# embeddings_queue

created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "rom you before you reach out. Attracting your Probable Purchaser\u2019s Attention immediately after they\u2019ve re\nached the Point of Market Entry is hugely valuable. Companies like Procter & Gamble, Kimberly-Clark, Jo\nhnson & Johnson, and Fisher-Price pay an enormous amount of attention to Points of Market Entry, since \nthey have a huge impact on the effectiveness of every baby-product-related marketing activity. It\u2019s not unc"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ommon for new moms and dads to come home from the hospital with a complimentary \u201ccare package\u201d fro\nm one or more of these companies containing samples of diapers, diaper rash ointment, formula, and oth\ner newborn-care basics. If you can get a prospective customer\u2019s attention as soon as they become interes\nted in what you\u2019re offering, you become the standard by which competing offers are evaluated. That\u2019s a re"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38cd6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "markably powerful position that increases the likelihood the prospect will ultimately purchase from you. Di\nscovering where Probable Purchasers start looking for information after crossing the interest threshold is \nextremely valuable. Before the advent of the Internet, most expecting parents immediately started devouri\nng books and talking to more experienced family and friends. Today, newly minted moms and dads hit the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38cf4-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Web first, which is why organic and paid search engine marketing is often so valuable. By optimizing for k\ney words your prospective customers are likely to search for, you can ensure that they find you first. SHA\nRE THIS CONCEPT: http://book.personalmba.com/point-of-marketentry/ Addressability Sometimes the ro\nad less traveled is less traveled for a reason. \u2014JERRY SEINFELD, COMEDIAN Agood salesman, as the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d08-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "old (and politically incorrect) saying goes, can sell a refrigerator to an Eskimo. It\u2019s a clich\u00e9, but there\u2019s so\nme truth to it: Inuit who live above the Arctic Circle use insulated refrigerators to keep their food from freez\ning in subzero temperatures. The real barrier isn\u2019t need, it\u2019s finding these customers in the first place: mak\ning the sale involves traveling thousands of miles through brutally wild terrain just to get their attention, let"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d1c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "alone land a sale and deliver the product. Addressability is a measure of how easy it is to get in touch with\n people who might want what you\u2019re offering. A highly Addressable audience can be reached quickly and \neasily. A non-Addressable audience can only be reached with extreme hardship, or isn\u2019t Receptive and do\nesn\u2019t want to be reached at all. Yoga is a good example of a highly Addressable market. It\u2019s relatively eas"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d30-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 29, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y to find places where people are already paying attention to yoga-related information: studios, popular m\nagazines like Yoga Journal, conferences, Web sites, etc. Yoga is an $8 billion industry worldwide, and yo\nu can tap into some or all of these outlets to help yogis and yoginis learn more about what you have to off"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d44-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "er. Sensitive or embarrassing topics tend to have low Addressability, even if there\u2019s a huge need. Chronic \nmedical conditions are a good example: it\u2019s difficult to find and reach a large group of people who suffer fr\nom an uncomfortable and potentially embarrassing condition like psoriasis or ulcerative colitis. People suff\nering from these conditions typically don\u2019t gather in the same place or read the same things, and many wil"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d58-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "l avoid being publicly identified as sufferers by joining organizations, so it\u2019s hard to find and talk to them di\nrectly. Doctors, on the other hand, are more Addressable: they have publicly listed addresses and phone \nnumbers and are willing and able to meet with drug company representatives about new offerings. Since \neach doctor sees many patients and acts as a gatekeeper for prescription medications, it\u2019s clear why phar"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d6c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "maceutical companies spend so much time and money marketing to MDs. The Internet has dramatically i\nmproved the Addressability of many markets. People who have a sensitive medical condition are highly lik\nely to search for information anonymously on the Internet, which is Addressable via advertising. Blogs, dis\ncussion boards, and databases like WebMD.com make it easier for people who don\u2019t know one another to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d80-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "share their experiences and knowledge, making these low-Addressability markets more accessible than \never before. Addressability is a huge concern when you are developing a new offer. If you have a choice, i\nt\u2019s far better to focus on building something for an Addressable audience than it is to go around and hand \nsell or try to address an audience that is not naturally Addressable or doesn\u2019t want to be addressed. If you"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38d9e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "choose to serve an Addressable market before committing to an offer, it\u2019ll be significantly easier to marke\nt your offer without breaking the bank. SHARE THIS CONCEPT: http://book.personalmba.com/addressabi\nlity/ Desire BUT I REALLY WANT IT!!! \u2014TWO-YEAR-OLD CHILDREN EVERYWHERE Effective marketi\nng makes your prospect want what you have to offer. In order for a prospect to be willing to pay you perfe"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38db2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ctly good money for what you\u2019re offering, they must want what you have. If your marketing activities don\u2019t \nproduce some visceral feeling of Desire in your prospects, you\u2019re wasting your time and money. Provokin\ng Desire is the part of marketing that makes most people uncomfortable. It\u2019s understandable: pop culture i\ns enamored with the image of the marketer as a shadowy master manipulator, hypnotizing the masses int"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38dc6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "o wanting things they don\u2019t really want or need. Nothing could be further from the truth. Here\u2019s the reality: i\nt\u2019s almost impossible to make someone want something they don\u2019t already desire. Yes, it\u2019s possible to be \nscammy and manipulative if you misrepresent what you\u2019re offering or promise something you can\u2019t deliver\n. Don\u2019t mistake that for brainwashing: the quickest way to waste a multimillion-dollar advertising budget is"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38de4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "to try to force people to want something they don\u2019t already want. The human mind simply doesn\u2019t work tha\nt way\u2014we only purchase what we already desire on some level. The essence of effective marketing is dis\ncovering what people already want, then presenting your offer in a way that intersects with that preexistin\ng Desire. The best marketing is similar to Education-Based Selling (discussed later): it shows the prospect"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e02-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "how the offer will help them achieve what they desire. Your job as a marketer isn\u2019t to convince people to \nwant what you\u2019re offering: it\u2019s to help your prospects convince themselves that what you\u2019re offering will hel\np them get what they really want. So what do people want? We\u2019ve already covered that: the Core Human \nDrives are a starting point that will help you discover what your market wants at the most basic level. The"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e16-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "more drives you can connect with your offering, the more effective your marketing activities will be. SHAR\nE THIS CONCEPT: http://book.personalmba.com/desire/ Visualization When your work speaks for itself, d\non\u2019t interrupt. \u2014HENRY J. KAISER, PIONEER OF MODERN SHIPBUILDING AND FOUNDER OF KAIS\nER PERMANENTE As soon as you step onto the lot of a car dealership, the salesperson you work with h"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e2a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "as a single, clear objective: convince you to get behind the wheel of a vehicle for a test drive. The test driv\ne is used to sell cars all over the world for a very good reason: it works. The test drive is the most effective\n tool a salesperson has to convince you to purchase a car that day. Until you\u2019re actually driving a car, it\u2019s \nmuch easier to treat a potential purchase in a detached way. You\u2019re capable of rationally comparing make"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e3e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s and models, features, and prices. You can convince yourself that you\u2019re \u201cjust looking,\u201d with no intention \nof purchasing anything just yet. Once you\u2019re actually behind the wheel of a car, however, the emotional pa\nrts of your mind take control. You start to imagine what your life would be like if you owned this vehicle. In\nstead of dispassionately comparing horsepower and acceleration metrics, you can actually feel the power"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e52-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "of the engine and the ease of handling, and you can imagine the respect (or envy) of your neighbors as y\nou pull your attractive new vehicle into the driveway. You\u2019ve stopped comparing and started wanting. Onc\ne you start wanting, you\u2019ll probably buy\u2014it\u2019s only a matter of time. B&H Photo Video uses the same strate\ngy in a different market. Roaming the aisles of their Manhattan superstore is an intense sensory experienc"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e66-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 30, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e. You can feel the weight of the camera you\u2019re considering, watch how quickly it focuses, and hear the s\nnap of the shutter. Better yet, you can compare the feel of each camera to hundreds of others, all within ar\nm\u2019s reach. It\u2019s little wonder B&H is one of the most successful photography retailers in the world\u2014after te"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e7a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "st-driving a few cameras, it\u2019s extremely difficult to resist the urge to take one home. The most effective wa\ny to get people to want something is to encourage them to Visualize what their life would be like once they\n\u2019ve accepted your offer. As we\u2019ll discuss later in Mental Simulation, our minds are designed to automatical\nly imagine the consequences of our actions. You can use this natural tendency to your advantage by helpi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38e8e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ng your prospects imagine the positive experiences they\u2019ll have. If you encourage your prospects to Visua\nlize what their life will look like after purchasing, you increase the probability that they\u2019ll purchase from you\n. The best way to help your customers Visualize is to expose them to as much sensory information as pos\nsible\u2014the information their mind uses to conclude, \u201cI want this.\u201d SHARE THIS CONCEPT: http://book.per"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38ea2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sonalmba.com/visualization/ Framing Everything we hear is an opinion, not a fact. Everything we see is a \nperspective, not the truth. \u2014MARCUS AURELIUS, ROMAN EMPEROR AND PHILOSOPHER In a famou\ns experiment conducted by psychologists Amos Tversky and Daniel Kahneman, participants were asked t\no make a decision about administering medical treatment to a sick population of six hundred people. Parti"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38eb6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "cipants in the study were given two options: Treatment A would save two hundred lives. Treatment B had \na 33 percent chance of saving all six hundred people and a 66 percent possibility of saving no one. Treat\nment A and Treatment B are mathematically identical\u2014statistically, there\u2019s no difference in the expected o\nutcome. The results, however, revealed a clear psychological preference: 72 percent of participants chose"}


created_at: 2024-01-07 10:05:41
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Treatment A, while 28 percent of the participants chose Treatment B. The experiment was then repeated \nwith two different treatment options. Treatment C would result in four hundred deaths. Treatment D had a \n33 percent chance that no one would die, but a 66 percent probability that all six hundred would die. Parti\ncipants overwhelmingly preferred Treatment D, 78 percent to 22 percent. What\u2019s interesting to note is that"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38ede-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Treatments A and C are also statistically identical, but A was overwhelmingly preferred while C was not. \nContemplating lives saved with fatalities significantly altered the preferences of the people making decisio\nns, even though the expected outcomes were exactly the same. We\u2019ll explore one of the reasons for this \npreference in Loss Aversion (discussed later), but for now, let\u2019s focus on how the emphasis of the various"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38ef2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "messages changed the results. Framing is the act of emphasizing the details that are critically important w\nhile de-emphasizing things that aren\u2019t, by either minimizing certain facts or leaving them out entirely. Prop\ner use of Framing can help you present your offer persuasively while honoring your customer\u2019s time and a\nttention. Framing is a natural part of communication: some form of compression in any message is inevita"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f06-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ble. It\u2019s simply not practical to include all of the facts and context when communicating with others\u2014we e\nmphasize some details and leave out others to save time. We Frame because we have to: otherwise, it w\nould take a huge amount of time to communicate even the simplest information to other people. It would t\nake two hours to order a pizza, as you told the person at the other end of the line not only the size and top"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f24-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "pings you wanted, but how you got their phone number and why on this particular evening you were in the\n mood for a slice as opposed to, say, General Tso\u2019s chicken. Since Framing is an ever-present part of co\nmmunication, it pays to be conscious of it. By being mindful of what you\u2019re emphasizing and what you\u2019re \nminimizing, you can communicate the benefits of your offer to your prospects in a clear and concise way,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f38-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "which maximizes your persuasive power. Framing is not the same as lying or being deceitful. Honesty is a\nlways the best policy, and not just from a moral perspective. Misrepresenting your offer may net a few mor\ne sales in the short term, but it dramatically increases the probability that your customer\u2019s expectations wil\nl be violated, decreasing their satisfaction and permanently harming your Reputation. (See the Expectatio"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f4c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "n Effect.) Using Framing to your advantage will allow you to communicate the benefits of your offer to you\nr Probable Purchasers persuasively, as long as you don\u2019t leave out information that your customers have \na right to know. SHARE THIS CONCEPT: http://book.personalmba.com/framing/ Free To charge nobody \nnuthin\u2019 is a guarantee of no profit. Getting attention is not the same as getting paid. \u2014JOSEPH FERRAR"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f60-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "A, INTELLECTUAL PROPERTY ATTORNEY If you want to attract Attention quickly, give something valua\nble away for Free. People love the promise of getting something for nothing. You\u2019ve probably seen Free s\namples of food being given away at the supermarket, or received an offer to try a product or service for a \ncertain time at no obligation. Chances are, at least a few of those free offers have led you to purchase mo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f7e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "re. Offers of Free value continue to exist because they work\u2014the Free value is subsidized by the addition\nal sales that are made because of the offer. I started my teaching and consulting business by giving away \nmy research and writing for Free on my Web site. As a result, hundreds of thousands of people find (or ar\ne referred to) the Personal MBA, benefit from the information, and come to trust me as a useful resource."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38f92-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 31, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "More often than not, they give me permission to continue providing even more useful Free information via \ne-mail. Periodically, I offer to meet with prospective consulting customers by phone for Free\u2014there\u2019s no o\nbligation whatsoever on their part, and I don\u2019t hold anything back. Every time I make this offer, I receive h"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38fa6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "undreds of inquiries and meet many new and interesting people. A good percentage of the people who ac\ncept a \u201cfree sample\u201d become paying customers, making \u201cFree\u201d the foundation of my teaching and consulti\nng business. More often than not, offering genuine Free value is a quick and effective way to attract attent\nion. By giving your prospects something useful at no cost up front, you earn their attention and give your p"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38fba-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "otential customers a chance to actually experience the value you provide. Done well, this strategy will net \nyou sales you wouldn\u2019t have made otherwise. Giving Free value attracts attention, but always remember t\nhat attention alone doesn\u2019t pay the bills. The siren song of \u201cgoing viral\u201d encourages many business owner\ns to continually give away too much in an effort to chase attention over establishing and improving the pro"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38fce-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "fit-generating parts of their business. Attention is necessary to attract paying customers, but if that attentio\nn never leads to sales, it won\u2019t sustain your business. For best results, focus on giving away real Free val\nue that is likely to attract real paying customers. SHARE THIS CONCEPT: http://book.personalmba.com/fr\nee/ Permission Selling to people who actually want to hear from you is more effective than interrupting str"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38fe2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "angers who don\u2019t. \u2014SETH GODIN I just did the unthinkable: I actually opened the spam folder in my e-m\nail account. The folder contained 1,555 unread messages, most of which were some variant of: \u201cHot Russ\nian babes want to chat with YOU!\u201d \u201cBuy Viagra Online!\u201d \u201cEliminate hair loss instantly!\u201d I didn\u2019t ask for any \nof these e-mails\u2014the spammers just sent them, without considering whether or not I wanted them. I have"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f38ff6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "absolutely no interest in chatting with \u201chot Russian babes,\u201d I have no use for black-market Viagra, and I ac\ntually like being bald. How likely am I to read these messages, let alone respond to them? Not likely at all\n\u2014on the contrary, I\u2019ll go out of my way to avoid paying Attention to them, and it\u2019ll be a cold day in hell befo\nre I purchase what they\u2019re pushing. Unfortunately, many businesspeople assume that the spam approach"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3900a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "is the best way to get Attention. Unsolicited phone calls, press releases, massmarket advertising, and \u201cres\nident\u201d-addressed direct mail are the most common legal equivalents of spam: blanketing a huge, undiffere\nntiated group of people with a standard message in the hopes that a tiny fraction will respond. In the early \ndays of television and radio advertising, commercial interruptions actually worked. When there were only t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3901e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hree channels, people were more likely to actually pay Attention during the commercials. By purchasing a \nsingle thirty-second prime-time advertising slot on each of the three major networks, you could reach 90 p\nercent of the television-watching population in a single day. Now, people have the ability to filter out anythi\nng they don\u2019t want to pay Attention to, either by ignoring the offending message or by shifting their Attenti"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39032-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "on to something else. The moment you start talking about something your prospects don\u2019t care about, the\ny\u2019re gone. Asking for Permission to follow up after providing Free value is more effective than interruption.