Introduction: Why Read This Book?

"Just what the world needs—another business book!"
—US Customs Agent at John F. Kennedy International Airport, After Asking About My Occupation

"Life’s tough. It’s tougher if you’re stupid."
—John Wayne, Western Film Icon

Since you’re reading this book, chances are you want to make something important happen: you want to start a business, get a promotion, or create something new in the world. It’s also likely that one or more things are holding you back from achieving your dream:

►   Business  angst—the  feeling  that  you  “don’t  know  much  about business” and therefore could never start your own company or take more responsibility in your current position. Better to maintain the status quo than face your fear of the unknown.
►   Certification intimidation—the idea that “business is complicated” and is a subject best left to trained “experts.” If you don’t have an MBA or similar expensive credentials, who are you to say you know what to do?
►   Impostor syndrome—the fear that you’re already “in over your head” and it’s only a matter of time before you’re unmasked as a total fraud. No one likes a phony, right?


Here’s the good news: everyone has these unfounded fears, and they’re normal. Don’t let them hold you back from pursuing what’s important to you. Businesses are created, operated, and improved by ordinary people just like you; there’s no magic or secret knowledge involved. All you need to do is learn a few simple concepts that will change the way you think about how businesses work and allow you to identify promising opportuni- ties.

If you’re an entrepreneur, student, tradesperson, executive, or professional who wants to master the fundamentals of sound business practice, this book is for you. No matter who you are or what you’re trying to do, you’re about to discover a useful new way of looking at business that will help you spend less time fighting your fears and more time doing things that make a difference.
 
You Don’t Need to Know It All

"As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure to have trouble."
  —Harrington Emerson, Management Consultant and Efficiency Expert
 
One of the most important things about learning any subject is the fact that you don’t need to know everything—you need to understand a small set of important concepts that provide most of the value. Once you have a solid scaffold of core principles to work from, building upon your knowledge and making progress becomes much easier.

The Personal MBA is a set of foundational business concepts you can use to get things done. Understanding these fundamental principles will give you a set of tools you can rely on to make good decisions. If you invest the time and energy necessary to learn these concepts, you’ll be in the top 1 percent of the human population when it comes to knowing

►   How businesses actually work
►   How to start a new business                   
►   How to improve an existing business
►   How to use business-related skills to accomplish your personal goals.

Think of this book as a filter. Instead of trying to absorb all of the business information that’s out there—and there’s a lot out there—use this book to help you learn what matters most, so you can focus on what’s important: making things happen.

No Experience Necessary

"People always overestimate how complex business is. This isn’t rocket science—we’ve chosen one of the world’s most simple professions."

—Jack Welch, Former CRO of General Electric  
Don’t worry if you’re a complete beginner. Unlike many other business books, this book does not require any prior business knowledge or experience. I don’t assume you’re the CEO of a large company who makes multimillion-dollar decisions on a daily basis—but this book will still be useful if you are.

If you do have business experience, take it from many of my clients and readers from around the world who have MBAs from top schools—you’ll find the information in this book more valuable and practical than any- thing you learned earning your degree.
Together, we’ll explore 271 simple concepts that will help you think about business in a new and useful way. After reading this book, you’ll have a more comprehensive and accurate understanding of what businesses actually are and what successful businesses actually do.
 
Questions, Not Answers        

"Education is not the answer to the question. Education is the means to the answer to all questions."
—Bill Allin, Sociologist and Education Activist

Most business books attempt to teach you to have more answers: a technique for this, a method for that. This book is different. It won’t give you answers—it  will help you ask better questions. Knowing what’s important in every business is the first step in making good business decisions. The more you know about the essential questions to ask in your current situation, the faster you’ll be able to find the answers you need to move forward.