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What Are 'Economically Valuable Skills'?

Economically Valuable Skills are skills that are directly related to the 5 Parts of Every Business.

To increase your value in the market, focus on improving skills that are economically valuable.

Josh Kaufman Explains 'Economically Valuable Skills'

If you want to improve your value as a businessperson, focus on improving skills directly related to the Five Parts of Every Business.

Not every skill or area of knowledge is Economically Valuable, and that’s okay—there are many things worth pursuing for the sake of relaxation or enjoyment alone.

You may enjoy whitewater rafting, but it’s very unlikely anyone will pay you to shoot the rapids unless you apply your skills for the benefit of others.

Make the leap from personal enjoyment to Products and Services, however, and you’ll find yourself getting paid—plenty of adventurous souls are willing to pay for rafting equipment and guides.

As Michael Masterson suggests in Ready, Fire, Aim, don’t expect skills that aren’t related to the Five Parts of Every Business to be economically rewarded. Find a way to use them to create Economic Value, and you’ll inevitably find a way to get paid.

Any skill or knowledge that helps you create value, market, sell, deliver value, or manage finances is Economically Valuable—accordingly, these are the topics we discuss in The Personal MBA.

Questions About 'Economically Valuable Skills'

• What skills, talents, or knowledge do you possess that are related to the five core business processes? How are you using them now?
• How can you use your skills to benefit others?
• What could skills could you develop to make yourself more valuable as a business professional?

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"A successful business is either loved or needed."

Ted Leonsis, former executive at AOL and owner of the Washington Wizards and Washington Capitals

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https://personalmba.com/economically-valuable-skills/

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