Six ways — selected from many — that businesspeople can derive more insightful knowledge and perspective from Austrian economics than from traditional Business School teaching.
“Small business” is just a government classification. Entrepreneurial businesses serving well-defined communities via creative specialization exhibit enormous economic productivity, energy and dynamism. Such businesses can not be defined quantitatively as small, medium or large. They’re defined by their qualitative impact on their customers’ lives. Download The Episode Resource Ramon Ray’s Entrepreneurial Communities – Download Key […]
2020 has been a strange year. My friend Ben always asks me, “Is the world crazy enough for you today?” He knows I nurture the entrepreneurial spirit and he likes to challenge me: there’s too much uncertainty in 2020 even for those who typically embrace it, which is a good definition of entrepreneurs. But, in […]
Principles of Austrian economics have immediate applications in business. Clay Miller, a deeply experienced and highly successful global tech entrepreneur, makes the case via five principles drawn from five easily-accessible sources of Austrian economic theory, with many accompanying examples.
Austrian economics sees an economy in motion, perpetually renewing itself. Economic agents (firms, customers, investors) constantly change their actions and strategies in response to outcomes they mutually create. This further changes the outcome, which requires them to adjust afresh.
Entrepreneurs live in a world where their beliefs and strategies are constantly being “tested” for survival within an outcome these beliefs and strategies create. It’s complex.
In our project to make a useful link between Austrian economic theory and business practice, we earlier introduced the Austrian Business Model. This is a recipe to make a profit – a template adaptable to any individual firm.