What is a Business And not just a hobby? https://personalmba.com/5-parts-of-every-business/ And not just a hobby?

‘5 Parts of Every Business’ Value Creation - Discovering what people need/want, & creating it. Marketing - Attracting attention & building demand for it. Sales - Turning prospective customers into paying customers. Value Delivery - Giving your customers what you’ve promised and ensuring that they’re satisfied. Finance - Bringing in enough money to keep going and make your effort worthwhile. https://personalmba.com/5-parts-of-every-business/

Josh Kaufman Explains business, learning, and skill acquisition expert Roughly defined, a business is a repeatable process that: Creates and delivers something of value... That other people want or need... At a price they’re willing to pay... In a way that satisfies the customer’s needs and expectations... So that the business brings in sufficient profit to make it worthwhile for the owners to continue operation. https://personalmba.com/5-parts-of-every-business/

A venture that doesn’t: create value for others is a hobby. attract attention is a flop. sell the value it creates is a non-profit. deliver what it promises is a scam. bring in enough money to keep operating will inevitably close. https://personalmba.com/5-parts-of-every-business/

Business = simple process identifying a problem finding a way to solve it Benefiting both parties Anyone who tries to make business sound more complicated than this is either trying to impress you with their worldliness or sell you something you don’t need. https://personalmba.com/5-parts-of-every-business/

If you’re thinking about starting a new business, defining what these processes might look like is the best place to start. If you can’t describe or diagram your business idea in terms of these core processes, you don’t understand it well enough to make it work. https://personalmba.com/5-parts-of-every-business/

Questions to consider Think of the business you’re working on: what are the five core processes? Can you describe or diagram them in detail? How do they fit together? https://personalmba.com/5-parts-of-every-business/