Austrian economics used to be a field of study on the fringes of business. Now, in the digital age and entrepreneurial era, it has moved to the mainstream and more and more leaders are recognizing the power of its different way of thinking,.
Ceaseless flux. Those are words Ludwig von Mises used to describe the perpetual change in business conditions that entrepreneurs experience. The consequent need, he told us, is for a process of constant adjustment. The current word for that process is adaptation.
It’s hard to think about the coming entrepreneurial revolution because we are conditioned by the current socio-political framework to think that big business and big government are the normal way of doing things.
The field of medical care is so ripe for new entrepreneurial solutions. As is always the case, solution design begins with understanding subjective value, both for customers (patients) and providers (doctors) Christopher Habig of Freedom Healthworks (FreedomHealthworks.com) joins Economics For Business to explain how an Austrian, subjective-value focused approach is bringing market freedoms to medical care.
The entrepreneurs who supply the energy are unified in the principles and practice of creating value. In today’s interconnected world, the customer might be on one side of the globe while the producer is on the other, or the interaction could take place in a village marketplace. It’s all entrepreneurship.
Every company starts as an innovation. Thereafter, the unceasing challenge is to keep innovating because the market continues to change, technology continues to advance and, crucially, customer expectations continue to rise.