Negotiation is an important economic process. The results of negotiation can significantly influence outcomes for all businesses. There are costs to asymmetry of negotiation skills between firms, customers, suppliers and partners.
Per Bylund discusses the distinctive Austrian theory of the firm on this week’s Economics for Entrepreneurs podcast. He captures his unique business strategy construct in the metaphor of Islands of Specialization.
In his book, Narrative Economics, Robert Schiller, Nobel Prize-winning economist, tells us that the greatest influences on the nation’s economy come from the stories we tell ourselves about it. A depression lasts longer when people tell themselves and each other that it’s going to be a long time before things turn around. Recoveries accelerate when […]
Mark Packard has a big insight about how entrepreneurs manage innovation. Producers don’t innovate, customers do. That may sound a little odd, but Mark’s Value Learning Process makes it clear.
Artificial Intelligence promises cognitive augmentation for business practitioners. Professor Steven Phelan’s research reveals that Entrepreneurial Intelligence is far more important and far more likely to influence business success. He explains Entrepreneurial Intelligence and why it will always beat Artificial Intelligence on this week’s episode.
Every successful business is built on empathic understanding of customers’ preferences. As we know from the theories of Austrian economics, the preference scales of every individual are highly subjective, idiosyncratic, context-dependent, and highly changeable. How does an entrepreneur develop the appropriate level of understanding? Can this understanding be a source of business-building advantage?