A January 2020 Forbes Magazine article titled “Why Doing Good Is Good For Business” clearly left out critical information: who is the good or bad entrepreneur? According to the author, good entrepreneurs are doing good if their primary objective is not to make a profit. And bad entrepreneurs are doing bad if their primary objective is […]
Most of the market activities in which entrepreneurs are engaged are readily seen. People buy and sell things or provide services at locations to paying customers. But if we examine the unseen activities, we will learn how entrepreneurship is a perpetuating market process. More entrepreneurs tend to create more entrepreneurship, both among themselves and by […]
While you were young, did you gain knowledge and learn skills that gave you the human capital necessary to become an entrepreneur or a small business owner?
In his salient book, Capitalism, Socialism and Democracy, Joseph A. Schumpeter explained that introducing new methods of production and new commodities to the market is inconceivable under perfect competition. But the reality of real-world competition is that some individuals capture opportunity and others miss it. Some entrepreneurs have more knowledge about market conditions, and others […]
Reading Per Bylund’s How Entrepreneurs Build the World inspired a thought: What would the world be like without entrepreneurs? Could we really know what our world would be like without entrepreneurs and competitive markets? The Austrians view the entrepreneur as a key player in the market economy—not a glorified hero, as Israel Kirzner stated, but […]