How To Develop And Implement A B2B Services Strategy
Assess your business ecosystem and design a services strategy to fit in and contribute in new value-added ways.
eGPS Pin: Customer Experience
196. Bart Vanderhaegen: How Criticism Fuels Knowledge Creation in Adaptive Entrepreneurial Firms
Success in business — serving customers well, and achieving growth in revenues and assets with a return on capital greater than its cost over the lo…
191. Allen Mendenhall: Putting Humanness and Ethics Back Into Business Economics
We are living through a particularly bad moment in history for free markets and capitalism. Government, not business, is promoted as the solution to a…
The Customer As Business Driver
The Value Entrepreneurship System puts the customer at the center of business operations. Better understanding their life context leads to better serv…
188. Jordan Lams on Finding and Patiently Developing Your Entrepreneurial Focus
We define entrepreneurship in terms of people working creatively to make others’ lives better.
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 do…
183. Ahmed Elsamadisi: The Stories Data Can Tell Us If We Ask The Right Questions
make decisions? Data certainly don’t make decisions, nor do analytics, nor do the computers they run on. Human begins make decisions — the human f…
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.
179. Mark Packard On Entrepreneurial Valuation, Part 2: How Entrepreneurs Create Value
How do entrepreneurs and executives apply that theory to create customers, delight them, and grow strong brands and businesses?
178. Mark Packard On Entrepreneurial Valuation, Part 1: Value Learning
Getting into the minds of customers is the universal need of everyone in business. A new book by Mark Packard, Entrepreneurial Valuation, provides a …
175. Curt Carlson: Value Creation as a Life Skill
Curt Carlson has devoted his life to value creation and innovation — VC&I as he sometimes characterizes it. He has been CEO of SRI, a “pure innov…
173. Rene Rodriguez: Unleashing Voluntary Energy Via Influence
n we persuade a customer to switch to our brand or service? Can we get the board or the C-Suite to approve our proposal? Can we convince a VC to fund …
169. Jeff Arnold: A Passionate Entrepreneur Profitably Redesigns The Insurance Experience
Is there any industry a passionate entrepreneur can’t improve and enhance by elevating the customer experience? The answer is clearly no. Economics …
Value
The purpose of any business is to generate value for customers. It’s important to understand what value is before taking on the task of generating…
168. Anthony J. Evans: Markets for Managers and Entrepreneurs
. We discuss markets with Anthony J. Evans, a business school professor who teaches that all businesspeople must become economists.
165. Darshan Mehta: Insights Are Game-Changers For Business
answer. But it’s a mystery, hard to unlock. We talk to Darshan Mehta, a lifelong professional in the field, an advisor to global and local brands, a…
164: Per Bylund: Think Better, Think Austrian — A How-To Guide
Economics is a way of thinking. It’s conceptual, and its concepts can help businesses to make better decisions. The most important business decision…
161. Connie Whitman: Turning Experience Into An Intellectual Property Business
Your individual experience is a business asset. Life is teaching us more than we sometimes realize. An insightful analysis of what we’ve experienced…
146. Luca Dellanna on the Power of Adaptation: Adapt or Die
Ceaseless flux. Those are words Ludwig von Mises used to describe the perpetual change in business conditions that entrepreneurs experience. The conse…
145. Christopher Habig: How Understanding Subjective Value Will Revolutionize the Medical Care Industry
The field of medical care is so ripe for new entrepreneurial solutions. As is always the case, solution design begins with understanding subjective va…
143: Per Bylund: How Austrian Entrepreneurs Succeed
Successful entrepreneurs are Austrians, they just don’t know it yet. This is a famous assertion from Dr. Per Bylund, and we dissect its meaning in …
138. Mark McGrath: The Adaptive Entrepreneurial Method: VUCA, OODA, IOT
This week, Mark McGrath joins us to review a tool for value creation amidst continuous, roiling change. It has been around for a while and so is prove…
The Subjective Value Cycle
Become more successful by putting your customer first and understanding subjective value. Become more successful by putting your customer first and understanding subjective value.
137. Murray Sabrin’s 7-Point Entrepreneurial Solution to the Medical Care Crisis
Entrepreneurs solve problems for customers. There are few problems bigger than the horribly perverse medical care system under which patients suffer i…
Value Analytics
Value is subjective and difficult to measure. However, there are analytics that can be monitored and productively analyzed.