\n Offering genuine value earns your prospect\u2019s Attention, and asking for Permission gives you the opportun\nity to focus on communicating with people you know are interested in what you have to offer. Permission i"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39046-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s a real asset. Reaching new people tends to be difficult and expensive. It\u2019s far easier to follow up with so\nmeone you already know\u2014all it takes is an e-mail, a letter, or a phone call, all of which are easy and inex\npensive. If you ask the new prospects you meet for Permission to follow up, you\u2019re making the most of yo\nur outreach activities. The best way to get Permission is to ask for it. Whenever you provide value to peop"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3905a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "le, ask them if it\u2019s okay to continue to give them more value in the future. Over time, your list of prospectiv\ne customers will grow, and the larger it grows, the higher the likelihood you\u2019ll start landing more sales. Us\ne Permission once you have it, but don\u2019t abuse the privilege. Getting Permission to follow up never gives \nyou carte blanche to send them anything you like. Before asking your prospects for Permission to follow u"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3906e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "p, make it clear what they\u2019ll be getting and how it\u2019ll benefit them. If you honor your commitments by contin\nually providing value and refraining from spamming your prospects with irrelevant information, you\u2019ll have \na powerful asset that can help you build a deeper relationship with the people who are interested in what \nyou\u2019re offering. SHARE THIS CONCEPT: http://book.personalmba.com/permission/ Hook If you can do it,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39082-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "it ain\u2019t braggin\u2019. \u2014DIZZY DEAN, HALL OF FAME BASEBALL PLAYER Complicated messages are ignore\nd or forgotten. Your Probable Purchasers are busy\u2014they don\u2019t have time to pay Attention to all of the info\nrmation assaulting them every day. If you want people to remember who you are and what you\u2019re offering,\n you have to grab their Attention and hold it\u2014all in a matter of seconds. A Hook is a single phrase or sent"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39096-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ence that describes an offer\u2019s primary benefit. Sometimes the Hook is a title, and sometimes it\u2019s a short ta\ngline. Regardless, it conveys the reason someone would want what you\u2019re selling. A classic example of a \nHook in the publishing world is the title of Timothy Ferriss\u2019s book, The 4-Hour Workweek. This short title i\nmplies several intriguing benefits: (1) four hours is a lot less than most people work, and most people wou"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f390aa-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 32, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ld like to work less; (2) you can potentially earn as much in four hours a week as in forty-plus hours a wee\nk; (3) if you\u2019re not working so much, you could do other cool things with your time. That\u2019s not bad at all for \nfour short words. When paired with the book\u2019s cover image of a guy relaxing in a hammock on a tropical b"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f390c8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "each, the title goes a long way in convincing people to purchase and read the book. Apple used a Hook fo\nr the launch of the iPod: \u201c1,000 songs in your pocket.\u201d At the time, portable music players consisted of bul\nky CD and cassette players, and advertising for early MP3 players focused on geekspeak: megabytes of \ndisk space. Apple\u2019s Hook highlighted the primary benefit: instead of carrying around hundreds of tapes or"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f390dc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "CDs, you could carry your entire music collection in one elegant device. Apple\u2019s five-word tagline worked \nwonders. In a little under a year, 236,000 first-generation iPods were sold\u2014an astounding start, consideri\nng this was the company\u2019s first foray into the portable music category. The Hook grabbed Attention, and t\nhe quality of the product closed the sale. When creating a Hook, focus on the primary benefit or value you"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f390f0-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "r offer provides. Emphasize what\u2019s uniquely valuable about your offer and why the prospect should care. \nBrainstorm a list of words and phrases related to your primary benefit, then experiment with different ways\n to connect them in a short phrase. Crafting a Hook is a creative exercise\u2014the more potential options you\n generate, the more quickly you\u2019ll find one that works. Once you\u2019ve created your Hook, use it! Place it on y"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39104-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "our Web site, your advertising, your business cards\u2014make it one of the first things potential customers se\ne. The Hook grabs Attention, and the remainder of your marketing and sales activities close the deal. The \nbetter your Hook, the more Attention you\u2019ll grab, and the easier it\u2019ll be for your satisfied customers to tell t\nheir friends about you. SHARE THIS CONCEPT: http://book.personalmba.com/hook/ Call-to-Action (CTA)"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39118-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Don\u2019t make me think. \u2014STEVE KRUG, USABILITY EXPERT Attracting a prospect\u2019s Attention doesn\u2019t hel\np if they disappear: if you want to make a sale, you need to direct your prospects to take some kind of acti\non. Your prospects can\u2019t read your mind. If you want your prospects to take the next step you\u2019re encourag\ning, you need to tell them exactly what to do. The most effective marketing messages give the recipient or"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39136-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "prospect a single, very clear, very short action to take next. Think about a roadside billboard that says so\nmething like \u201cTony\u2019s Hamburgers are the best.\u201d What will people who see that message do? Nothing, pro\nbably. In all likelihood, the billboard is a waste of time and money. Give them a Call-To-Action such as \u201cTa\nke exit 25 and turn right for the best burgers in town,\u201d and soon Tony will be serving more hamburgers to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39140-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hungry travelers. A Call-To-Action directs your prospects to take a single, simple, obvious action. Visit a \nWeb site. Enter an e-mail address. Call a phone number. Mail a self-addressed stamped envelope. Click \na button. Purchase a product. Tell a friend. The key to presenting an effective Call-To-Action is to be as cl\near, simple, and obvious as you possibly can. The more clearly you present your proposal, the higher the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39154-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "probability your prospect will actually do what you suggest. If you\u2019re encouraging someone to enter their e\n-mail address to sign up for a newsletter, say that verbatim multiple times, and make it immediately clear \nWHERE the e-mail address field is, WHY they should fill it out, WHAT to click once they\u2019ve entered their e\n-mail, and WHAT they can expect to happen when they do. If you think you\u2019re being too obvious, you\u2019re d"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39168-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "oing it right. The best Calls-To-Action ask directly either for the sale or for Permission to follow up. Making\n direct sales is optimal, since it makes it easy to figure out whether or not your marketing activities are cos\nt-effective. Asking for Permission is the next best thing, since it allows you to follow up with your prospects\n over time, dramatically decreasing your marketing costs and increasing the probability of an eventual sal"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3917c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e. Ensure that every message you create has a clear Call-To-Action, and you\u2019ll dramatically increase the \neffectiveness of your marketing activities. SHARE THIS CONCEPT: http://book.personalmba.com/call-to-\naction/ Narrative A tale in everything. \u2014WILLIAM WORDSWORTH, POET Since the dawn of history, peo\nple have been telling stories. Telling stories is a universal human experience, and stories have always be"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39190-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "en used in the conduct of trade. A good story will make even the best offer even better. Most compelling \nNarratives around the world follow a common format. The world-renowned mythologist Joseph Campbell \ncalled this prototypical storyline \u201cThe Hero\u2019s Journey\u201d or the \u201cmonomyth.\u201d People all over the world respon\nd very strongly to this story motif, and you can use this basic format to craft and tell your own stories. The"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f391a4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Hero\u2019s Journey begins by introducing the Hero: a normal person who is experiencing the trials and tribulat\nions of everyday life. The Hero then receives a \u201ccall to adventure\u201d: a challenge, quest, or responsibility tha\nt requires them to rise above their normal existence and hone their skills and abilities in order to prevail. \nWhen the Hero accepts the call, they depart their normal experience and enter into a world of uncertainty"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f391b8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "and adventure. A series of remarkable experiences initiates them into the new world, and the Hero underg\noes many trials and learns many secrets in the pursuit of ultimate success. After persevering in the face of\n adversity and vanquishing the foe, the Hero receives a mighty gift or power, then returns to the normal w\norld to share this knowledge, wisdom, or treasure with the people. In return, the Hero receives the respect"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f391cc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 33, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "and admiration of all. Your customers want to be Heroes. They want to be respected and admired by all, t\no be powerful, successful, and determined in the face of adversity. They want to be inspired by the trials a\nnd tribulations of other people who have come before and vanquished the foe. Telling a story about peopl"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f391e0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e who have already walked the path your prospects are considering is a powerful way to make them inter\nested in proceeding. Testimonials, case studies, and other stories are extremely effective in encouraging \nyour prospects to accept your \u201ccall to adventure.\u201d By telling stories about the customers who have come b\nefore, you grab your prospect\u2019s Attention and show them a path to achieve what they want. The more vivi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f391f4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "d, clear, and emotionally compelling the story, the more prospects you\u2019ll attract. Tell your prospective cust\nomers the stories they\u2019re interested in hearing, and you\u2019ll inevitably grab their Attention. SHARE THIS CO\nNCEPT: http://book.personalmba.com/narratives/ Controversy If you want an audience, start a fight. \u2014IRI\nSH PROVERB Controversy means publicly taking a position that not everyone will agree with, approve of,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39212-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "or support. Used constructively, Controversy can be an effective way to attract Attention: people start talk\ning, engaging, and paying Attention to your position, which is a very good thing. The Personal MBA itself i\ns a good example of the power of positive Controversy. The Personal MBA is about fundamental business\n principles \u2014what you need to understand about business in order to succeed. I firmly believe that anyon"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39226-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e can learn whatever they need to know about business independently, without mortgaging their future ea\nrnings by enrolling in a traditional MBA program. Some people vehemently disagree with that position\u2014pa\nrticularly graduates of Ivy League business school programs. MBA graduates and candidates are often qu\nite vocal in their disagreement, which usually takes the form of denouncing the Personal MBA approach to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3923a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "business education on their own Web sites or publicly disagreeing with me by leaving comments on my \nWeb site. That\u2019s not a bad thing: this consistent level of mild Controversy has allowed the Personal MBA t\no grow year after year without paid advertising. By making their thoughts known, the Personal MBA\u2019s detr\nactors are spreading the word to people who may not have been aware that there are alternatives to tradit"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3924e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ional business school programs. The Controversy leads many new people to investigate and examine the \nPersonal MBA and make up their own minds about its usefulness. More than a few of them stick around, r\nead my Free content, then decide to purchase a book, take a course, or hire me as a consultant. As long \nas my detractors keep things civil, I welcome the disagreement. It\u2019s okay to have an opinion and take a str"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3926c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ong stand. Everyone has a natural tendency to want other people to like them, and disagreement is often \nuncomfortable. In an effort to be unobjectionable, it\u2019s easy to water down your opinions to the point where \nthey offend no one. If your position is agreeable to everyone, it becomes so boring that no one will pay Att\nention to you. It\u2019s okay to support a position that not everyone else supports. It\u2019s okay to disagree with so"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39280-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "meone, or to call someone out, or to position yourself against something, because Controversy provokes \na discussion. Discussion is Attention, which is a very good thing if you want to attract people who will ben\nefit from what you\u2019re doing. That\u2019s not to say all Controversy is good Controversy: there\u2019s a fine line betwe\nen being constructively controversial and creating a soap opera. Controversy with a purpose is valuable;"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39294-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Controversy for the sake of Controversy, or Controversy that belittles and demeans, is not. Controversy w\non\u2019t help you if you lose sight of the purpose behind your actions. As long as you\u2019re able to maintain a sen\nse of the bigger picture of how you\u2019re trying to help, creating a bit of Controversy can be a very effective to\nol in encouraging people to seek out more information about what you\u2019re doing. SHARE THIS CONCEPT:"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f392a8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "http://book.personalmba.com/controversy/ Reputation Like it or not, the market\u2019s perception becomes yo\nur reality. \u2014HOWARD MANN, ACTOR AND COMEDIAN In my opinion, \u201cbranding\u201d is one of the most ove\nrused and overhyped ideas in the modern business world. There\u2019s nothing magical or complex about build\ning a brand: when business professionals say they want to \u201cenhance their brand\u201d or \u201cbuild brand equity,\u201d t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f392bc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hey almost always mean \u201cimprove their reputation.\u201d Reputation is what people generally think about a part\nicular offer or company. Reputations naturally arise whenever people talk to one another. Some products \nand services are worth the price; others are not. Some experiences are worth having; others are not. Som\ne people are good to work with; others are not. No one wants to waste their time or money, so people pay"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f392d0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "very close attention to what others say about things they\u2019re interested in. Building a strong Reputation is \nhugely valuable: people are often willing to pay a premium for a good Reputation. One of the reasons well\n-known consumer brands like Tide and Crest can continue to charge premium prices in near-commodity c\nategories is the strength of their Reputation. Potential customers want to feel certain that the purchase the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f392ee-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y\u2019re considering will benefit them, that others will think highly of their decision, and that they won\u2019t be wasti\nng their money. As the venerable corporate saying goes, \u201cno one ever got fired for buying IBM.\u201d It\u2019s import\nant to note that your Reputation is not directly under your control \u2014it\u2019s the sum total of what others think a\nbout everything you do: the products you release, the advertising you promote, the customer service you"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39302-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 34, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "provide. No matter how hard you try, you can\u2019t directly \u201cmanage\u201d your Reputation\u2014you can only try to imp\nrove it over time by making people glad they chose to do business with you. Always remember that the m\narketplace is the final arbiter of your Reputation, and that it\u2019s always watching what you do. When you buil"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39316-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "d a great Reputation, your customers will continue to do business with you and will refer you to others bec\nause they think highly of you (and because referring friends to good products and services is a way to buil\nd their own Reputations). Building your Reputation takes time and effort, but it\u2019s the most effective kind of \nmarketing there is. SHARE THIS CONCEPT: http://book.personalmba.com/reputation/ 4 SALES People d"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3932a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "on\u2019t like to be sold, but they love to buy. \u2014JEFFREY GITOMER, AUTHOR OF THE SALES BIBLE AND T\nHE LITTLE RED BOOK OF SELLING Every successful business ultimately sells what it has to offer. Havi\nng millions of prospects isn\u2019t enough if no one ultimately pulls out their wallet and says, \u201cI\u2019ll take one.\u201d The\n sales process begins with a prospect and ends with a paying customer. No sale, no business. The best b"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3933e-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39352-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "k. SHARE THIS CONCEPT: http://book.personalmba.com/sales/ Transaction There is only one boss: the \ncustomer. And he can fire everybody in the company from the chairman on down, simply by spending his \nmoney somewhere else. \u2014SAM WALTON, FOUNDER OF WALMART ATransaction is an exchange of v\nalue between two or more parties. If I have something you want and you have something I want, we\u2019d bot\nh be better off if we agreed to trade. The Transaction is the defining moment of every business. Sales are"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39366-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "the only point in the business cycle where resources flow into the business, which makes completing Tran\nsactions critically important. Businesses survive by bringing in more money than they spend, and there\u2019s n\no way to do that without completing Transactions. You can only transact with things that are Economically\n Valuable. If you don\u2019t have anything your prospective customers want, they won\u2019t buy from you. This may"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39384-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "seem obvious, but it\u2019s amazing how many prospective businesspeople enter the market without somethin\ng the market wants. That\u2019s why developing and testing a Minimum Economically Viable Offer (MEVO) is s\no important: it\u2019s the best way to determine whether or not you\u2019ve created something valuable enough to s\nell before you invest your life savings. When you\u2019re starting a new business, the object is to get to the poin"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39398-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "t where you make your first profitable Transaction as quickly as you possibly can, because that\u2019s the point\n where you transition from being a project to being a business. The examples/concepts in this chapter will \nhelp you create profitable Transactions that both parties are happy with. SHARE THIS CONCEPT: http://b\nook.personalmba.com/transaction/ Trust The secret of life is honesty and fair dealing. If you can fake that,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f393ac-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "you\u2019ve got it made. \u2014GROUCHO MARX Here\u2019s a proposal: send me a certified bank check for $100,000\n right now, and in ten years I\u2019ll give you the keys to a brand-new, ten-thousand-squarefoot villa on Italy\u2019s A\nmalfi Coast. You can\u2019t see any example villas, you won\u2019t hear from me again until the villa is ready, and th\nere are absolutely no refunds. Deal? Unless you\u2019re an extremely trusting soul with cash to burn, probably"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f393c0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "not. After all, how can you be sure I can actually build you a seaside mansion for such a paltry sum? How \ncan you be sure I won\u2019t just take the money and disappear? You can\u2019t, which is why you shouldn\u2019t cut me \n(or anyone else) a check for a villa on the Mediterranean you\u2019ve never seen. Let\u2019s reverse the situation: le\nt\u2019s assume I\u2019m capable of building this villa, and you\u2019re interested in purchasing one. Would it be smart for"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f393de-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "me to purchase land, break ground, and start building before I\u2019m sure you actually have the money to pay\n for it? Probably not\u2014if the deal falls through, I\u2019d have to find another customer or eat the cost. Without