The purpose of the firm must be examined to make sure it’s truly oriented to customer value, and management itself must be reimagined because it is too often not value creating, it’s value destroying.
An excess of left-brain thinking has ruined economics. The more balanced worldview of Austrian economics can rescue it.
When firms apply the principles of Austrian economics to business management, we call the result the Adaptive Entrepreneurial Method. It’s adaptive in that it is a continuous learning process, and it’s entrepreneurial in elevating customer value realization as the most important business purpose. Key Takeaways and Actionable Insights. Businesses that follow the adaptive entrepreneurial method put […]
Value entrepreneurship is the business model from entrepreneurial economics.
We are living through a particularly bad moment in history for free markets and capitalism. Government, not business, is promoted as the solution to all problems. Young people have never known any other environment, and one of the consequences is the skepticism about capitalism that they learn in school, college, and university.
Management co-ordinates and orchestrates. When it fulfills this role – and avoids commend-and-control and hierarchical architecture – it can still be a useful tool in the adaptive digital age.