Personal MBA 1 : The Five Parts of every Business. From Josh Kaufman’s Personal MBA. #businesstips

Every single business is made of five different parts. Each of these flows into the next and if you miss one, your business will not work. The first part is value creation. This is working out what it is the market needs or wants and going out there and building it for them. Second, you have marketing. This is generating demand for what you've built by attracting attention from your potential customers. Third, you have sales. This is turning prospective customers into paying customers. Fourth, we have value delivery. This is making sure that the quality of your product or your service is good enough so that the people you sell to are happy with what they've purchased. And fifth, you have finance. This is making sure that what you're selling is being sold at a price that allows you to make enough of a profit to make the whole venture worthwhile. A business that does not create Value the first part is a hobby. A business that does not attract attention for what it is you built is a flopper. A venture that doesn't sell what.