Entrepreneurs always generate new value for customers; that’s what they get paid for. It’s not always necessary to create a new market; there are many creative ways to expand the value potential of …
188. Jordan Lams on Finding and Patiently Developing Your Entrepreneurial Focus
We define entrepreneurship in terms of people working creatively to make others’ lives better. That’s a very broad statement, of course, so it’s instructive to observe how individual entrepreneurs …
The Long Night Of Mathematicized Economics Is Over.
Sometime in the 19th century, economists got the idea that mathematics was an appropriate language for economics. This was a strange turn, since economics is the science of how human beings, pursuing …
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187. Per Bylund: The Austrian School Approach to Business versus the Business School Approach
Business is a form of applied economics. Its purpose is to make people’s lives better. Profit is the signal from society that business is doing a good job in the customer’s estimation. This is a …
186. Jared Wall: How a Courageous Entrepreneur Enters a Formative Market
How do new markets form? When consumers change their tastes and preferences and behaviors, how are the markets to serve them activated? The markets don’t yet exist — entrepreneurial action is required …
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