These are interesting times for sure, with many small and large companies making hasty decisions to cut back and, in many cases, to cut out of their budget, the most competitive market tool – advertising. Companies that are in survival mode should not decrease their advertising spend in the short run.
Firms who follow the Austrian Business Model framework are focused on value for their customers – a special kind of value. It’s worth reviewing the history of value theory, and how far it has advanced to the present day. Goods-dominant thinking about value: value-in-use. In the past, there was a belief that value was inherent […]
Why do business schools exist? Dr. Bylund wonders if business schools are facing an existential problem.
One of the things that I really like about the Austrian economists, regardless of the subject, they work hard to get to the truth of the matter. So they’re not hung up in formulas or things that happened in the past or general beliefs. They’re looking for the truth and the best methodology, and that’s […]
Bob Luddy is founder and CEO of CaptiveAire (CaptiveAire.com), the US market leader in commercial kitchen ventilation systems. It’s a $500MM+ business with 1,000+ employees and a 40+-year success record. Bob explains to Economics tor Entrepreneurs how these principles of Austrian economics, applied as active processes, played a part.
Peter Drucker is famous for, among many other pieces of business wisdom, his statement that “there is only one valid definition of business purpose: to create a customer”. That’s a statement with a lot of punch and a lot of clarity. It dismisses all the contemporary alternatives in the debate about the purpose of business […]