Imaginary Construct
The entrepreneur constructs an imaginary business model of consumers experiencing new value, willingness to pay, imputed revenue streams, and assembled resources to generate the valued experience. This is the first test of value potential.
Value-Generating Business Tools
Downloadable tools designed to guide you in applying E4B core principles in the day-to-day operations of your business.
Featured Podcast Episodes
In-depth conversations with business school professors matched with real-world experience from entrepreneurs.
Blog Posts & Articles
Long-form news and commentary on current business events through the lens of Austrian economics.
Self-Assessment
Entrepreneur’s self-examination for guidance as to what role to play in value generation, both individually and collaboratively.
Dissatisfaction
Dissatisfaction is an unconscious contribution of the consumer or customer to the value generation system. It indicates a non-specific pointer towards the potential for new and more satisfying innovation. The entrepreneurial contribution is to recognize and interpret consumer dissatisfaction.
Imaginary Construct
The entrepreneur constructs an imaginary business model of consumers experiencing new value, willingness to pay, imputed revenue streams, and assembled resources to generate the valued experience. This is the first test of value potential.
Validation Research
The entrepreneur conducts some kind of external or 3rd party research as a first step in the validation process. The process might consist simply of “talking to people”. This is primarily diagnostic, to better understand the nature and cause of consumer dissatisfaction, and the preliminary outline of a preferred solution. A value proposition may be implied but it is not fully articulated.
Peer Evaluation
The entrepreneur considers the business cases of other entrepreneurs, either via direct contact / dialogue, or via secondary research.
Value Refinement
The entrepreneur utilizes the knowledge and learning accumulated to this point and critically examines the emerging value proposition and business model, with a view to a closer approximation to a conceptually viable firm construct.
