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I am an avid reader and love books on business and history. I have ready a lot of good books, and a lot of bad books. I recently picked up The Personal MBA: Master the Art of Business by Josh Kaufman (I couldn't recall from high school English if I am supposed to italicize, underline or put in quotations the title of a book). I am on page 15 and have already found great value in this book, and can that it is going on my recommended reading list. I wanted to share an excerpt from the book that outlines the basic business principle's, which can even work for real estate.
"very successful business (1) creates or provides something of value that (2) other people want or need (3) at a price they're 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. pg 15
Continued on pg 15: "As I deconstructed each of those factors, I found additional universal requirements. Value can't be created without understanding what people want (market research). Attracting customers first requires getting their attention, then making them interested (marketing). In order to close a sale, people must first trust your ability to deliver on what's promised (value delivery and operations). Customer satisfaction depends on reliably exceeding the customer's expectations (customer service). Profit sufficiency requires bringing in more money that is spent (finance)." The Personal MBA: Master the Art of Business; Kaufman.
To see my entire reading list and recommended books visit my LinkedIn profile at http://www.linkedin.com/in/nicktmiller