a \ncertain amount of Trust between parties, a Transaction will not take place. No matter what promises are \nmade or how good the deal sounds, no customer is going to be willing to part with their hard-earned mone"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f393f2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y unless they believe you\u2019re capable of delivering what you promise. Likewise, it\u2019s usually not smart to acc\nept credit or IOUs from customers you don\u2019t know. Building a trustworthy Reputation over time by dealing \nfairly and honestly is the best way to build Trust. You can also take steps to signal you\u2019re trustworthy: org\nanizations like the Better Business Bureau, credit and background check services, and financial arrangem"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f393fc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ents like escrow accounts exist to help overcome an initial lack of Trust between parties in a Transaction. \nThese offerings break down an important mutual barrier to completing a sale: without these services, man\ny Transactions would never take place. The easier it is to demonstrate your trustworthiness and verify that\n the other party is trustworthy, the greater the chance of a successful Transaction. SHARE THIS CONCE"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3941a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "PT: http://book.personalmba.com/trust/ Common Ground A compromise is the art of dividing a cake in suc\nh a way that everyone believes he has the biggest piece. \u2014LUDWIG ERHARD, POLITICIAN AND FORM\nER CHANCELLOR OF WEST GERMANY Common Ground is a state of overlapping interests between tw\no or more parties. Think of your available options as a circle that surrounds you. Your prospects have a cir"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39424-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 35, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "cle of available options as well. Your job is to find exactly where those circles overlap, which is much easi\ner if you understand what your Probable Purchasers want or need. Consider the job you\u2019re currently in, or"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39442-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "the last one you held. Chances are, you accepted that job because you were willing to take on certain res\nponsibilities, and your employer was interested in having you do the work. You were interested in being p\naid a certain amount, and your employer was willing to pay you at least that much. Your interests overlapp\ned, which resulted in a job offer and a paid position at the company. That\u2019s Common Ground. The same t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39456-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hing happens every time you purchase something from a retailer. They have a product you want to own; y\nou have a certain amount of money they are willing to accept for the product. If you don\u2019t want the product\n or the retailer wants more than you\u2019re willing to pay, no Transaction will take place. Common Ground is a \nprecondition of any type of Transaction. Without any areas of overlapping interest, there\u2019s no reason for a"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3946a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "prospect to choose to work with you. After all, it wouldn\u2019t make sense to pay more for something than it\u2019s \nworth to you. Why expect your prospects to accept your offer if it\u2019s not in their best interest? Aligning inter\nests is critical to finding Common Ground. Sales isn\u2019t about convincing somebody to do something that\u2019s \nnot in their best interest. Ideally, you should want exactly what your prospects want: the satisfaction of thei"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39488-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "r desire or the resolution of their problem. The more your interests are aligned with your prospect\u2019s, the m\nore they\u2019ll Trust your ability to give them what they want. There are always many paths to a successful Tr\nansaction, which is the essence of negotiation. Negotiation is the process of exploring different options to \nfind Common Ground: the more potential paths you explore, the greater the chance you\u2019ll be able to find o"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3949c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ne in which your interests overlap. The more open you are to potential options, the higher the likelihood y\nou\u2019ll find an area of Common Ground that\u2019s acceptable for all parties involved. SHARE THIS CONCEPT: \nhttp://book.personalmba.com/common-ground/ Pricing Uncertainty Principle Everything you want in life ha\ns a price connected to it. There\u2019s a price to pay if you want to make things better, a price to pay just for lea"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f394a6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ving things as they are, a price for everything. \u2014HARRY BROWNE, AUTHOR OF FAIL-SAFE INVESTIN\nG One of the most fascinating parts of Sales is what I call the Pricing Uncertainty Principle: all prices are a\nrbitrary and malleable. Pricing is always an executive decision. If you want to try to sell a small rock for $3\n50 million, you can. If you want to quadruple that price or reduce it to $0.10 an hour later, there\u2019s absolutel"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f394c4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y nothing stopping you. Any price can be set to any level at any time, without limitation. The Pricing Uncer\ntainty Principle has an important corollary: you must be able to support your asking price before a custom\ner will actually accept it. In general, people prefer to pay as little as possible to acquire the things they wa\nnt (with some notable exceptions, which we\u2019ll discuss later in Social Signaling). If you expect people to pa"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f394d8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y you perfectly good money to buy what you\u2019re offering, you must be able to provide a Reason Why the of\nfered price is worth paying. It\u2019s difficult to support a price of $350 million for a rock\u2014unless that rock is the\n Hope Diamond, a 45.5-carat deep-blue diamond with a long and distinguished history. The Hope Diamon\nd is currently owned by the Smithsonian National Museum of Natural History and is not for sale. If the Smi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f394ec-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "thsonian decided to sell the Hope Diamond, however, they could easily set an asking price of $1 billion. W\nhat\u2019s to stop them? Auctions are an example of the Pricing Uncertainty Principle at work\u2014 prices change \nconstantly, rising in proportion to how many people are interested and how much they\u2019re each willing to sp\nend. By setting a low starting price and allowing potential buyers to bid against one another, auctions are t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ypically an efficient way to establish a true market price for something that is difficult to reproduce and wh\nere no comparable items are already in the market. That\u2019s why rare items like the Hope Diamond\u2014if they\u2019\nre sold\u2014are typically sold at auction. The most expensive diamond ever sold was the rough 507.5-carat C\nullinan Heritage diamond, which went for $35.3 million at auction.1 Not bad for a rock. SHARE THIS CON"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39514-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "CEPT: http://book.personalmba.com/pricinguncertainty-principle/ Four Pricing Methods Money is better th\nan poverty, if only for financial reasons. \u2014WOODY ALLEN, COMEDIAN, SCREENWRITER, AND DIREC\nTOR Let\u2019s assume for a moment you own a house you\u2019re willing to sell. The Pricing Uncertainty Principle \nsays the price could be anything\u2014you have to set it yourself, since houses don\u2019t come with built-in price t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39528-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ags. Let\u2019s also assume you\u2019d prefer to sell the house for as much as possible. How would you go about s\netting the largest price a customer will actually accept? There are four ways to support a price on somethi\nng of value: (1) replacement cost, (2) market comparison, (3) discounted cash flow/net present value, and\n (4) value comparison. These Four Pricing Methods will help you estimate just how much something is pot"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3953c-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "entially worth to your customers. The Replacement Cost method supports a price by answering the questi\non \u201cHow much would it cost to replace?\u201d In the case of the house, the question becomes \u201cWhat would it c\nost to create or construct a house just like this one?\u201d Assume a meteorite scored a direct hit on the house,\n and there\u2019s nothing left \u2014you have to rebuild the house from scratch. What would it take to purchase simi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39550-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 36, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "lar land, pay for an architect to draw up plans, acquire identical materials, and hire construction workers to\n create exactly the same house? Total up these costs, add a bit of margin to compensate for your time an\nd effort, and you\u2019ll have a supportable estimate of how much your house is worth. Applied to most offers,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39564-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Replacement Cost is typically a \u201ccost-plus\u201d calculation: figure out how much it costs to create, add your de\nsired markup, and set your price appropriately. The Market Comparison method supports a price by answ\nering the question \u201cHow much are other things like this selling for?\u201d In the case of the house, this question\n becomes \u201cHow much have houses like this, in this general area, sold for recently?\u201d If you look at the surr"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39578-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ounding area, there are probably a few other houses similar to the one you own that have been sold withi\nn the past year. They\u2019re probably not exactly the same (maybe they have an extra bedroom or bathroom, \na little less square footage, etc.) but they\u2019re close enough. After you adjust for the differences, you can us\ne the sale prices of those \u201ccomparable\u201d houses to create a supportable estimate of how much your house"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3958c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "is worth. Market Comparison is a very common way to price offers: find a similar offer and set your price r\nelatively close to what they\u2019re asking. The Discounted Cash Flow (DCF) / Net Present Value (NPV) metho\nd supports a price by answering the question \u201cHow much is it worth if it can bring in money over time?\u201d In \nthe case of your house, the question becomes \u201cHow much would this house bring in each month if you re"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f395a0-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nted it for a period of time, and how much is that series of cash flows worth as a lump sum today?\u201d Rent p\nayments come in every month, which is quite handy: you can use the DCF/NPV formulas2 to calculate wh\nat that series of payments over a certain period of time would be worth if you received it in one lump sum. \nBy calculating the NPV of the house assuming you could rent it for $2,000 a month for a period of ten year"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f395b4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s with 95 percent occupancy and you could earn 7 percent interest on your money by choosing the Next B\nest Alternative, you\u2019ll have a supportable estimate of what the house is worth. DCF/NPV is only used for p\nricing things that can produce an ongoing cash flow, which makes it a very common way to price business\nes when they\u2019re sold or acquired\u2014the more profit the business generates each month, the more valuable"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f395d2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "the business is to the purchaser. The Value Comparison method supports a price by answering the questi\non \u201cWho is this particularly valuable to?\u201d In the case of the house, this question becomes \u201cWhat features o\nf this house would make it valuable to certain types of people?\u201d Let\u2019s assume the house is in an attractive,\n safe neighborhood with a top-tier public school nearby. These characteristics would make the house mor"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f395e6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e valuable to families who have school-age kids, particularly if they want to attend that school. To potentia\nl home buyers in the market, this particular house would be more valuable than the same house in an are\na with inferior schools. Here\u2019s another example: assume Elvis Presley previously owned the house. To ce\nrtain types of people\u2014wealthy people who love Elvis\u2014this house would be extremely valuable. Elvis\u2019s pre"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f395f0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "vious involvement with the property could easily triple or quadruple the price you\u2019d be able to support via t\nhe replacement, market comparison, or DCF/NPV methods. By looking at the unique characteristics of wh\nat you\u2019re offering and the corresponding worth of those characteristics to certain individuals, you can often\n support much higher prices. Value Comparison is typically the optimal way to price your offer, since the v"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39604-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "alue of an offer to a specific group can be quite high, resulting in a much better price. Use the other metho\nds as a baseline, but focus on discovering how much your offer is worth to the party you hope to sell it to, \nthen set your price appropriately. SHARE THIS CONCEPT: http://book.personalmba.com/4-pricingmetho\nds/ Value-Based Selling Price is what you pay. Value is what you get. \u2014WARREN BUFFETT Imagine tha"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39622-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "t you provide an ongoing service to a Fortune 50 corporation that increases their annual revenues by $10\n0 million. Is your service worth $10 million a year? Sure\u2014after all, what company would give up $90 millio\nn in ongoing revenue? Does it matter if providing this valuable service doesn\u2019t cost you much money? Abs\nolutely not\u2014even if it only costs you a hundred dollars a year to provide the service, you\u2019re providing a hu"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39636-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ge amount of value, which supports the comparatively high price. Does it matter if most business-to-busin\ness services cost $10,000 or less? Absolutely not\u2014you\u2019re providing much more value than other services \nin the market, which completely justifies a higher price. Value-Based Selling is the process of understandi\nng and reinforcing the Reasons Why your offer is valuable to the purchaser. In the previous section, we di"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3964a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "scussed how the Value Comparison method is often the best way to support a high price on your offer. Va\nlue-Based Selling is how you support that price. By understanding and reinforcing the Reason Why a Tran\nsaction will be valuable to the customer, you simultaneously increase the likelihood of a Transaction as w\nell as the price the buyer will be willing to pay. Value-Based Selling is not about talking\u2014it\u2019s about listenin"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3965e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "g. When most people think of sales, they imagine a pushy, smooth-talking shyster whose sole priority is to\n \u201cclose the deal.\u201d Emulating shady used car dealers is the fastest way to destroy Trust and give your pote\nntial customers the impression that you care more about your bottom line than about what they want. In re\nality, the best salespeople are the ones who can listen intently for the things the customer really wants. As"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39672-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 37, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "king good questions is the best way to identify what your offer is worth to your prospect. In the classic sale\ns book SPIN Selling, Neil Rackham describes the four phases of successful selling: (1) understanding the \nsituation, (2) defining the problem, (3) clarifying the short-term and longterm implications of that problem,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3967c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "and (4) quantifying the need-payoff, or the financial and emotional benefits the customer would experienc\ne after the resolution of their problem. Instead of barging in with a premature, boilerplate hard sell, succes\nsful salespeople focus on asking detailed questions to get to the root of what the prospect really wants. By\n encouraging your prospects to tell you more about what they need, you reap two major benefits. First, yo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39690-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "u increase the prospect\u2019s confidence in your understanding of the situation, increasing their confidence in \nyour ability to deliver a solution. Second, you\u2019ll discover information that will help you emphasize just how \nvaluable your offer is, which helps you in Framing the price of your offer versus the value it will provide. If \nyou discover why, how, and how much your offer will benefit the customer, you\u2019ll be able to explain that va"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f396a4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "lue in terms they\u2019ll understand and appreciate. Understanding the value you can provide your customers i\ns the golden path to a profitable sale. SHARE THIS CONCEPT: http://book.personalmba.com/value-base\ndselling/ Education-Based Selling Upgrade your user, not your product. \u201cValue\u201d is less about the stuff and \nmore about the stuff the stuff enables. Don\u2019t build better cameras\u2014build better photographers. \u2014KATHY \nSIERRA, AUTHOR AND COCREATOR OF THE HEAD FIRST SERIES OF BOOKS Before moving to Col"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f396b8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "orado, my wife, Kelsey, was the sales manager of the Mark Ingram Bridal Atelier in New York City, the mo\nst prestigious bridal salon in the world. Her job was to help brides from around the world find \u201cThe One\u201d\u2014t\nhe perfect dress for their dream wedding. Mark Ingram is the Martha Stewart of the bridal industry\u2014his se\nnse of style is legendary. Gowns by Oscar de la Renta, Monique Lhuillier, Lela Rose, and Vera Wang pop"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f396cc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ulate his collection. Mark\u2019s consultants are so skilled that one of the first three gowns they present is almo\nst always the gown the bride chooses for her wedding. In addition, the shopping experience and customer\n service are superb\u2014Mark doesn\u2019t discount, but brides would rather work with him than purchase their go\nwn from a competitor, even though it\u2019d be less expensive. Compared with most bridal salons, the Mark In"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f396ea-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "gram Bridal Atelier sells very high-end gowns. The average sale price of a gown at Mark\u2019s atelier is $6,00\n0\u2014four times the national average. To make the sale, Mark\u2019s consultants must help the bride (and her par\nents, who often pay the bill) understand why the gown is worth the price. It\u2019s certainly possible to purchas\ne a less expensive gown from another salon, but cheaper gowns cut corners: they use lower-quality fabric"}


created_at: 2024-01-07 10:05:41
