James Beardsley owns and runs a law practice. He decided from the outset that he would run it like a business — not all lawyers do — and, once he had discovered Austrian Economics, he saw more clearly how to succeed in reaching his goal.
Wouldn’t it be nice to predict the future? It’s tempting to reach for the analytical tools and big data sets that are newly available and for which big claims are made regarding their predictive capabilities. For entrepreneurs, small businesses and corporate innovation teams, rich qualitative data are far more relevant and collecting these data is far more productive. By this we mean talking to customers and potential customers, observing behaviors rather than collecting clickstream data, and immersing yourself in the unpredictable subjectivity of the consumer.
Every entrepreneurial firm can be a brand owner. In the next episode of Economics For Entrepreneurs podcast, we describe in detail a process for building strong brands – capable of delivering faster, longer, more reliable and less volatile cash flows for brand owners.
Have you heard about the Knowing-Doing Gap? It’s the gap between a firm knowing what needs to be done, and executing with excellence to get it done. Closing the gap is the essence of entrepreneurship. Business ideas are not scarce, executional excellence is.
Negotiation is a capability that entrepreneurs use almost all the time. It’s an area of entrepreneurial performance where an understanding and application of Austrian Economics can be very helpful.
Every entrepreneurial initiative is creative. There’s also an entire creative industry in which entrepreneurs can participate and succeed. Today we follow the journey of two very successful founders – Cheryl and Cliff Pia of The Pia Agency.