Reading the fantastic book by Josh Kaufman, The personal MBA, I have found an excellent and simple definition of the word “business” and I would like to share it with you all:
A successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they are 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.
So, every successful business consists of the following ingredients:
- value generation,
- customer demand,
- transactions,
- value delivery and
- profit sufficiency.
Take away one of this five ingredients and you will have other than a business. Every ingredient is essential and universal.
Are you successful with your business?
Michael Thallium
Global & Greatness Coach
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