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39712-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3973a-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3974e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "g. SHARE THIS CONCEPT: http://book.personalmba.com/education-basedselling/ Next Best Alternative \nWhen others sense your willingness to walk away, your hand is strengthened . . . Sometimes you are bett\ner off not getting to yes. \u2014ROBERT RUBIN, FORMER U.S. SECRETARY OF THE TREASURY When ne\ngotiating, it\u2019s always useful to know what the other party is likely to do in the event that an agreement can\u2019"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39762-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "t be reached. Sometimes, it\u2019s just not possible to reach an agreement\u2014there\u2019s no Common Ground, so b\noth parties agree to go their separate ways. What then? Your Next Best Alternative is what you\u2019ll do in the\n event you can\u2019t find Common Ground with the party you\u2019re negotiating with. Imagine you\u2019re looking for a j\nob, and there are three companies interested in hiring you. You may prefer to work at Company A, but if y"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39776-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 38, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ou can\u2019t reach a mutually acceptable agreement, it\u2019s easier to be a confident negotiator if you know that C\nompanies B and C are also interested in hiring you. If Company A is your only option and they know it, yo\nu\u2019re not likely to get a good deal. The other party always has a Next Best Alternative as well\u2014that\u2019s what \nyou\u2019re negotiating against. If you\u2019re selling a product that costs $100, you are selling against the next best"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3978a-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3979e-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f397b2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "native keeps negotiations moving quickly. Many professional sports players who are approaching free age\nncy use the opportunity to renegotiate or renew their contracts with their current teams, particularly if other\n teams express interest in them. If the original team doesn\u2019t want to lose the player, they have an incentiv\ne to reach an acceptable deal quickly. In every negotiation, the power lies with the party that is able and w"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f397c6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "illing to walk away from a bad deal. In almost every case, the more acceptable alternatives you have, the \nbetter your position. The more attractive your alternatives, the more willing you\u2019ll be to walk away from a d\neal that doesn\u2019t serve you, resulting in better deals. SHARE THIS CONCEPT: http://book.personalmba.co\nm/next-bestalternative/ Three Universal Currencies Time will take your money, but money won\u2019t buy time."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f397da-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "\u2014JAMES TAYLOR, MUSICIAN In every negotiation, there are Three Universal Currencies: resources, ti\nme, and flexibility. Any one of these currencies can be traded for more or less of the others. Resources ar\ne tangible items like money, gold, oil, etc. Resources are physical: you can hold them in your hand. If you \nwant to buy some furniture, you can offer money in exchange. If you\u2019re selling your car, the purchaser cou"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f397ee-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39802-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39816-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "king for the company, which is a very real Opportunity Cost. While you\u2019re working, you\u2019re giving up the fle\nxibility to do something else. It\u2019s entirely possible to negotiate for a greater or lesser degree of flexibility by\n trading off effort or resources. For example, you can decrease your effort and increase your flexibility by \nworking part time, in exchange for fewer resources\u2014reduced salary and benefits. Purchasing a house req"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3982a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "uires less time if you agree to a thirty-year mortgage versus saving up to buy it outright, at the cost of addi\ntional resources (interest) and dramatically decreased flexibility. It\u2019s possible to gain more of any of these \ndesired currencies by finding appropriate Trade-offs between one or more of the others. If you\u2019d like additi\nonal compensation in the form of a raise or larger contract, you can give up time or flexibility (such as the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3983e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ability to use what you make for other purposes) as a Trade-off. If you\u2019d like a bit more flexibility or time off\n in your working arrangements, you can negotiate a decrease in salary to compensate. If your employer or\n client wants you to work more or wants to benefit more from your work, you can ask them for more comp\nensation in return. Keep the Three Universal Currencies in mind when negotiating, and you\u2019ll be amazed"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3985c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "at the range of potential options you\u2019ll be able to present to the other party, making it easier to find an opti\non that works for all parties involved. SHARE THIS CONCEPT: http://book.personalmba.com/3-universalc\nurrencies/ Three Dimensions of Negotiation The first thing to decide before you walk into any negotiation i\ns what to do if the other fellow says no. \u2014ERNEST BEVIN, FORMER BRITISH SECRETARY OF STATE"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39870-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "FOR FOREIGN AFFAIRS Most people think of negotiation as sitting down across from the other party an\nd presenting offers and counteroffers. But that\u2019s the last phase of the process; the other two happen well \nbefore you ever sit down at the negotiating table. The Three Dimensions of Negotiation are setup, structur\ne, and discussion. As David Lax and James Sebenius discuss in 3-D Negotiation, each of these phases is"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39884-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "critically important: by creating an Environment (discussed later) that\u2019s conducive to a deal and preparing\n your strategy in advance, you can dramatically increase the probability of finding a mutually acceptable s\nolution. The first phase of every negotiation is the Setup: setting the stage for a satisfying outcome to the \nnegotiation. The more you can stack the odds in your favor before you start negotiating, the better the dea"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39898-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "l you\u2019ll be able to strike: \ufffd Who is involved in the negotiation, and are they open to dealing with you? \ufffd Who \nare you negotiating with, and do they know who you are and how you can help them? \ufffd What are you prop\nosing, and how does it benefit the other party? \ufffd What\u2019s the setting\u2014will you present your offer in person, \nby phone, or by some other means? \ufffd What are all of the Environmental factors around the deal\u2014do recen"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f398ac-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 39, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "t events make this deal more or less important to the other party? Setup is the negotiation equivalent of G\nuiding Structure (discussed later)\u2014 the Environment surrounding the deal plays a huge role in the eventu\nal outcome, so it pays to ensure that the Environment is conducive to getting a good deal before you ever"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f398c0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "reach the table. By thinking about the Setup, you can make sure you\u2019re negotiating with the right person\n\u2014the person who has the Power (discussed later) to give you what you want. Research is what gives this\n dimension of negotiation its power\u2014the more knowledge you gain about your negotiating partner during t\nhis phase, the more power you have in the entire negotiation, so do your homework before presenting an"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f398de-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "offer. The second dimension of negotiation is Structure: the terms of the proposal. In this phase, you put t\nogether your draft proposal in a way they\u2019re likely to appreciate and accept: \ufffd What exactly will you propos\ne, and how will you Frame your proposal to the other party? \ufffd What are the primary benefits of your propos\nal to the other party? \ufffd What is the other party\u2019s Next Best Alternative, and how is your proposal better? \ufffd H"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f398f2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ow will you overcome the other party\u2019s objections and Barriers to Purchase? \ufffd Are there Trade-offs or conc\nessions you\u2019re willing to make to reach an agreement? Remember, your goal in creating the proposal is to\n find Common Ground: an agreement that both parties will be happy to accept. By thinking through the Str\nucture of your proposal in advance, you can prepare a few different options that you believe the other part"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39906-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y will want, on terms you\u2019re willing to accept. If you\u2019re expecting the other party to balk at the price, for inst\nance, you can prepare arguments to overcome the objection, lower-cost options that provide less value, o\nr alternative offers that would better fit their needs. When the time comes for you to discuss the deal with \nyour negotiating partner, you\u2019ll be ready for anything. The third dimension of negotiation is the Discussion:"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3991a-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3992e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "discuss or clarify any issues the other party doesn\u2019t understand, answer objections and remove Barriers t\no Purchase, and ask for the sale. Regardless of what happens during the Discussion phase, the end resul\nt of every round of Discussion is either (1) \u201cYes, we have a deal on these terms,\u201d (2) \u201cWe don\u2019t have a de\nal quite yet\u2014here\u2019s a counteroffer or another option to consider,\u201d or (3) \u201cNo, we don\u2019t have a deal\u2014there\u2019"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39942-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s clearly no Common Ground, so we\u2019ll suspend negotiations and reserve the right to talk to somebody els\ne.\u201d Discussion continues until a final agreement is reached or the parties decide to quit negotiating, which\never happens first. If you prepare the Three Dimensions of Negotiation (Setup, Structure, and Discussion)\n in advance, you\u2019ll be far more likely to settle on terms that benefit both parties. SHARE THIS CONCEPT:"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39956-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "http://book.personalmba.com/3-dimensions-ofnegotiation/ Buffer Zeal without knowledge is the sister of fo\nlly. \u2014SIR JOHN DAVIES, ELIZABETHAN POET AND LAWYER AND FORMER ATTORNEY GENERAL \nOF IRELAND In all but the most extenuating circumstances, Common Ground ensures that every deal is i\nn the best interest of all parties involved. However, there may be parts of the agreement or discussion wh"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39974-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ere one party\u2019s gain is the other\u2019s loss. If you\u2019re interviewing for a job and you attempt to negotiate a high\ner salary, any increase in your salary is necessarily the employer\u2019s loss. Depending on the situation, thes\ne aspects of the negotiation can be tense. You want to push for as much as you possibly can, but if you p\nush too hard, you risk torpedoing the deal and permanently harming your relationship with the other party."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39988-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "In these cases, it\u2019s helpful to work with someone who can help you negotiate a good deal without risking t\nhe relationship. A Buffer is a third party empowered to negotiate on your behalf. Agents, attorneys, mediat\nors, brokers, accountants, and other similar subject-matter experts are all examples of Buffers. Buffers wh\no have expertise in specific types of negotiations can be extremely valuable in helping you get the best de"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3999c-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "al possible. You don\u2019t have to know everything about arcane topics like tort law and tax policy if you enlist \nthe help of an honest and capable Buffer. When a professional athlete is negotiating a contract to join a pr\nofessional sports team, he or she typically enlists the help of both an agent and an attorney. The agent\u2019s j\nob is to obtain the best possible compensation for the athlete, and the team\u2019s manager and owner know t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f399b0-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f399c4-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f399d8-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 40, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "d to discuss this with my agent/accountant/ attorney\u201d before giving final approval on a deal is a valuable c\nheck-step that prevents hasty or unwise decisions. Be very mindful of Incentive-Caused Bias (discussed l\nater) when working with a Buffer. Depending on the arrangement, your Buffer\u2019s priorities may be very diffe"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f399ec-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a00-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "a Transaction actually occurs. Accordingly, their first priority is to complete a deal\u2014any deal\u2014regardless \nof whether or not it\u2019s actually a good deal for the buyer. If at all possible, work with a Buffer who is willing t\no accept a flat fee in exchange for services rendered, whether or not the deal happens. If your Buffer will \nbe paid regardless of what happens, their interests will be more closely aligned with getting you the best d"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a14-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "eal possible, which enhances their Reputation. Don\u2019t let your Buffer replace your own informed judgment. \nOne of the worst things you can do is relinquish control over your decisions to your Buffer, particularly if y\nour interests aren\u2019t exactly aligned. Many unwary investors have found their savings depleted by giving ca\nrte blanche control to \u201cinvestment professionals\u201d who are compensated every time a security is bought or"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a32-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sold. By \u201cchurning\u201d the account, the broker is legally able to rack up thousands of dollars in unnecessary f\nees. As a rule of thumb: don\u2019t give anyone unfettered control over decisions that directly affect your mone\ny. Buffers can be a hugely valuable resource as long as you\u2019re clear about how they\u2019ll be rewarded, what t\nhey\u2019re responsible for, and how you intend to work together. SHARE THIS CONCEPT: http://book.person"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a46-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "almba.com/buffer/ Reciprocation Gifts are never free: they bind the giver and receiver in a loop of reciproc\nity. \u2014MARCEL MAUSS, SOCIOLOGIST AND ANTHROPOLOGIST Reciprocation is the strong desire mo\nst people feel to \u201cpay back\u201d favors, gifts, benefits, and resources provided. If you\u2019ve ever had the experien\nce of receiving a holiday gift from someone you didn\u2019t send anything to, you know how uncomfortable this"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a5a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "feels. If someone benefits us, we like to benefit them in return. As a social force, Reciprocation is one of t\nhe primary psychological tendencies that underlie human cooperation. The \u201cyou scratch my back, I\u2019ll scrat\nch yours\u201d instinct is extremely powerful and forms the foundation of friendships and alliances. Historically, \ngift giving was how the powerful remained in Power (discussed later): by throwing lavish parties or genero"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a6e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "usly awarding titles and land, leaders increased their influence by amassing a store of favors that could b\ne called in during times of need. Here\u2019s the tricky part: the desire to Reciprocate is not necessarily in prop\nortion to the original benefit provided. In Influence: The Psychology of Persuasion, Robert Cialdini provide\ns an example of reciprocation in car sales. Car salesmen typically offer prospects a small gift up front. \u201cCa"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a82-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "n I get you a coffee? Would you like a soda? Some water? Cookies? Is there anything that I can do to ma\nke you more comfortable?\u201d It seems like a common gesture of hospitality. It\u2019s not. Accepting this small off\ner creates a psychological need to Reciprocate, subtly stacking the deck in the salesman\u2019s favor. Prospec\ntive car buyers who accepted this free offer were far more likely to purchase a vehicle, add optional acces"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39a96-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sories, and agree to less attractive financing terms. As a result, these customers spent thousands of dolla\nrs more than the people who did not accept anything from the salesman while negotiating. That doesn\u2019t m\nake rational sense, because the coffee or cookies cost the dealer very little, but Reciprocation makes it m\nore likely that the buyer will \u201cpay back\u201d the favor with a much larger concession. The more legitimate valu"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39aaa-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e you can provide to others up front, the more receptive they\u2019ll be when it\u2019s time for your pitch. Providing F\nree value builds your social capital, making it more likely the people you benefit will Reciprocate when you\n make an offer down the road. Being generous is one of the best things you can do to improve your result\ns as a salesperson. By giving away value and helping others as much as you can, they\u2019ll respect you; it wi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ac8-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ll build your Reputation, but it will also increase the probability that they will be interested enough when yo\nu do present your Call-To-Action. SHARE THIS CONCEPT: http://book.personalmba.com/reciprocation/ \nDamaging Admission We confess our little faults to persuade people that we have no large ones. \u2014FRAN\n\u00c7OIS DE LA ROCHEFOUCAULD, SEVENTEENTHCENTURY FRENCH COURTIER AND APHORIST W\nhen Kelsey and I moved from New York City to the mountains of northern Colorado, our new landlords, B"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39adc-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "en and Betty, made sure to notify us of two important facts about our new home: 1. Rock slides were a ve\nry real possibility. 2. Black bears and mountain lions roamed nearby. These facts didn\u2019t prevent us from le\nasing the apartment, but we were glad to know them in advance, and it increased our estimation of their in\ntegrity. We weighed the risks, increased our renter\u2019s insurance, purchased a can of Counter Assault bear"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39af0-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "pepper spray, and signed the lease. Counterintuitively, making a Damaging Admission like this to your pro\nspects can actually increase their Trust in your ability to deliver what you promise. Since Kelsey and I didn\n\u2019t own a car when we lived in Manhattan, we had to purchase one when we moved to Colorado. We found\n a car we were interested in purchasing on eBay Motors, but it was uncomfortable to make such a big pur"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b04-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 41, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "chase without actually seeing the vehicle. To help alleviate our concerns, the dealership that listed the car\n, Masters Auto Collection in Denver, went out of their way to photograph every detail \u2014including a small c"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "so don\u2019t pretend to be. People actually get suspicious when something appears to be \u201ctoo good to be true.\n\u201d If an offer appears abnormally good, your prospects will start asking themselves, \u201cWhat\u2019s the catch?\u201d Ins\ntead of making them wonder, tell them yourself. By being up front with your prospects regarding drawback\ns and Trade-offs, you\u2019ll enhance your trustworthiness and close more sales. SHARE THIS CONCEPT: htt"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b40-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "p://book.personalmba.com/damagingadmission/ Barriers to Purchase Selling begins when the prospect s\nays no. \u2014SALES MAXIM Assume for a moment you present an offer to a prospect, and their reply is som\nething along the lines of \u201cNo\u2014that doesn\u2019t work for me.\u201d Time to pack it in and move on? There\u2019s always \na reason a prospect says no. The fact that they\u2019re even talking with you implies that there\u2019s at least some i"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b54-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nterest\u2014otherwise, the conversation would simply end. There\u2019s still hope of closing the sale, if you start a\nsking the right questions. Selling anything is largely the process of identifying and eliminating Barriers to P\nurchase: risks, unknowns, and concerns that prevent your prospects from buying what you offer. Your pri\nmary job as a salesperson is to identify and eliminate barriers standing in the way of completing the Trans"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b68-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "action . Eliminate your prospect\u2019s objections and barriers, and you\u2019ll close the deal. There are five standar\nd objections that appear in sales of all kinds: 1. It costs too much. Loss Aversion (discussed later) makes \nspending money feel like a loss\u2014by purchasing, the prospect is giving something up, and that naturally m\nakes people hesitate. (Some people even experience this sense of loss after they make a purchase decisi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b7c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "on, a condition called \u201cbuyer\u2019s remorse.\u201d) 2. It won\u2019t work. If the prospect thinks that there\u2019s a chance the \noffer won\u2019t (or can\u2019t) provide the promised benefits, they won\u2019t purchase. 