It’s a fallacy for an entrepreneur to believe in chasing the biggest possible audience or the largest possible market. Why? Because your business will get pulled in the direction of “all things to all people”, and you may end up pleasing none. The opposite rule applies: identify and gather specialized knowledge, and apply it in […]
In our podcast episode, The Role Of The Entrepreneur, Per Bylund stresses the importance of starting the entrepreneurial process with the customer in mind. There are many techniques to help you formalize the consumer-first process, and one particularly useful one is Customer Journey Mapping (sometimes called Customer Experience Mapping). This technique decomposes a customer’s purchase […]
This week we featured Per Bylund. He is an economist who observes what entrepreneurs actually do, rather than analyzing the statistics of GDP growth and macro-economic trends.
How can entrepreneurs diagnose and understand these idiosyncratic choices and take cognizance and advantage of them in business? This week we talked with Trini Amador, who is an entrepreneur who advises some of the biggest corporations in the world on these mysteries, and has built a highly successful values-based brand of his own.
The Use Of Terminal And Instrumental Values In Understanding Consumer Motivations. Economists know that consumers make purchase decisions in the context of their subjectively held values. Each individual holds different values. They all have a hierarchy of values – some are more important to them than others – and this internal hierarchy determines how they […]
What is the Means-End Chain Tool and How Should You Use It? Economic principles can be used in business through applications that we refer to as tools. The Means-End Chain tool is an example of a tool that we talked about in Economics for Entrepreneurs Episode 1 with Peter Klein. Customers and consumers act with […]