New entrepreneurial thinking can bring profitable differentiation to all markets.
In a recent podcast episode, Jeremy Vesta gave context to this notion by explaining how his business, Harmony Beef, brings innovation to a lightly differentiated industry like beef. Check out the results below or click here download the PDF version.
How should you think about the different stages of Value Facilitation?
On a recent podcast episode with Per Bylund, we discussed the notion of subjective value and its importance in business development. We created the following infographic to help entrepreneurs gain a better understanding of the process. Check it out below or click here download the PDF version.
https://hunterhastings.com/wp-content/uploads/2019/02/e4e-long-1.jpg3001000Hunter Hastingshttps://hunterhastings.com/wp-content/uploads/2021/03/hh-logo-blk.svgHunter Hastings2019-05-14 14:00:292019-06-25 11:33:21The Subjective Value Cycle
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 few versions of the Lean Startup Canvas for you to download here:
a version with explanatory notes, to help you better understand what each section represents and how it should be used (download);
an annotated canvas that can be printed on regular letter-sized (8.5×11) printer paper (download);
and a blank one that can also be printed, for you to complete yourself (download).
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 of applying empathic diagnosis to accurately identify unmet needs of potential customers and to rearrange resources to meet that need, enabling customer value and generating entrepreneurial profit.
Capabilities-based strategy is the idea of identifying certain key resources — tangible or intangible — that enable a firm to establish a strong and potentially lasting competitive advantage in the marketplace. This approach to strategy is often packaged up in textbooks as the Resource-Based View (RBV) of the firm.
In a recent podcast episode, Ed Pletner helped us gain a deeper understanding of this theory by putting it in the context of his business. Check out the results below or click here to download the PDF version.
https://hunterhastings.com/wp-content/uploads/2019/02/e4e-long-1.jpg3001000Hunter Hastingshttps://hunterhastings.com/wp-content/uploads/2021/03/hh-logo-blk.svgHunter Hastings2019-04-23 14:00:292019-06-25 11:33:21Alertness, Discovery, and Capabilities-Based Strategy
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? We discussed this topic in a recent episode with Peter Klein who has already put considerable energy towards helping entrepreneurs identify the different types of uncertainty they face, and be better equipped to mitigate them.
The entrepreneur must understand the mind of the consumer in order to see opportunity costs in the way the consumer sees them.
Opportunity cost is a subjective evaluation on the consumer’s part. How do they look at alternatives when they are considering the entrepreneur’s offer? Would they assign greater value to the aluminum product compared to the stainless steel product? An entrepreneur needs to be able to answer that question in order to calculate how to design a good deal in the consumer’s eyes. Click here to download the PDF