Entrepreneurship Expert: How To Build A $1m Business Without Hard Work!

So every business, from the smallest startup to the largest corporation in the world, has five fundamental parts. If you want to create a business or interviewing for your first job, or interviewing for your first big promotion, understanding this is a superpower. It's so exciting and fun.

Josh Kaufman, the world famous business expert, entrepreneur, and best-selling author.

Renowned for his practical approach to mastering business, productivity, and rapid skill acquisition.

This is the foundation of every business plan that has or ever will exist. So step one is value creation. Find those important unmet needs and then focus on meeting those. Is this enough of a problem for you to pay money to solve it?

How do you find out if there's a big enough market for your idea?

The easiest, best thing to do is just-

Step two then.

Marketing. And humans have five drives: the drive to acquire, to bond, to learn, to feel, to defend. And the more drives that you hook into, the more attractive the business offer is going to be.

What is step three?

The third part of every business is- The fourth part is particularly important, which is- And the fifth part is what a lot of people struggle with, but I'm here to help you. So the fifth part is-

Josh, the narrative out in the market is you have to do 10,000 hours to learn anything. You're telling me it's actually 20 hours is the key.

Yes, or 40 minutes a day for about a month.

So how do I do that then?

The best way to approach this is to start with- That's the secret.

Congratulations, Diary of a CEO gang. We've made some progress. 63% of you that listen to this podcast regularly don't subscribe, which is down from 69%. Our goal is 50%. So if you've ever liked any of the videos we've posted, if you like this channel, can you do me a quick favor and hit the subscribe button? It helps this channel more than you know, and the bigger the channel gets, as you've seen, the bigger the guests get. Thank you and enjoy this episode. Josh, why? Why, why did you write a book called The Personal MBA? It's a world-class business book that's sold almost a million copies so far. It's a real iconic book in the category. But why? Why did you feel compelled to write that book? Because I can tell by the thickness of it, it took you a long time.

It did, yeah.

So there must have been some sort of personal motivation that is pretty strong to write that book.

Sure. Uh, uh, a couple of things. Um, curiosity and persistence, and I was solving my own problem. Um, so one of the things that, that happened is right after school I got a job at a big company, and I was working with a lot of people who had just graduated from top 15 business programs. Um, I got this job straight out of undergrad. I had no idea what I was doing, and I really wanted to learn, like, what, what are, what are we doing here? What is, what is business? How does it work? What's important to know? What, what's not important to know? And so one of the things that I tried to do with The Personal MBA, um, and, and one of the, the reasons, like how the project got started, was I figured that there was, there was a book written by a business school professor in the 1950s or something. And I just needed to go out and find that book and read that book. And then I would understand the fundamentals, then I would understand the basics of, of what it is that, that we're all doing here. And I looked, and I looked, and I read, and I read, and I, I couldn't find it. And so at a certain point that I had essentially spent months reading, just going through category after category, just trying to understand for myself what businesses are, how businesses work. And at a certain point, I realized, like, this is important to me, and there's something that should exist in the world that for some reason doesn't exist in the world, and I think I need to be the person to make that, to do that. And so that's when The Personal MBA bec- w- went from just this crazy side project that I, that I did post-undergrad into essentially a second full-time, time job, reading and research and, and trying to, to decide for myself what are the critical parts of business? How do businesses work? How do they function? And then I decided to put that in a form that other people could read and benefit from as well.