Business is a form of applied economics. Its purpose is to make people’s lives better. Profit is the signal from society that business is doing a good job in the customer’s estimation. This is a …
186. Jared Wall: How a Courageous Entrepreneur Enters a Formative Market
How do new markets form? When consumers change their tastes and preferences and behaviors, how are the markets to serve them activated? The markets don’t yet exist — entrepreneurial action is required …
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185. Jessica Fialkovich On The Business Of Selling Businesses
Every business should have an exit plan in mind from Day 1. Why? Because it’s impossible to control the timing of an exit or the changes in circumstances that might precipitate it. Venture capitalists …
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184. Rick West: When B2B Goes Click-To-Cart
Do the principles of customer value generation that we espouse in our Economics For Business program apply equally for both B2C and B2B businesses? The answer is emphatically yes. B2B customers are …
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183. Ahmed Elsamadisi: The Stories Data Can Tell Us If We Ask The Right Questions
How do companies make decisions? Data certainly don’t make decisions, nor do analytics, nor do the computers they run on. Human begins make decisions — the human factor is crucial. Subjectivism is …
182. Gordon Miller: What’s Your Absorptive Capacity for User-Generated Innovation?
It’s often the case that lead users — the most sophisticated, committed, and energetic users — are an excellent source of innovation ideas. Those customers who are most engaged are thinking the most …