading lots of books in your free time and educating yourself. The book is a very broad overview of business that is broken down into chunks based on each factor that goes into running a business, including value creation, marketing, selling, finance, value delivery, and more.
While the actual value of an MBA is beyond my perception at this point in my life, I've come to realize that this book is a great starting point for business self-education. It's written in bite-size passages, each one based on a particular concept that falls under its chapter's main idea.
In the chapter on value creation, one of the concepts that stuck out to me was the concept of economic values. These are the values of a product or offering that will influence how much people will want to buy it. The economic values Josh lists are
Efficacy - how well it works
Speed - how fast it works
Reliability - whether or not you can depend on it
Ease of use - how much effort does it require you to expend
Flexibility - how many things it can do
Status - how it affects the way others perceive you
Aesthetic appeal - how attractive or aesthetically pleasing it is
Emotion - how it makes you feel
Cost - how much you have to pay to get it