3. It won\u2019t work for ME. The pros\npect may believe that the offer is capable of providing benefits to other people but that they\u2019re different\u2014a\n special case. 4. I can wait. The prospect may believe they don\u2019t have a problem worth addressing right n"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39b9a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ow, even if it\u2019s very clear to you that they do. 5. It\u2019s too difficult. If the offer takes any effort whatsoever on \ntheir part, the prospect may believe that their contribution will be too hard to manage. To overcome these \nobjections as quickly as possible, it makes sense to build them into the structure of your initial offer. Since\n these objections are very common, anything that you can do to alleviate them before the prospect consid"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39bae-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ers the offer will make the sales process much easier. Objection #1 (\u201cit costs too much\u201d) is best addresse\nd via Framing and ValueBased Selling. If you\u2019re selling a piece of software to a business that can save th\nem $10 million a year, and you\u2019re asking $1 million a year for a license, your software isn\u2019t expensive\u2014it\u2019s\n effectively Free. If it\u2019s clear that the value of your offer far exceeds the asking price, this objection is moot"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39bc2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": ". Objections #2 and #3 (\u201cit won\u2019t work\u201d / \u201cit won\u2019t work for me\u201d) are best addressed via Social Proof\u2014showi\nng the prospect how customers just like them are already benefiting from your offer. The more like your pr\nospect your stories and testimonials are, the better. That\u2019s why Referrals are such a powerful sales tool\u2014\ncustomers tend to refer people who have similar situations and needs, and the Referral itself helps break"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39bfe-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "down these objections. Objections #4 and #5 (\u201cI can wait\u201d / \u201cit\u2019s too difficult\u201d) are best addressed via Educ\nation-Based Selling. Often, your prospects haven\u2019t fully realized they have a problem, particularly in the ca\nse of Absence Blindness (discussed later). If the business doesn\u2019t realize it\u2019s losing $10 million in the first \nplace, it\u2019s difficult to convince them that you can help. The best way to get around this is to focus your earl"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c12-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "y sales efforts on making your customers smarter by teaching them what you know about their business, t\nhen helping them Visualize what their involvement would look like if they decide to proceed. Once you hav\ne the prospect\u2019s Attention and Permission, there are two possible tactics if they still have these objections:\n (1) convince the prospect that the objection isn\u2019t true, or (2) convince the prospect that the objection is irr"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c30-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "elevant. The approach you\u2019ll use depends on the objection raised, but some combination of Framing, Valu\ne-Based Selling, Education-Based Selling, Social Proof, and Visualization will usually do the trick. If the pr\nospect still doesn\u2019t buy, that typically means there\u2019s a Power issue \u2014your negotiating partner may not hav\ne the budget or the authority to agree to your proposal. Always try to negotiate directly with the decision m"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c44-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "aker\u2014that way, if they refuse your offer, you know that it\u2019s because it wasn\u2019t a good fit for them, and you c\nan move on to more promising prospects as quickly as possible. SHARE THIS CONCEPT: http://book.per\nsonalmba.com/objectionsbarriers-to-purchase/ Risk Reversal If you want a guarantee, buy a toaster. \u2014C\nLINT EASTWOOD, ACADEMY AWARD-WINNING ACTOR People always hate to lose. They hate to feel"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c58-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 42, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "stupid. They hate to make bad People always hate to lose. They hate to feel stupid. They hate to make ba\nd decisions or waste money. They hate to take risks. When it comes to closing sales, you are that risk. In \nevery transaction, the purchaser is taking on some risk. What if this doesn\u2019t work as promised? What if it d"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c6c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "oesn\u2019t meet their needs? What if purchasing from you is a waste of money? These questions are always i\nn the back of your prospect\u2019s mind as they\u2019re considering purchasing from you. If you don\u2019t eliminate thes\ne questions, it\u2019s very likely they\u2019ll ruin the sale. Risk Reversal is a strategy that transfers some (or all) of th\ne risk of a Transaction from the buyer to the seller. Instead of making the purchaser shoulder the risk of a"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c80-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "bad Transaction, the seller agrees in advance to make things right if\u2014for whatever reason\u2014things don\u2019t t\nurn out as the purchaser expected. Take the bedding industry, for example. Look around, and you\u2019ll see a\n lot of over-the-top offers: twelve-month, 100 percent money-back guarantees, no questions asked! A cust\nomer could sleep on a bed for a year, decide they didn\u2019t like it, and call up the store to return it for a full ref"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39c94-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "und. Crazy, right? It\u2019s not crazy at all: this strategy completely eliminates the purchaser\u2019s perception of ris\nk, which is a major Barrier to Purchase. If a customer makes a purchase and it doesn\u2019t work out, they don\u2019\nt have to feel stupid about wasting their money\u2014and they don\u2019t have to feel angry at the company or at th\nemselves for making a bad decision. All they need to do is take advantage of the guarantee and return it"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ca8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "\u2014no big deal. As a result, they\u2019ll go through with the Transaction\u2014there\u2019s no downside, so why not? Coll\noquially, this approach is sometimes called the \u201ctake the puppy home\u201d strategy. If you visit a pet store and\n meet an adorable puppy, but you\u2019re not sure whether or not you\u2019re ready to commit, the pet store will tell \nyou to take the puppy home on a trial basis. \u201cIf it doesn\u2019t work out,\u201d the salesman says, \u201cyou can always b"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39cbc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ring it back.\u201d The puppy almost never comes back, of course. Without making this promise, though, the pu\nppy might never go home in the first place. Adopting a Risk Reversal strategy is naturally uncomfortable b\necause sellers also hate to lose. No seller wants to feel used or taken advantage of, and it\u2019s often easy to \nfeel that way if a customer obviously gets value from the offer and asks for a refund anyway. The differenc"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39cd0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e is that the purchaser is purchasing from one seller\u2014the seller is selling to many purchasers. Your custo\nmers experience this risk with every purchase they make, and it\u2019s a big deal. Since you\u2019re serving many c\nustomers, you can spread the risk of a return among many customers. Yes, you\u2019ll lose money on custome\nrs who are obviously taking advantage of your generosity, and that never feels good. In compensation, by"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ce4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "eliminating the risk that every purchaser feels, you\u2019ll close many more sales and come out way ahead in t\nerms of total revenue and profit. If you want to maximize your sales, it almost always makes sense to offer\n a very strong Risk-Reversing guarantee and to extend the risk-free period as much as possible. If you do\nn\u2019t already have a Risk-Reversal policy, implement one and you\u2019ll see your sales increase. SHARE THIS"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39cf8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "CONCEPT: http://book.personalmba.com/risk-reversal/ Reactivation Every company\u2019s greatest assets are\n its customers, because without customers there is no company. \u2014MICHAEL LEBOEUF, BUSINESS PR\nOFESSOR AND AUTHOR OF HOW TO WIN CUSTOMERS AND KEEP THEM FOR LIFE Sales is the pr\nocess of convincing prospects to become customers. Winning new customers, however, is often costly an\nd time intensive. What if there was another way to bring in more revenue at very little additional cost? Rea"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d16-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ctivation is the process of convincing past customers to buy from you again. If you\u2019ve been in business for\n a while, you\u2019ll inevitably have some \u201clapsed\u201d customers\u2014people who have already purchased from you b\nut haven\u2019t purchased for quite some time. You know they\u2019re interested in what you have to offer, and you \nprobably already have their contact information. Why not present them with a new offer to make them acti"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d2a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ve customers once again? Netflix is a company that uses Reactivation brilliantly. If you cancel a Netflix su\nbscription, three to six months later you\u2019ll receive a postcard and/ or e-mail from Netflix with an offer to res\nubscribe at a reduced rate. If you don\u2019t reply, they\u2019ll send another message every few months until you res\nubscribe or request to be removed completely from their system. Since Netflix is a Subscription business,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d3e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "every reactivated customer means a new monthly stream of income, which greatly enhances the Lifetime \nValue (discussed later) of each customer. Reactivation is typically a quicker, simpler, and more effective a\npproach to increasing revenue than attracting new customers. Your old customers already know and trust \nyou, and they\u2019re aware of the value you provide. You have their information\u2014you don\u2019t have to find them."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d52-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Your cost of customer acquisition (a component of Allowable Acquisition Cost) is extremely low\u2014all you h\nave to do is contact them and present an attractive offer. Reactivation is much simpler if you have Permis\nsion from your customers to follow up. Your list of prospective customers is a valuable asset, but your list \nof past customers is just as valuable. By obtaining Permission from your customers to follow up with them"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d66-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": ", you increase the probability of Reactivation if they\u2014for whatever reason\u2014stop buying from you. Most po\nint-of-sale (POS) systems keep track of customer data: who purchased and when the sale was made. It\u2019s \nrelatively simple to extract a list of customers who haven\u2019t purchased from you in a while, then present the\nm with a Reactivation offer directly via e-mail, phone call, or postal mail. Reactivation campaigns are cons"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d7a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 43, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "istently the easiest and most profitable marketing activities you\u2019ll ever try. Make it a priority every three to \nsix months to contact your lapsed customers with another offer to see if you can encourage them to start"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39d8e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "buying again, and you\u2019ll be amazed by the results. SHARE THIS CONCEPT: http://book.personalmba.co\nm/reactivation/ 5 VALUE DELIVERY A satisfied customer is the best business strategy of all. \u2014MICHAEL\n LEBOEUF, BUSINESS PROFESSOR AND AUTHOR OF HOW TO WIN CUSTOMERS AND KEEP THE\nM FOR LIFE Every successful business actually delivers what it promises to its customers. There\u2019s a term\n for a person who takes other people\u2019s money without delivering equivalent value: \u201cscam artist.\u201d Value Del"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39da2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ivery involves everything necessary to ensure that every paying customer is a happy customer: order proc\nessing, inventory management, delivery/fulfillment, troubleshooting, customer support, etc. Without Value \nDelivery, you don\u2019t have a business. The best businesses in the world deliver the value they\u2019ve promised t\no their customers in a way that surpasses the customers\u2019 expectations. Customers like to get the benefits"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39db6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "of their purchases quickly, reliably, and consistently. The more happy customers a business creates, the \nmore likely it is that those customers will purchase from the company again. Happy customers are also m\nore likely to tell others about what you do, improving your Reputation and bringing in even more potential \ncustomers. Successful businesses satisfy their customers most of the time in the midst of a changing envi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39dca-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ronment. Unsuccessful businesses fail to make their customers happy, lose them, and eventually fail. SH\nARE THIS CONCEPT: http://book.personalmba.com/value-delivery/ Value Stream Great design is elimina\nting all unnecessary details. \u2014MINH D. TRAN, TECHNOLOGIST AND DESIGNER When I worked at Pro\ncter & Gamble, one of the most fascinating things about my job was understanding how products were cre"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39dde-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ated and delivered. Here\u2019s a quick look at how a bottle of Dawn dishwashing detergent is made: 1. Raw m\naterials are delivered to the factory. 2. The materials are combined to create dishwashing liquid, which is s\ntored in large vats. 3. Plastic bottles are blown into shape using molds, then filled with the liquid and capp\ned. 4. Adhesive labels are applied to each bottle. 5. Each bottle is inspected, boxed, then loaded onto a p"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39df2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "allet. It\u2019s a textbook example of a Value Creation process, which begins with raw materials and ends with f\ninished Products, ready to be shipped. Here\u2019s what happens next: 6. Pallets are wrapped, stacked, and st\nored for shipment in a warehouse. 7. When orders from customers are placed, pallets are moved into posi\ntion for loading onto a truck. 8. A truck picks up the pallets and delivers them to the customer\u2019s closest dis"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39dfc-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "tribution center. 9. The customer puts the pallets on a delivery truck. 10. The truck delivers the pallet to a \nstore that needs additional inventory. 11. The store unwraps the pallet, unboxes the product, and transfer\ns it to the shelf, where it will remain until purchased by the consumer. That\u2019s a lot of steps for a little bottle \nof dish soap. Those steps are worth studying. A Value Stream is the set of all steps and all processes fro"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e1a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "m the start of your Value Creation process all the way through the delivery of the end result to your custo\nmer. Understanding what your offer\u2019s Value Stream looks like is critically important if you want to be able t\no deliver value to your customers quickly, reliably, and consistently. You can think of the Value Stream as \na combination of your Value Creation and Value Delivery processes. Very often, your offer moves directly"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e24-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "from the first into the second. Even though the purposes of these core processes are very different, treatin\ng them as one big process can help you improve your ability to deliver the value you create. The Toyota P\nroduction System (TPS) was the first large-scale manufacturing operation to systematically examine its en\ntire Value Stream on a regular basis. Analyzing the production system in great detail paved the way for an"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e42-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ongoing series of small, incremental improvements: Toyota engineers make over 1 million improvements \nto the TPS each year. As a result, the company consistently reaps huge rewards in speed, consistency, a\nnd reliability, which has greatly improved Toyota\u2019s Reputation as a company with very high-quality product\ns\u2014that is, until the Paradox of Automation (discussed later) destroyed that Reputation. The best way to u"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e56-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nderstand your Value Stream is to diagram it. Tracing the steps or transformations your offer goes throug\nh from the beginning to the end is an extremely enlightening process that can show you just how efficient \nyour Value Delivery process is. It\u2019s very common for processes to contain unnecessary steps or awkward \ntransitions. Creating a complete diagram of your entire Value Stream takes effort, but it can help you strea"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e6a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "mline your process, making the entire system perform better. 1 In general, try to make your Value Stream \nas small and efficient as possible. As we\u2019ll examine later in the book when we discuss systems, the longer\n your process, the greater the risk of things going wrong. The shorter and more streamlined your Value St\nream, the easier it is to manage and the more effectively you\u2019ll be able to deliver value. SHARE THIS CO"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e7e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "NCEPT: http://book.personalmba.com/value-stream/ Distribution Channel Unless a person is a clam digg\ner, a trapper, or an old-style pickand-shovel prospector, it\u2019s virtually impossible these days to be a succes\ns all by oneself. \u2014BENJAMIN F. FAIRLESS, FORMER HEAD OF U.S. STEEL Once a sale is made, you \nmust deliver what you promised to your customer. A Distribution Channel describes how your form of valu"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39e92-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 44, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e is actually delivered to the end user. There are two basic types of Distribution Channels: direct-to-user a\nnd intermediary. Direct-to-user distribution works across a single channel: from the business directly to th"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ea6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e end user. Services are a classic example: when you get a haircut, the value is provided by the business \nitself directly to you, with no intermediary. Direct-to-user distribution is simple and effective, but it has limit\nations\u2014 you have full control of the entire process, but you can only serve as many customers as your tim\ne and energy allow. Once demand for your offer outpaces your ability to deliver it, you\u2019re risking disappoin"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39eba-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ting your customers and diminishing your Reputation. Intermediary distribution works across multiple chan\nnels. When you purchase a Product from a store, that store is acting as a Reseller. The store (in most cas\nes) doesn\u2019t manufacture the Products\u2014it purchases them from another business. The business that creat\ned the Product can sell it to as many stores as it wants, a process called \u201csecuring distribution.\u201d The more"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ece-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "distribution a Product has, the more sales the business is likely to make\u2014the more stores selling the Prod\nuct, the more opportunities for sales. Intermediary distribution can increase sales, but it requires giving up \na certain amount of control over your Value Delivery process. Trusting another business to deliver your off\ner to your customers frees up your limited time and energy, but it also increases Counterparty Risk\u2014the ri"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ee2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sk that your partner will screw up and diminish your Reputation. Imagine you\u2019re in the business of selling c\nookies, and you secure distribution at a local supermarket. The supermarket purchases cookies from you,\n places them on their shelves, and sells them to their shoppers at a premium. Instead of buying cookies fr\nom you directly, shoppers purchase them via the supermarket: classic intermediary distribution. It\u2019s easy t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ef6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "o see the benefits of this approach, but there are drawbacks. Let\u2019s say your cookies are damaged in the s\nupermarket\u2019s truck on the way to the store: they break, crumble, and the box they\u2019re delivered in is crushe\nd. The supermarket\u2019s shoppers won\u2019t know exactly what happened, but if it happens often, they\u2019ll assume \nthat you create a low-quality product, damaging your reputation. Securing distribution can be valuable, but"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f14-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "keep an eye on your intermediaries. Distribution isn\u2019t a \u201cset-it-and-forget-it\u201d strategy\u2014if you\u2019re working wit\nh multiple Distribution Channels, plan to devote time and energy to making sure they\u2019re representing your \nbusiness well. SHARE THIS CONCEPT: http://book.personalmba.com/distributionchannel/ The Expectati\non Effect Never promise more than you can perform. \u2014PUBLILIUS SYRUS, FIRST-CENTURY B.C. SYRI"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f28-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "AN APHORIST Zappos has perfected the art of selling shoes online. Selling shoes over the Internet is a t\nough business\u2014customers can\u2019t try them on, and no one wants to be stuck with shoes they don\u2019t like and\n will never wear. To compensate, Zappos applies classic Risk Reversal to every order\u2014they offer free shi\npping and free, no-questions-asked returns if you don\u2019t like the Products you order. Those two policies eli"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f3c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "minate the risk of making a bad purchase, so customers are more willing to try Zappos out. That\u2019s not, ho\nwever, the reason Zappos has developed such a solid Reputation in this market. The secret lies in an une\nxpected benefit the company doesn\u2019t advertise. When you order from Zappos, it\u2019s very likely that you\u2019ll rec\neive a pleasant surprise: your shoes will arrive the next day, several days ahead of schedule. Zappos coul"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f50-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "d easily advertise \u201cfree expedited shipping,\u201d but they don\u2019t\u2014 the surprise is far more valuable. A customer\n\u2019s perception of quality relies on two criteria: expectations and performance. You can characterize this rela\ntionship in the form of a quasiequation, which I call the Expectation Effect: Quality = Performance - Expect\nations. Customer expectations have to be high enough for a customer to purchase from you in the first pla"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f64-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 45, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ce. After the purchase is made, however, the performance of the offering must surpass the customer\u2019s ex\npectations in order for them to be satisfied. If performance is better than expectations, the customer\u2019s perc\neption of quality will be high. If performance is lower than expectations, the perception of quality will be lo\nw\u2014no matter how good the offer is in absolute terms. Apple\u2019s first-generation iPhone was a massive succ"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39f78-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39fd2-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39fe6-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f39ffa-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "actors who have been in business longer than they\u2019ve been alive? Simple: when you hire Aaron and Pat, \nyou can be absolutely certain the job will be done right and on time. Contractors are notoriously unpredict\nable: they often show up late, take too long, do sloppy work, and have bad attitudes. The secret of Aaron \nand Pat\u2019s success is Predictability\u2014they do great work every single time, deliver on schedule, and they\u2019re"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a00e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "always pleasant to work with. As a result, they\u2019re booked solid\u2014an impressive achievement, particularly i\nn a soft construction market. When purchasing something of value, customers want to know exactly what \nthey can expect\u2014they want their experience to be Predictable. Unexpected surprises can provide a custo\nmer with a great experience, but if you\u2019re not able to deliver what the customer expects in a Predictable m"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a022-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a04a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "me, no matter where you are in the world. If even 0.1 percent of the cans of Coca-Cola sold were flat or s\nour, people would quickly stop buying. Consistency means delivering the same value over time. One of th\ne reasons \u201cNew Coke\u201d failed in the mid-1980s was that customers expected Coke to taste a certain way, \nand the company delivered something completely new under the same name. Violating consistency led to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a05e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "a swift decline in sales, followed by a swift increase when the Coca-Cola Company restored the original f\normula. Violating the expectations of loyal customers is not the way to success\u2014if you\u2019re offering somethi\nng completely different, present it as something new. Reliability means being able to count on delivery of t\nhe value without error or delay. Ask Microsoft Windows users what they hate most about their computers,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a072-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "and they\u2019ll always tell you, \u201cSystem crashes.