What Is a "Successful" Business?
How would you like to save over $50,000 in less than 10 minutes?
It can happen, you know? just keep reading...
My MBA Story
Some years ago, I truly didn't understand business, and at the time, I thought that the way to become a successful entrepreneur/businessperson was to get a Master's in Business Administration (MBA). And I studied hard. Really hard. Really freaking hard! So hard, in fact, that I graduated with a 4.0 GPA.
So, you would think with grades like that, I was at least somewhat smart, right? But I wasn't.
You see, I spent nearly three years earning that degree and spent over $50,000, and to be honest, all I got was a piece of paper to hang on my wall.
Sure, I suppose I got "bragging rights," but I quickly found out that nobody really cared. In fact, I even had a boss tell me during an interview for a promotion, "Stop talking about your education. What have you done for us lately?" Ouch!
These days I say that my degree plus $5.95 gets me a coffee at Starbucks. In other words, not much. LOL
How to Save $50k
Here's where the not-so-smart part comes in. After I graduated with my fancy degree, I came across a book on Amazon that absolutely blew my mind. It's called "The Personal MBA" by Josh Kaufman. You can pick up this book right now for under $20.
And here's the best part (but also, for me, the saddest part)...
There is NOTHING that I learned in graduate school that is not covered in this book! Order that book right now, read it from cover to cover, and you will literally know everything I paid $50,000 to learn. You're welcome.
Success Defined
Now, let's get back to why you're here. When you hear the phrase " successful business, " what does that mean?
Here's how Kaufman defines it:
Every successful business...
(1) creates or provides something of value that
(2) other people want or need
(3) at a price they're willing to pay, in a way that
(4) satisfies the purchaser's needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.
I don't know about you, but that is about as good a definition as you can get. It's fully defined, but still simple enough that even a 12-year-old can understand it.
Moreover, if you put it into the context of what we are learning here at Wealthy Affiliate, it sounds exactly like the affiliate marketing process, does it not?
It can really help you with all aspects of your business, from choosing a niche, to writing articles (or recording YouTube videos), and even helping you decide which affiliate products and services to recommend to your audience. It covers it all and more.
So, as you are building out your site and generating content, try to keep this definition in the forefront of your mind. You might be surprised at how much easier it can make things when you know the outcome you're trying to achieve.
And if you ever have a problem, you can rest assured that, if you work your way through each of those criteria, one at a time, you will most certainly find the answer.
Take care and have an amazing week!
Recent Comments
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First off, congrats on your education. Second, I'm glad you shared this with us as some are still convinced that a 'higher education' means more success in life. I, like you, have discovered that this is not true at all. This is excellent advice for anyone who wants to truly acquire wisdom and knowledge. Thank you.
Nice post, James!
This is just my opinion due to having a college education; if I had to do it over again, I would have read good books on business, found a mentor, and started my business as a teen.
Hey, that sounds like what youngsters can do here at WA!
You have an amazing week too!
Great read! And unfortunately, I had a similar experience. 108k student loan debt to get to where I am today.. and after 18 years, we have been and are still hiring great employees with no degree as long as they have some experience. They learn how to get the job done and it didn’t cost them like it did us.
There’s a line in an old Adam Sandler movie (I think anyway).. “school’s for fools.” I often jokingly tell that to my sister who is a teacher… not to put down her profession or the need for teachers, etc. education can be obtained through various means nowadays.
I’m thoroughly enjoying what I am learning here. I want more and have been budgeting to upgrade my membership.
If I had to do school over again.. meaning college and graduate school……. Not a chance.