SiliconANGLE’s Editor-in-Chief Mark “Rizzn” Hopkins interviewed Josh Kaufman at SxSWi 2011, author of the book Personal MBA aimed at helping entrepreneurs get the knowledge they need to start a business without getting an MBA.

Kaufman, a programmer by nature, became an assistant brand manager at Procter & Gamble by the time he graduated from college, and decided to “give up on the credentialing part, but not on the education.” After expanding on a bit on his background, Kaufman went on to discuss his community of thousands of people, and the purpose of the Personal MB:

“And so, the purpose of the Personal MB is to help people understand the fundamentals people, but then to connect people from all over the world who are trying to get a world class business education but on their terms.”

Kaufman goes on to give us some of his advice to Silicon Valley entrepreneurs. He noted that businesses have 5 essential parts: the creation something of value, good marketing, sales generation, the delivery what they promises and the ability to make more money than they spend. Kaufman recommends the bootstrapper should simply start out from these 5 elements and move towards to a viable business plan. The start-up guy who’s looking to attract investors, however, needs to add another layer – the ability to clearly lay out why their business is a good investment for a venture capitalist, says Kaufman.

Further into the interview Kaufman highlighted the change that taken place in the venture capital space throughout the last 2 decades, and noted that the most important thing when it to raising funding is a having business sense – “you have to have a plan to bring in revenue.” And that’s what business is all about. See below for the entire interview, and check back at SiliconAngle for more SXSW coverage.