\u201d Unreliability is a huge frustration for a user, particularly whe\nn Predictability is at a premium. How would you feel if you were building a house and a contractor didn\u2019t s\nhow up on time? Improving Predictability has major Reputation and value perception benefits. The more P\nredictable your standard offering is, the more you\u2019ll be able to increase the perceived quality of the Produc"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a086-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ts and the Services that you offer. SHARE THIS CONCEPT: http://book.personalmba.com/predictability/ T\nhroughput However beautiful the strategy, you should occasionally look at the results. \u2014WINSTON CHU\nRCHILL, PRIME MINISTER OF GREAT BRITAIN DURING WORLD WAR II Throughput is the rate at whi\nch a system achieves its desired goal. By understanding and improving the process you use to actually cr"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a09a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "eate and deliver the value you\u2019ve promised to your customers, you can improve quality and customer sati\nsfaction. Throughput is a measure of the effectiveness of your Value Stream. Throughput is measured in t\nhe formula [rate/time]. The more results you create per unit of time, the higher the Throughput. In order to \nmeasure Throughput, you need a clearly defined objective: Dollar Throughput is a measure of how quickly"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a0b8-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 46, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "your overall business system creates a dollar of profit. Assume a standard time unit, like an hour/ day/we\nek/month\u2014how many dollars does your business system produce on average during that time? The faste\nr your business produces dollars of profit, the better. Unit Throughput is a measure of how much time it ta\nkes to create an additional unit for sale. How long does it take to go from raw materials to a finished unit r"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a0cc-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a0e0-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a0f4-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "The best way to begin increasing Throughput is to start measuring it. How long does it take for your busin\ness system to produce a dollar of profit? How long does it take to produce another unit to sell, or a new ha\nppy customer? If you don\u2019t know your Throughput, make it a priority to find out\u2014 measuring Throughput is\n the first step toward improving it. SHARE THIS CONCEPT: http://book.personalmba.com/throughput/ Du"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a108-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "plication The problems of this world are only truly solved in two ways: by extinction or duplication. \u2014SUS\nAN SONTAG, AUTHOR AND POLITICAL ACTIVIST Duplication is the ability to reliably reproduce someth\ning of value. Factory production is the quintessential example of Duplication: one design, many copies. In\nstead of \u201creinventing the wheel\u201d over and over again, Duplication allows you to design the wheel once, the"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a11c-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "n make as many of them as you wish. The better your ability to Duplicate your offer, the more value you c\nan provide. The more time and effort it costs to make something, the less available it tends to be. Duplicat\nion allows you to make copies of your offer quickly and inexpensively, making it more widely available in a\n costeffective way. Consider this book. In the olden days, books used to be copied and bound by hand. It"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a130-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "would take a scribe months (sometimes years2 ) of full-time work to copy a single book. As a result, book\ns were extremely expensive and difficult to obtain. How times have changed. This book was written only o\nnce, but via the wonder of large-scale printing equipment, it can be reproduced quickly, reliably, and inexp\nensively. As a result, tens of millions of copies can be made and distributed all over the world and can be"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a144-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "purchased for a few dollars. That\u2019s the magic of Duplication. The Internet has made Duplication of some f\norms of value even easier. As Kevin Kelly remarked in his essay \u201cBetter Than Free,\u201d3 the Internet is esse\nntially an enormous, inexpensive copy machine. When I write a post for my Web site, it can be Duplicated\n by my Web server for next to nothing, and delivered to a reader on the other side of the world almost inst"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a158-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "antly. Duplication of information\u2014text, images, music, video\u2014is essentially free. The value of this informa\ntion, however, can be quite significant. If you want to create something that you can sell without your direc\nt involvement, the ability to Duplicate your offer is essential. If you have to be personally involved with eve\nry customer, there\u2019s an upper limit on the number of customers you can serve in a given amount of time."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a176-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Combining Duplication with Automation allows you to deliver value to more people\u2014 and close more sale\ns as a result. SHARE THIS CONCEPT: http://book.personalmba.com/duplication/ Multiplication All growth\n depends upon activity. There is no development physically or intellectually without effort, and effort mean\ns work. \u2014CALVIN COOLIDGE, THIRTIETH PRESIDENT OF THE UNITED STATES McDonald\u2019s knows"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a18a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 47, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "how to Duplicate Big Macs. Starbucks knows how to Duplicate triple soy vanilla lattes. Here\u2019s what McDo\nnald\u2019s and Starbucks have in common: both businesses can Duplicate entire stores, which is why there ar\ne thousands of each all over the world. Multiplication is Duplication for an entire process or System. McDo\nnald\u2019s began as a single restaurant in California; Starbucks began as a single coffee shop in Seattle. By le"}


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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a1c6-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a1da-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a1ee-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a202-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a216-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a234-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a248-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 48, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "est to Multiply. Humans don\u2019t Scale. Individual people only have so much time and energy each day, whic\nh is a Constraint that doesn\u2019t change with the volume of work to be done. On the contrary\u2014as we\u2019ll discus\ns later in Performance Load, a person\u2019s effectiveness usually goes down as the demands on them increas\ne. As a result, Services are typically difficult to Scale, since they tend to rely heavily on the direct involvem"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a252-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 48, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ent of people to deliver value. As a general rule, the less human involvement required to create and delive\nr value, the more Scalable the business. SHARE THIS CONCEPT: http://book.personalmba.com/scale/ A\nccumulation Sometimes when I consider what tremendous consequences come from little things, I am te\nmpted to think: there are no little things. \u2014BRUCE BARTON, ADVERTISING EXECUTIVE BEST KNOW\nN FOR CREATING THE BETTY CROCKER BRAND At this very moment, a Toyota engineer somewhere"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a266-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a27a-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a28e-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a2a2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 48, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "xercise, and a little more sleep can have major effects on your health over time. Incremental Augmentatio\nn is an example of the power of Accumulation. If your offer improves with every Iteration Cycle, it won\u2019t be\n long before your offer is many times more valuable to your customers than it was before. Small changes t\no your Value Delivery process can save you a ton of time and effort in the long run. The more small impro"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a2b6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 48, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "vements you make over time, the better your results. SHARE THIS CONCEPT: http://book.personalmba.c\nom/accumulation/ Amplification In nature, there are neither rewards nor punishment\u2014there are conseque\nnces. \u2014ROBERT G. INGERSOLL, POLITICAL LEADER AND ORATOR Think of a typical can of soda. W\nhen cans were first used to sell beverages, they were cylindrical, flattopped, and made of steel. Over time,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a2ca-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a2de-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a2f2-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a306-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a31a-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a32e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 49, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "produce massive results. SHARE THIS CONCEPT: http://book.personalmba.com/amplification/ Barrier to\n Competition Don\u2019t compete with rivals\u2014make them irrelevant. \u2014W. CHAN KIM, BLUE OCEAN STRATE\nGY How much attention are you paying to what your competitors are doing? The more time and energy y\nou spend following your competition, the less time and energy you have to actually build your business. T"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a34c-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a360-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a374-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a388-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a39c-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 49, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "replicate you. Don\u2019t focus on competing\u2014focus on delivering even more value. Your competition will take \ncare of itself. SHARE THIS CONCEPT: http://book.personalmba.com/barrier-tocompetition/ Force Multipli\ner Man is a tool-using animal. Without tools he is nothing, with tools he is all. \u2014THOMAS CARLYLE, ESS\nAYIST AND HISTORIAN One of the things that make humans unique is our ability to create and use tools"}


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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a3d8-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a3ec-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a400-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a414-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a428-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 49, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "multiplier/ Systemization If you can\u2019t describe what you are doing as a process, you don\u2019t know what you\u2019r\ne doing. \u2014W. EDWARDS DEMING, PRODUCTION MANAGEMENT EXPERT AND PIONEER OF STATI\nSTICAL PROCESS CONTROL Even if you make everything up as you go along, there is still a process in\nvolved, assuming that multiple steps are needed to get from point A to point B. Instead of constantly \u201cwing"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a43c-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a450-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a46e-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a482-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a496-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a4aa-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a4be-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 50, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "rating the system. Most people resist creating business systems because it feels like extra work. We\u2019re all\n busy, and it\u2019s easy to feel like you don\u2019t have time to create and improve systems because there\u2019s alread\ny too much work to do. Actually, useful systems make your work easier\u2014if you\u2019re feeling overloaded, the \nbest thing you can do to solve the issue is spend time creating good systems. Systemization and Automat"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a4d2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 50, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ion have a few major drawbacks, which we\u2019ll explore in detail in chapters 11 and 12. For now, recognize t\nhat effective systems are the lifeblood of a business\u2014they allow you to create, market, sell, and ultimately\n deliver what you have to offer. The better your systems, the better your business. SHARE THIS CONCE\nPT: http://book.personalmba.com/systemization/ 6 FINANCE He had heard people speak contemptuously"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a4e6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 50, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "of money: he wondered if they had ever tried to do without it. \u2014W. SOMERSET MAUGHAM, AUTHOR O\nF OF HUMAN BONDAGE In my experience, people enjoy learning about Value Creation, Marketing, Sale\ns, and Value Delivery\u2014they\u2019re easy to understand and visualize. When it comes to Finance, however, ey\nes glaze over. Finance conjures up associations of \u201cbean counting,\u201d mathematical formulas, and spreadsh"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a4fa-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 50, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "eets overflowing with numbers. It doesn\u2019t have to be that way\u2014finance is quite easy to understand if you f\nocus on what\u2019s most important. Finance is the art and science of watching the money flowing into and out \nof a business, then deciding how to allocate it and determining whether or not what you\u2019re doing is produc\ning the results you want. It\u2019s really not any more complicated than that. Yes, there can be fancy models an"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a50e-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a522-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a536-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a54a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 50, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ce the continued existence of the business makes everyone involved better off. Finance helps you watch \nyour dollars in a way that makes sense. SHARE THIS CONCEPT: http://book.personalmba.com/finance/ \nProfit Margin Remind people that profit is the difference between revenue and expense. This makes you l\nook smart. \u2014SCOTT ADAMS, CARTOONIST AND CREATOR OF \u201cDILBERT\u201d It doesn\u2019t matter if your bu\nsiness brings in $100,000,000 a year in revenue if you spend $100,000,001. Business is not about what y"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a554-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a568-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "point in the foreseeable future. If it doesn\u2019t, it\u2019ll cease to be a business\u2014it\u2019ll run out of resources and close\n, or it\u2019ll become a project subsidized by the profits of another business. Nothing can operate at a loss fore\nver. Profit Margin is the difference between how much revenue you capture and how much you spend to c\napture it, expressed in percentage terms\u2014if you spend $1 to get $2, that\u2019s a 100 percent Profit Margin. If"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a57c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "you\u2019re able to create a Product for $100 and sell it for $150, that\u2019s a Profit of $50 and a Profit Margin of 50\n percent. If you\u2019re able to sell the same product for $300, that\u2019s a margin of 200 percent. The higher the pr\nice and the lower the cost, the higher the Profit Margin. Profit is important because it\u2019s what allows busine\nsses to continue to stay in operation. Without generating Profits, a business can\u2019t compensate its owners,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a590-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a5b8-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ort yourself at the same time. The concepts you\u2019ll learn in this chapter will help you ensure that your busin\ness creates enough Profit to keep going. SHARE THIS CONCEPT: http://book.personalmba.com/profit-m\nargin/ Value Capture You can get anything you want in this life if you help enough other people get what t\nhey want. \u2014ZIG ZIGLAR, SALES GURU Every business must capture some percentage of the value it cr"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a5c2-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a5d6-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a5ea-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a5fe-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a612-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "in order to make a million? It may be rational (after all, you\u2019d be $1 ahead), but most people won\u2019t bother.\n Customers purchase from you because they\u2019re receiving more value than they\u2019re giving up in the purchas\ne. The less they receive, the less they\u2019ll want to buy from you. The minimization approach means that busi\nnesses should capture as little value as possible, as long as the business remains Sufficient (discussed la"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a626-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ter). While this approach may not bring in as much short-term revenue as maximization, it preserves the v\nalue customers see in doing business with the company, which is necessary for the business\u2019s long-term \nsuccess. When something is a \u201cgood deal,\u201d customers tend to continue to patronize the business and spr\nead the word to other potential customers. When a business tries to maximize revenue by \u201cnickel-and-dim"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a63a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ing\u201d their customers or trying to capture too much value, customers flee. As long as you\u2019re bringing in eno\nugh to keep doing what you\u2019re doing, there\u2019s no need to fight for every last penny. Create as much value \nas you possibly can, then capture enough of that value to make it worthwhile to keep operating. SHARE T\nHIS CONCEPT: http://book.personalmba.com/value-capture/ Sufficiency Know contentment and you will s"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a64e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "uffer no disgrace; know when to stop and you will meet with no danger. You can then endure. \u2014LAO TZU\n, ANCIENT CHINESE PHILOSOPHER Once, a powerful executive went on vacation\u2014his first in fifteen ye\nars. As he was exploring a pier in a small coastal fishing village, a tuna fisherman docked his boat. As the \nFisherman lashed his boat to the pier, the Executive complimented him on the size and quality of his fish."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a662-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 51, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "\u201cHow long did it take you to catch these fish?\u201d the Executive asked. \u201cOnly a little while,\u201d the Fisherman rep\nlied. \u201cWhy don\u2019t you stay out longer and catch more?\u201d the Executive asked. \u201cI have enough to support my \nfamily\u2019s needs,\u201d said the Fisherman. \u201cBut,\u201d asked the Executive, \u201cwhat do you do with the rest of your time"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a676-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "?