Josh Kaufman begins the course by stating that the MBA programs are now too expensive and do not show how to run a business.
I agree, but they weren't supposed to do that in the first place. My impression was to bring technical knowledge
to the table at the start of the career.
Surely, I'd never heard about the five fundamental principles of
running a business. I concentrated in operations management, which meant to keep costs down. At the time, we were
trying to compete with the Japanese, who had taken over the Demming method of operations. As Robert Kiyosaki of "Rich
Dad, Poor Day" would say, they taught us to be employees, not entrepreneurs!
The simplest way to explain
the five principles would be that there is one which stands out the most. I do not wish to expose too much of this course,
so I will leave it at that point.
In the middle of the first disc, and there is a workbook with the course, we learn
(or rather were reminded of) The Iron Law of the Market. The rest of the discussion elaborates on this law, which is
based upon common sense. The segment of how to test a market gives a concrete example.
Along the way, there
are five core human drives. I think it's one of my weaknesses. In two of the five, I tend to ignore the drives,
which places me out of the market. I think I have what Milton Friedman called the mentality of "the permanent
Finally, there are ten ways to evaluate markets, a checklist. It provides a guide toward starting