How should entrepreneurs think about the economic concept of competition? Is there anything to learn? Is thinking about the concept useful for entrepreneurs running businesses? We asked Per Bylund to steer us through this thicket. Show Notes In mainstream economic theory, competition occurs between producers or suppliers of commodities. The good is pre-defined and undifferentiated, […]
Strategy tools can be useful to help structure thinking and help you to be sure not to have overlooked some element you should have considered. The Lean Startup Canvas helps aspiring entrepreneurs learn how to create a business by starting with a focus on the value they can create for specific consumers. We’ve re-created a […]
Check it out! A few weeks back I joined Doug Stuart to discuss my book, The Interconnected Individual, and why we should look forward to the exciting new economic realities of the future.
Ed Pletner talks with Hunter Hastings about applying these economic concepts to start, grow, and manage a thriving and highly differentiated business. Show Notes Entrepreneurial theory in Austrian Economics employs several terms to describe the entrepreneurial process and the exercise of entrepreneurial skills. Alertness refers to the ability of some entrepreneurs to identify, and quickly gain profit from, marketplace opportunities […]
Entrepreneurial theory in Austrian Economics employs several terms to describe the entrepreneurial process and the exercise of entrepreneurial skills. Alertness refers to the ability of some entrepreneurs to identify, and quickly gain profit from, marketplace opportunities to buy from one resource and sell to another in a way that benefits both and allows for a profit. Discovery refers to the process […]
Decision-making can feel particularly challenging for entrepreneurs. Entrepreneurs face the unpredictability of the future with a limited set of resources, limited information, very little history of what works and what doesn’t, and few, if any, people to help. There’s no corporate research department and not much big data. Decision-making can be daunting. How can economics help? Today we discussed this topic with Peter Klein.