\u201d The Fisherman replied, \u201cI sleep late, fish a little, play with my children, take a siesta with my wife, and s\ntroll into the village each evening, where I sip wine and play guitar with my friends. I have a full and busy li\nfe.\u201d The Executive was flabbergasted. \u201cI\u2019m a Harvard MBA, and I can help you. You should spend more ti\nme fishing. With the proceeds, you could buy a bigger boat. A bigger boat would help you catch more fish,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a680-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "which you could sell to buy several boats. Eventually, you\u2019d own an entire fleet. \u201cInstead of selling your c\natch to a middleman you could sell directly to the consumers, which would improve your margins. Eventua\nlly, you could open your own factory, so you\u2019d control the product, the processing, and the distribution. Of \ncourse, you\u2019d have to leave this village and move to the city so you could run your expanding enterprise.\u201d"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a694-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "The Fisherman was quiet for a moment, then asked, \u201cHow long would this take?\u201d \u201cFifteen, twenty years. T\nwenty-five, tops.\u201d \u201cThen what?\u201d The Executive laughed. \u201cThat\u2019s the best part. When the time is right, you\u2019d\n take your company public and sell all of your stock. You\u2019d make millions.\u201d \u201cMillions? What would I do then\n?\u201d The Executive paused for a moment. \u201cYou could retire, sleep late, fish a little, play with your children, ta"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a6a8-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a6bc-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a6d0-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "he business running and make it worth your time, you\u2019re successful, no matter how much revenue your bu\nsiness brings in. Sufficiency is the point where a business is bringing in enough profit that the people who \nare running the business find it worthwhile to keep going for the foreseeable future. Paul Graham, venture\n capitalist and founder of Y Combinator (an early-stage venture capital firm), calls the point of sufficiency \u201c"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a6e4-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a6f8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "g, you must be able to pay the employees and the owners for the time, effort, and attention they\u2019re giving t\no the venture. If these people don\u2019t find their investment sufficiently worthwhile, they\u2019ll stop doing what the\ny\u2019re doing and start doing something else. You can track financial sufficiency using a number called \u201ctarge\nt monthly revenue\u201d (TMR). Since employees, contractors, and vendors are typically paid on a monthly bas"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a70c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "is, it\u2019s relatively simple to calculate how much money you\u2019ll need to pay out each month. Your target mont\nhly revenue helps you determine whether or not you\u2019ve reached the point of Sufficiency: as long as you br\ning in more than your TMR, you\u2019re Sufficient. If not, you have work to do. Sufficiency is subjective\u2014how m\nuch is enough to continue what you\u2019re doing is a personal decision. If your financial needs are meager, yo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a720-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "u don\u2019t need that much revenue to keep going. If you\u2019re spending millions of dollars on payroll, office spac\ne, and expensive systems, you\u2019ll need much more revenue to maintain Sufficiency. The more quickly you \ncan reach the point of Sufficiency, the better the chance your business will survive and thrive. The more r\nevenue you generate and the less money you spend, the quicker you will reach the point of Sufficiency. O"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a734-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nce you reach the point of Sufficiency, you\u2019re successful\u2014no matter how much (or how little) money you \nmake. SHARE THIS CONCEPT: http://book.personalmba.com/sufficiency/ Four Methods to Increase Rev\nenue Money is plentiful for those who understand the simple laws which govern its acquisition. \u2014GEORG\nE CLAYSON, AUTHOR OF THE RICHEST MAN IN BABYLON Believe it or not, there are only four ways t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a73e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "o increase your business\u2019s revenue: \ufffd Increase the number of customers you serve. \ufffd Increase the average \nsize of each Transaction by selling more. \ufffd Increase the frequency of transactions per customer. \ufffd Raise yo\nur prices. Imagine you\u2019re operating a restaurant, and you want to increase the amount of revenue that you\nr restaurant brings in. Here\u2019s how to apply these strategies: Increasing the number of customers means y"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a752-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 52, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ou\u2019re trying to bring more people in the door. This strategy is relatively straightforward: more visitors to yo\nur restaurant will equal more tabs, which (assuming the average transaction size stays the same) will brin\ng in more money. Increasing average transaction size means you\u2019re trying to get each customer to purcha\nse more. This is typically done through a process called upselling. When a customer purchases an entr\u00e9e"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a766-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a78e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "raising your prices will bring in more revenue for the same amount of effort. Remember the lesson of Qual\nification: not every customer is a good customer. Some customers will sap your time, energy, and resourc\nes without providing the results that you\u2019re looking for. If you\u2019re spending a lot of energy serving customer\ns who don\u2019t come in often, have a low average transaction size, don\u2019t spread the word, and complain abo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a7a2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ut the price, it doesn\u2019t make sense to attract more of those customers. Always focus the majority of your e\nfforts on serving your ideal customers. Your ideal customers buy early, buy often, spend the most, spread \nthe word, and are willing to pay a premium for the value you provide. The more ideal customers you can a\nttract, the better your business. SHARE THIS CONCEPT: http://book.personalmba.com/4-methods-toincr"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a7b6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ease-revenue/ Pricing Power The moment you make a mistake in pricing, you\u2019re eating into your reputatio\nn or your profits. \u2014KATHARINE PAINE, FOUNDER OF THE DELAHAYE GROUP Imagine doubling your\n current prices. If you\u2019d lose less than half of your customers, it\u2019s probably a good move. Pricing Power is \nyour ability to raise the prices you\u2019re charging over time. The less value you\u2019re capturing, the greater your"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a7ca-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "pricing power. Serving customers takes time, energy, and resources\u2014the more you earn per customer se\nrved, the better your business. Changing your prices can help you maximize your results while minimizing\n your effort and investment. Pricing Power is related to a concept economists call \u201cprice elasticity.\u201d If custo\nmers are very sensitive to the price of your offer, you\u2019ll lose many customers with even a slight increase in"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a7de-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "price, meaning demand is \u201celastic.\u201d Established semicommodity markets like toothpaste are good exampl\nes: unless you\u2019re able to create something new and unique that customers badly want, dramatically increa\nsing your prices is a good way to ensure that everyone stops buying your product and starts buying from y\nour competitor. If your customers aren\u2019t price sensitive, you could quadruple the price with little change in"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a7e8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sales. Take luxury goods, for example\u2014customers purchase them because they\u2019re expensive Social Sign\nals (discussed later) that are exclusive because they\u2019re costly. Increasing the price of designer handbags, \nclothing, and watches is likely to make those items more desirable, not less. Economists like to spend tim\ne graphing and calculating price elasticity, but it\u2019s not necessary\u2014unless you already have accurate Norm"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a806-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s, you can\u2019t really know how much Pricing Power you have until you actually change your prices and watc\nh what happens. Fortunately, unless you\u2019re an established player in a large and active market (in which c\nase you\u2019ll have Norms to work with), changing your prices very rarely has permanent effects unless your p\nrices are broadly publicized and scrutinized; you can Experiment to find what works. Pricing Power is imp"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a81a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ortant because raising your prices allows you to overcome the adverse effects of inflation and increased c\nosts. Historically, currency issued by any government tends to decrease in value over time\u2014 there are ma\nny strong incentives for officials to increase the supply of currency, which debases that currency\u2019s purcha\nsing power. As a result, it takes more currency to purchase the same products and services necessary to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a82e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "stay in business, increasing your business\u2019s Sufficiency needs. Without adequate Pricing Power, your bus\niness may not be able to remain Sufficient in the face of higher expenses. The higher the prices you can c\nommand, the more reliably you\u2019ll be able to maintain profit Sufficiency. If you have a choice, choose a mar\nket in which you\u2019ll have Pricing Power\u2014it\u2019ll be much easier to maintain Sufficiency over time. Lifetime Val"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a842-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ue The purpose of a customer isn\u2019t to get a sale. The purpose of a sale is to get a customer. \u2014BILL GLAZ\nER, ADVERTISING EXPERT Imagine operating a lemonade stand on the sidewalk of a popular tourist de\nstination. Each cup of lemonade costs $1. You may be busy serving customers, but each customer you s\nerve is just passing by\u2014you\u2019ll probably never see them again. Contrast that with the insurance business."}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a856-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "Assume the average customer pays a premium of $200 per month for car insurance\u2014that\u2019s $2,400 in pre\nmiums per year. If the average customer remains with the same insurance agency for ten years, each clie\nnt is worth $24,000 in premium payments over the lifetime of their relationship with the company. That\u2019s a \nbig difference. Lifetime Value is the total value of a customer\u2019s business over the lifetime of their relations"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a86a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hip with your company. The more a customer purchases from you and the longer they stay with you, the \nmore valuable that customer is to your business. One of the reasons Subscriptions are so profitable is tha\nt they naturally maximize Lifetime Value. Instead of making a single sale to a customer, Subscription busi\nnesses focus on providing value\u2014and collecting revenue \u2014for as long as possible. The longer a custome"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a874-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 53, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "r remains Subscribed and the higher the price they pay, the higher the Lifetime Value of that customer. Th\ne higher your average customer\u2019s Lifetime Value, the better your business. By understanding how much y\nour average customer purchases and how long they tend to buy from you, you can place a tangible value"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a892-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "on each new customer, which helps you make good decisions. Losing a single lemonade stand customer \nisn\u2019t a huge deal\u2014losing an insurance client is. All told, it\u2019s much better to operate in markets where custo\nmers have a high Lifetime Value. The higher the Lifetime Value of your customer, the more you can do to \nkeep them happy, and the more you can focus on serving customers well. Maintain a long-term relationshi"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a89c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "p with profitable customers, and you win. SHARE THIS CONCEPT: http://book.personalmba.com/lifetime-\nvalue/ Allowable Acquisition Cost (AAC) Any business can buy incremental unit sales at a negative profit \nmargin, but it\u2019s simpler to stand on the corner handing out $20 bills until you go broke. \u2014MORRIS ROSE\nNTHAL, AUTHOR OF PRINT-ON-DEMAND BOOK PUBLISHING AND BLOGGER AT FONERBOOKS.C\nOM Think back to the lemonade stand: how much could you spend to attract a single paying customer? N"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a8ba-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ot much\u2014you\u2019re only earning $1 per cup of lemonade, so you can\u2019t afford to spend much on marketing to \nindividuals. Contrast that with the insurance agency: if the Lifetime Value of a customer is $24,000, how m\nuch could you spend to attract a new customer? Much more. Getting people\u2019s attention and acquiring new\n prospects typically costs time and resources. Once you understand the Lifetime Value of a prospect, you"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a8ce-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "can calculate the maximum amount of time and resources you\u2019re willing to spend to acquire a new prospe\nct. Allowable Acquisition Cost (AAC) is the marketing component of Lifetime Value. The higher the averag\ne customer\u2019s Lifetime Value, the more you can spend to attract a new customer, making it possible to spr\nead the word about your offer in new ways. Having a high Lifetime Value even allows you to lose money o"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a8e2-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "n the first sale. Guthy-Renker sells a topical acne treatment called Proactiv using long-form television info\nmercials, which are expensive\u2014they hire celebrity endorsers like Jessica Simpson and spend millions to \nproduce and air those commercials. At first glance, it doesn\u2019t make any sense: the first sale is for the \u201clow,\n low price\u201d of $20. How on earth are they not losing money hand over fist? The answer is Subscription. W"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a8f6-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hen a customer purchases Proactiv, they aren\u2019t just buying a single bottle of face goo\u2014they\u2019re signing up \nto receive a bottle every month in exchange for a recurring payment. The Lifetime Value of each new Pro\nactiv customer is so high that it doesn\u2019t matter that Guthy-Renker \u201cgoes negative\u201d on the initial sale\u2014the c\nompany makes a ton of money, even if it loses money on a few customers who don\u2019t continue with the pro"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a90a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "gram. The first sale is sometimes called a \u201closs leader\u201d\u2014an enticing offer intended to establish a relations\nhip with a new customer. Many Subscription businesses use loss leaders to build their subscriber base. M\nagazines like Sports Illustrated offer gimmicks like football phones and spend a fortune on their annual Sw\nimsuit Edition in an effort to attract new subscribers. These enticements may absorb up to a year\u2019s worth"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a91e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "of Subscription revenue, but the company comes out ahead when you consider the Lifetime Value of each\n customer. Each new subscriber allows Sports Illustrated to charge their advertisers higher prices, which p\nrovides the bulk of the company\u2019s revenue. To calculate your market\u2019s Allowable Acquisition Cost, start wi\nth your average customer\u2019s Lifetime Value, then subtract your Value Stream costs\u2014 what it takes to creat"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a932-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "e and deliver the value promised to that customer over your entire relationship with them. Then subtract y\nour Overhead (discussed later) divided by your total customer base, which represents the Fixed Costs (di\nscussed later) you\u2019ll need to pay to stay in business over that period of time. Multiply the result by 1 minus\n your desired Profit Margin (if you\u2019re shooting for a 60 percent margin, you\u2019d use 1.00 - 0.60 = 0.40), and t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a946-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "hat\u2019s your Allowable Acquisition Cost. Here\u2019s an example: if your average Lifetime Value is $2,000 over a \nfiveyear period, and the cost of Value Creation and delivery is $500, that leaves you with $1,500 in revenu\ne per customer served. Assuming your Overhead expenses are $500,000 over the same five-year period \nand you have 500 customers, your Fixed Costs are $1,000 per customer, which leaves you with $500 in r"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a95a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 54, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "evenue before marketing expenses. Assuming you\u2019re shooting for a minimum 60 percent profit margin, yo\nu can afford to spend 40 percent of that $500 on marketing, which gives you a maximum AAC of $200 per\n customer. Knowing that, you can test various forms of marketing to see if they work\u2014if your assumptions\n are correct, any customer you can attract for $200 or less will be worth the investment. The higher the Lif"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a982-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a9be-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a9d2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s work. The faster you \u201cburn\u201d through your capital, the more money you need to raise and the more quickl\ny you need to start bringing in revenue. If you burn through all of your start-up capital and can\u2019t raise more\n, game over. That\u2019s why investors and savvy entrepreneurs watch the business\u2019s \u201cburn rate\u201d very closely\n\u2014the slower the burn, the more time you have to create a successful business. The lower your Overhead,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a9e6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "the more flexibility you\u2019ll have and the easier it will be to sustain your business operations indefinitely. SH\nARE THIS CONCEPT: http://book.personalmba.com/overhead/ Costs: Fixed and Variable Watch the cost\ns and the profits will take care of themselves. \u2014ANDREW CARNEGIE, NINETEENTH-CENTURY INDUS\nTRIALIST There\u2019s an old business adage: you have to spend money to make money. There\u2019s some truth t"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3a9fa-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa0e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "uce, the more cotton fabric you\u2019ll need. Raw materials, usage-based utilities, and hourly workers are all V\nariable Costs. Reductions in Fixed Costs Accumulate; reductions in Variable Costs are Amplified by volu\nme. If you can save $50 per month on your phone bill, that savings Accumulates to $600 per year. If you c\nan save $0.50 on each Tshirt you produce, you\u2019ll save $500 on every 1,000 T-shirts you make. The better"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa22-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "you understand your costs, the more likely you are to find ways of producing as much value as possible \nwithout spending everything you make. SHARE THIS CONCEPT: http://book.personalmba.com/costs-fixe\ndvariable/ Incremental Degradation Quality, quality, quality: never waver from it, even when you don\u2019t see \nhow you can afford to keep it up. When you compromise, you become a commodity and then you die. \u2014\nGARY HIRSHBERG, FOUNDER OF STONYFIELD FARM Believe it or not, many of the chocolate produc"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa36-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ts found in the candy aisles of grocery stores are no longer \u201cmilk chocolate\u201d\u2014they\u2019re \u201cchocolateflavored c\nandies.\u201d What gives? To make high-quality chocolate, you have to buy high-quality cocoa beans, which ar\ne ground up to make cocoa butter. Cocoa butter is then combined with sugar, water, and emulsifiers, whic\nh help the oils in the cocoa butter \u201cstick\u201d to the water-saturated sugar. The liquid chocolate is then heated,"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa4a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa5e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "w them to call it \u201cmilk chocolate\u201d anymore. They added more emulsifiers, preservatives, and other chemic\nal additives to keep the zombified chocolate together and to make it last forever on the shelf. Sounds app\netizing, right? Saving money doesn\u2019t help you if you degrade the quality of your offer. At the time, these \u201cc\nost saving\u201d measures didn\u2019t appear to have a huge impact on the chocolate\u2019s quality\u2014they seemed to be"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa72-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa86-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "siness more profitable. Cutting costs can help you increase your Profit Margin, but it often comes at a stee\np price. If your goal is to increase your profitability, cutting costs can only take you so far. Creating and del\nivering value will always cost at least some amount of money, so there is a lower limit to how much you ca\nn cut costs before the cuts begin to diminish the value you provide. Cutting costs that are wasteful or unne"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aa9a-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "cessary is certainly a good idea, but Diminishing Returns (discussed later) always kick in\u2014be careful not t\no throw the baby out with the bath water. Creating and delivering more value is a much better way to enha\nnce your bottom line. You can never spend less than nothing, but there\u2019s no upper limit on the amount of \nvalue you can provide or revenue you can collect. Control your costs, but don\u2019t undermine the reason cust"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aaae-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 55, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "omers buy from you in the first place. SHARE THIS CONCEPT: http://book.personalmba.com/incremental\ndegradation/ Breakeven It is unusual, and indeed abnormal, for a concern to make money during the first \nseveral years of its existence. The initial product and initial organization are never right. \u2014HARVEY S. FI\nRESTONE, FOUNDER OF THE FIRESTONE TIRE AND RUBBER COMPANY Assume your business is \nbringing in $100,000 per month, and you\u2019re spending $50,000 each month in operating expenses. Are yo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aac2-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aad6-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aaea-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ng expenses, it can start to recoup that initial investment. Breakeven is the point where your business\u2019s to\ntal revenue exceeds its total expenses\u2014it\u2019s the point where your business starts creating wealth instead o\nf consuming it. Assuming the business keeps bringing in $100,000 each month and expenses stay the sa\nme, it\u2019ll take twelve months to pay down the initial investment. After that, the business will really be makin"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aafe-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "g money\u2014 before that, it just looks like the business is profitable. Your Breakeven point will change const\nantly. Revenue naturally fluctuates, as do expenses. Keeping a running tally of how much you spend and \nhow much revenue you collect from the start of your business\u2019s operations is the only way to figure out wh\nether or not you\u2019ve actually made money. The more revenue you bring in and the less you spend on an o"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab12-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ngoing basis, the more quickly you\u2019ll reach Breakeven, making your business truly selfsustaining. SHARE \nTHIS CONCEPT: http://book.personalmba.com/breakeven/ Amortization Before every action, ask yourself\n: Will this bring more monkeys on my back? Will the result of my action be a blessing or a heavy burden? \n\u2014ALFRED A. MONTAPERT, AUTHOR OF THE SUPREME PHILOSOPHY OF MAN: THE LAWS OF LIF\nE You\u2019ve created the toy of the century: a stuffed animal that looks and acts exactly like a real dog but do"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab26-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "esn\u2019t need to be fed, watered, or let out in the middle of the night. Kids go absolutely crazy for your Protot\nype, and parents are already throwing their credit cards at you to make sure they get one the minute it\u2019s a\nvailable. It\u2019s a foregone conclusion that you\u2019ll sell millions. There\u2019s only one problem: in order to make the\nse faux dogs affordable, you\u2019ll have to tool up a major factory, which will cost at least $100 million. Your b"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab3a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ank account has nowhere near $100 million in it\u2014that\u2019s a heck of a lot of money. How can a business affo\nrd something as expensive as a factory and still make money? Amortization is the process of spreading th\ne cost of a resource investment over the estimated useful life of that investment. In the case of the faux do\ng factory, let\u2019s assume the factory is capable of producing 10 million units during its useful life. On a per-u"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab44-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nit basis, that brings the cost per unit of the factory down to $10. If you sell every unit you produce for $10\n0, that\u2019s a very healthy Profit Margin. Amortization can help you determine whether or not a big expense i\ns a good idea. As long as you have a reliable estimate of how much it will cost and how much you can pro\nduce, Amortization helps you figure out whether or not investing large amounts of Capital makes sense. F"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab58-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "or example, a book designer may choose to purchase a copy of Adobe InDesign, the software commonly \nused by professionals to typeset books. Compared to most software packages, InDesign is pricey: a singl\ne-user license costs $700. Is it worth it? The answer depends on how many books the designer uses the \nsoftware to typeset. If they never complete a project, they\u2019ve wasted their money. If they use it to typeset t"}


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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab80-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "of useful life, which is a prediction. Amortization doesn\u2019t work well if you don\u2019t sell what you produce or if \nyour equipment wears out more quickly than expected. Predictions are a tricky business\u2014if you\u2019re wrong i\nn your estimate, your investment may cost a lot more on a per-unit basis than you originally assumed. Cro\ncs makes funny-looking rubber shoes. After becoming an unexpected hit, the company ramped up for hug"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ab94-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3aba8-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "figure out whether or not a big investment is worth it is smart\u2014just remember you\u2019re making a prediction, \nand proceed accordingly. SHARE THIS CONCEPT: http://book.personalmba.com/amortization/ Purchasin\ng Power The job of the entrepreneur is to make sure the company doesn\u2019t run out of cash. \u2014BILL SAHLM\nAN, PROFESSOR AT HARVARD BUSINESS SCHOOL Here\u2019s an old business adage you may have hea"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3abbc-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3abc6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 56, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s long as you use that power wisely. Purchasing Power is what you use to pay your Overhead and your s\nuppliers. As long as you continue to pay them, you\u2019re in business. As soon as you run out of Purchasing P"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3abda-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ower, you\u2019re finished. Game over. Always keep track of how much Purchasing Power you have available. \nHow much cash do you have in the bank? How much available credit do you have access to? The more P\nurchasing Power you have, the better off you are. Keeping track of your available Purchasing Power mak\nes it much easier to run a business. Instead of constantly worrying about paying the bills, Purchasing Pow"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3abee-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "er gives you room to breathe, secure in the knowledge that you\u2019re not going to suddenly run out of money.\n That frees up a great deal of mental and emotional energy you can put to better use\u2014figuring out how to \nimprove your business. Always pay close attention to how much Purchasing Power you have left\u2014 it\u2019s the\n difference between a business that stays open and a business that fails. SHARE THIS CONCEPT: http://"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac02-ad44-11ee-97b3-be9cc6a8b6ef
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created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac16-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "sh Flow Cycle describes how cash Flows (discussed later) through a business. Think of your business\u2019s b\nank account like a bathtub. If you want the water in the bathtub to rise, you add more water and keep it fro\nm leaking out via the drain. The more water that flows in and the less that flows out, the higher the level of\n water in the tub. Revenues and expenses work the same way. Receivables are promises of payment you"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac20-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "\u2019ve accepted from others. Receivables are attractive, because they feel like a sale\u2014someone has promis\ned to give you money, which is great. There\u2019s a catch, however: Receivables don\u2019t translate into cash until\n the promise is fulfilled. IOUs are not cash\u2014the more quickly that promise is translated into payment, the \nbetter your cash flow. Many businesses have closed with millions of dollars of \u201csales\u201d on the books. Debt i"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac3e-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "s a promise you make to pay someone at a later date. Debt is attractive because you can benefit from a p\nurchase now while holding on to your cash until later. The later you pay, the more cash you have at your d\nisposal. Debt can be useful, but there\u2019s also a catch: Debts typically cost additional money in the form of i\nnterest. Very often, you\u2019ll also have to pay back a portion of your Debt over time, which is called \u201cdebt ser"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac48-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "vice,\u201d which you can treat as another type of expense. If you can\u2019t cover your debt service, you\u2019re in troubl\ne. Maximizing your cash tackles the issue directly: bring in more revenue and cut costs. Increasing your pr\noduct margins, making more sales, and spending less of what you bring in will always improve your cash f\nlow. Deferring or negotiating a longer repayment period with your creditors can also help alleviate a cash"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac5c-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "crunch. If you have a supplier, vendor, or partner who is willing to let you pay later in exchange for receivi\nng materials or capabilities now, that allows you to keep more cash in your bank account now. You must \nwatch this carefully: Debts can easily get out of hand if you don\u2019t keep track of how much you owe and wh\nen it\u2019s due. When done properly, however, paying creditors later can be quite useful, particularly for marke"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac70-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ting expenses. Borrowing $1 to make $10 is a good trade; it\u2019s even better if you\u2019re able to do that for mont\nhs before the first bill comes due. To bring cash in more quickly, it\u2019s best to speed up collections and redu\nce the extension of credit. The faster you get paid, the better your cash flow situation. Ideally, try to get pai\nd immediately, even before buying raw materials and delivering value. It\u2019s common in many industries to e"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac84-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "xtend credit to customers, but that doesn\u2019t mean you have to as well. Always remember that you\u2019re a busi\nness, not a bank (unless your business involves Loans)\u2014collect any outstanding payments as quickly as \npossible. If necessary, you can increase your Purchasing Power by taking on additional Debt or opening li\nnes of credit. It\u2019s best to avoid using Debt or lines of credit if you don\u2019t absolutely need to, but increasing a"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ac98-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "vailable credit certainly increases your Purchasing Power. Think of these accounts as backup funding sou\nrces\u2014for emergency use only. The more Purchasing Power you have, the more Resilient (discussed later\n) your business is and the better your ability to handle the unexpected. SHARE THIS CONCEPT: http://bo\nok.personalmba.com/cash-flow-cycle/ Opportunity Cost Business, more than any other occupation, is a co"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3acac-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ntinual dealing with the future; it is a continual calculation, an instinctive exercise in foresight. \u2014HENRY R\n. LUCE, PUBLISHER AND FOUNDER OF TIME INC. Let\u2019s say you decide to quit your $50,000-a-year jo\nb and start a business. Starting the business will certainly have costs of its own, but it will also cost you th\ne $50,000 you would have made had you stayed at your job. Opportunity Cost is the value you\u2019re giving u"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3acb6-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "p by making a Decision.We can\u2019t do everything at once\u2014we can\u2019t be in more than one place at a time or \nspend the same dollar on two different things simultaneously. Whenever you invest time, energy, or resou\nrces, you\u2019re implicitly choosing not to invest that time, energy, or resources in any other way. The value th\nat would have been created by your next best alternative is the Opportunity Cost of that decision. Opportu"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3acca-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 57, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "nity Cost is important because there are always other options. If you\u2019re working for a company that\u2019s payin\ng you $30,000 a year and you have the option to move to a company that\u2019s paying $200,000 a year for th\ne same work, why would you stay? If you\u2019re paying your employees or contractors less than they could m"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3acde-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ake elsewhere for the same work, why would they work for you? If your customers can spend $20 to get s\nomething you\u2019re charging $200 for, why would they buy from you? Opportunity Cost is important because \nit\u2019s hidden. As we\u2019ll discuss later in Absence Blindness, humans have a hard time paying attention to what\n\u2019s not present. Paying attention to what you\u2019re giving up by making a Decision helps you consider all of yo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3acf2-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ur options accurately before making a decision. Obsessing over Opportunity Cost too much can make you\n needlessly crazy, however. If you\u2019re a natural maximizer (like I am), it\u2019s tempting to overanalyze every De\ncision to make sure you\u2019ve chosen the very best option available, which can easily go well past the point o\nf Diminishing Returns (discussed later). Don\u2019t get bogged down with all of the options available\u2014consider"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad06-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "only what appear to be the best alternatives at the time of your decision. If you pay attention to the Opport\nunity Costs of your decisions, you\u2019ll make much better use of the resources at your disposal. SHARE THI\nS CONCEPT: http://book.personalmba.com/opportunity-cost/ Time Value of Money They always say time \nchanges things, but you actually have to change them yourself. \u2014ANDY WARHOL, ARTIST Would you r"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad10-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ather have a million dollars today or a million dollars five years from now? The answer is obvious: why wai\nt? Having the money now means you can spend it now, or invest it now. A million dollars, invested at a Co\nmpounding (discussed next) interest rate of 5 percent, will be $1,276,281.56 five years from now. Why giv\ne up the extra quarter of a million dollars if you don\u2019t need to? A dollar today is worth more than a dollar to"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad24-ad44-11ee-97b3-be9cc6a8b6ef
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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "morrow. How much more depends on what you choose to do with that dollar. The more profitable options \nyou have to invest that dollar, the more valuable it is. Calculating the Time Value of Money is a way of ma\nking Decisions in the face of Opportunity Costs. Assuming you have various options of investing funds wit\nh various returns, the Time Value of Money can help you determine which options to choose and how mu"}


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{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ch you should spend, given the alternatives. Let\u2019s go back to the million dollars example: Assume someon\ne offers you an investment that will deliver $1 million risk free in one year\u2019s time. What\u2019s the maximum am\nount you should be willing to pay for it today? Assuming your Next Best Alternative is another risk-free inv\nestment with a 5 percent interest rate, you shouldn\u2019t pay anything more than $952,380. Why? Because if"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad4c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "you took that amount and invested it in your next best alternative, you\u2019d have a million dollars: $1,000,000\n divided by 1.05 (the 5 percent interest/discount rate) equals $952,380. If you can buy the first investment \nfor less than that amount, you\u2019ll be ahead. The Time Value of Money is a very old idea\u2014it was first explai\nned in the early sixteenth century by the Spanish theologian Mart\u00edn de Azpilcueta. The central insight that"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad56-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "a dollar today is worth more than a dollar tomorrow can be extended to apply to many common financial si\ntuations. For example, the Time Value of Money can help you figure out the maximum you should be willi\nng to pay for a business that earns $200,000 in profit each year. Assuming an interest rate of 5 percent, n\no growth, and a foreseeable future of ten years, the \u201cpresent value\u201d of that series of future cash flows is $"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad6a-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "1,544,347. If you pay less than that amount, you\u2019ll come out ahead as long as your assumptions are corre\nct. (Note: this is the \u201cdiscounted cash flow method\u201d we discussed in the Four Pricing Methods.) The Time \nValue of Money is an extremely versatile concept, and a full exploration is beyond the scope of this book. \nFor a more in-depth examination, I recommend picking up The McGraw-Hill 36-Hour Course in Finance fo"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad7e-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "r Nonfinancial Managers by Robert A. Cooke. Compounding Improve by 1% a day, and in just 70 days, yo\nu\u2019re twice as good. \u2014ALAN WEISS, MANAGEMENT CONSULTANT AND AUTHOR OF GETTING STAR\nTED IN CONSULTING AND MILLION DOLLAR CONSULTING Here\u2019s a surefire way to become a million\naire: save $10 a day for forty years in a way that earns 8 percent interest. Saving $10 a day isn\u2019t difficult \n\u2014you can save $300 a month by eliminating unnecessary expenses and earn 8 percent by investing that"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad92-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "money simply and conservatively. (I recommend Fail-Safe Investing by Harry Browne and I Will Teach Yo\nu to Be Rich by Ramit Sethi if you\u2019re interested in tactical, low-risk investment strategies.) Here\u2019s what\u2019s e\nven more amazing: you\u2019ll only contribute $146,110 over that forty-year span. How, then, do you end up wit\nh over a million dollars? Compounding is the Accumulation of gains over time. Whenever you\u2019re able to re"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3ad9c-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "invest gains, your investment will build upon itself exponentially \u2014a positive Feedback Loop (discussed la\nter). A simple example of Compounding is a savings account. Let\u2019s say your bank account earns 5 percen\nt interest. After a year, $1 in your bank account is going to be worth $1.05. In year two, you don\u2019t start with\n $1\u2014you start with $1.05. In year three, you\u2019ll have $1.10. In year four, you\u2019ll have $1.15. Fourteen years"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3adb0-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "after you make the initial deposit, you\u2019ll have $2. That doesn\u2019t sound like much until you consider that this \nrelationship Scales. If you start with $1 million, you\u2019ll have $2 million after fourteen years. Not bad at all. C\nompounding is important because it creates the possibility of huge gains in surprisingly short periods of ti\nme. If you reinvest the revenue your business generates and your business is growing rapidly, you can m"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3adc4-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 58, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ultiply your original investment many times over. Compounding is the secret that explains how small comp\nanies that reinvest their profits become large companies in a few short years. Accumulating gains inevitab"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3add8-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 59, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ly produces huge results over time. The trick is to be patient enough to wait for the reward. SHARE THIS \nCONCEPT: http://book.personalmba.com/compounding/ Leverage We\u2019ve been criticized for not understa\nnding what the word leverage means . . . We do know what leverage means, and having a few million doll\nars cash in the bank is much nicer than being heavily leveraged. \u2014KENNETH H. OLSEN, FOUNDER OF \nTHE DIGITAL EQUIPMENT CORPORATION (DEC), WHICH WAS ACQUIRED BY COMPAQ IN 1998 Us"}


created_at: 2024-01-07 10:05:41
topic: persistent://default/default/46953148-6970-44f8-adec-ceb4242926f3
id: 44f3adec-ad44-11ee-97b3-be9cc6a8b6ef
encoding: FLOAT32
metadata:
{"source": "source_documents/The Personal MBA.pdf", "file_path": "source_documents/The Personal MBA.pdf", "page": 59, "total_pages": 127, "format": "PDF 2.0", "title": "", "author": "", "subject": "", "keywords": "", "creator": "", "producer": "", "creationDate": "D:20231231061515Z", "modDate": "D:20231231061515Z", "trapped": "", "chroma:document": "ing \u201cother people\u2019s money\u201d sounds like a great way to make a fortune. Borrow some money, make a fortu\nne, pay back your lender, and keep the rest. What could be better? Making money by borrowing from othe\nrs can be savvy, provided you\u2019re aware of the risks. Leverage is the practice of using borrowed money to \nmagnify potential gains. Here\u2019s an example: let\u2019s assume you have $20,000 you\u2019d like to invest in real est"}