Customer Experience Operations
Certain elements of operations contribute directly to the customer experience. A help desk is an example. Ensure that operations are designed from a customer experience…
Monitoring and Evaluation
Even though the firm can’t participate in the customer experience, much of the customer’s value learning cycle can be monitored and observed, and customers are…
Opportunity Cost / Competitive Standards / Relative Value
A customer’s assessment of value potential includes alternative providers and the relative value of alternative choices. Be sure to know and understand competitor value propositions,…
Partners / Collaboration / Contracts
In the value network, the performance of partners is an integral part of your firm’s reputation. Productive collaboration generates customer value. Contracting, agreements and monitoring…
Preference Changes and Market Shifts
Purchases, subscriptions and exchange are indicators of declared preferences. These preferences can change, and tracking and trending should be in place for early warning. If…
Reputation and Trust
The subjective value experience includes the evaluation of firms and brands as reputable and trustworthy. It is possible to design processes and communications to earn…
Opportunity Cost
Opportunity cost is an essential tool for entrepreneurs to understand customer value and to make decisions between choices.
Growth via Core Customer Value Insights
1. Identify market drivers and customer problems to solve. 2. Identify specific core targets 3. Create solutions that address both functional and emotional needs. 4.…
Value Facilitation in Contract Negotiations
Follow these principles in addition to the checklist provided in the Downloadable Tool section. Business negotiations are searches for shared value. Divergent thinking is a…
Increasing Returns via Cumulative Advantage
1. Begin with identifying an initial advantage. 2. Become dynamic and look for an open seam to quickly adapt and experiment. 3. Create a social…
10 Traits for Successful Entrepreneurs
Observe and compare yourself (or the business/entrepreneur you’re trying to partner with) to the guide we’ve provided. Do you have these traits? Observe and compare…
Jacqui Boland’s Entrepreneurial Journey
Go to the E4B website to calibrate your own eGPS. Jacqui’s is a general example you can follow. Go to the E4B website to calibrate…
128. Matt McCaffrey: Austrian Business Strategy (Part 2): Principles
Austrian economics helps entrepreneurs to develop and implement more effective business strategies, and to open up streams of continuous innovation. As Joe Matarese, CEO of…
Customer Experience
The value that a business creates lies in the customer experience. When their experience meets or even exceeds their expectations in their Value Learning Cycle,…
126. Joe Matarese Defines a Whole New Level of Customer Value to Build a High Growth Service Firm
Firms that can unlock the deep secrets of subjective value can unleash powerful, long-lasting value streams. When these flow in a confluence with well…
FMMA, the Entrepreneurship Answer to Medical Services
Take a decentralized approach without third party intermediaries like the government or insurance. Apply Austrian principles as laid out in the PDF. Encourage small practices…
Service logic revisited: who creates value? By Christian Gronroos
In the discussion on service-dominant logic and its consequences for value creation and marketing, the inner meaning of the value-in-use notion and th…
Who Creates Value?
In the discussion on service-dominant logic and its consequences for value creation and marketing, the inner meaning of the value-in-use notion and th…
The Customer’s Value Learning Process
Be constantly observant and monitor what customers do, practice ethnography, use empathy and see their value experience from the customer’s viewpoint, and change the customer’s…
121. Bill Sanders: How Creative Conflict Expands the Value Pie
Bill Sanders, an expert in contract negotiation in business, applies Austrian Principles in dealmaking and business relationship management.
Trust and Control in Collaborative Business Relationships
Trust is a skill learned over time, learn the 4 cores of trust and use them to build relationships.
Principles and Mechanisms of Business Growth
Use empathic interviewing techniques, follow the value learning process map, and design a subjective value cycle system. Use empathic interviewing techniques, follow the value learning…
Agile and Austrian Economics
Use when reassessing or designing your business model. List the ways your business is using resources and time inefficiently. Use when reassessing or designing your…
Big Data vs. Big Ideas
When conducting research for your product or service and for gaining customer insights. For when conducting research for your product or service and for gaining…
Negotiation for Entrepreneurial Success
Before every negotiation (e.g. signing a contract). Review this tool before every negotiation (e.g. signing a contract).
Expectations Management
A thinking tool – think better about managing relationships, at whatever stage of business development relationship issues arise. Think better about managing relationships at whatever…
Harnessing Accounting
Remind yourself of the core Austrian Economics principles and apply it to accounting.
Opportunity Cost Calculator
How to make your product or service more valuable to customers by understanding their opportunity costs. How to make your product or service more valuable…
Decision Logic for the Customer’s Learning Process
Use predictive logic or adaptive logic, information marketing, opportunity cost calculator, and the Value Learning Process. Use predictive logic or adaptive logic, information marketing, opportunity…
Entrepreneurial Communities
Become a trusted supplier of a highly desired service in your community and personalize each customer experience. Become a trusted supplier of a highly desired…
Continuous Value Perception Monitoring And Adjustment.
Follow the steps in the chart and continously probe for answers like a scientist. Follow the steps in the chart and continuously probe for answers…
How To Make The Customer Your Boss.
Listen and use empathy to understand the problems customers are having. Interview your customers for feedback and send out surveys, also look at reviews for…
10 Economic Principles for a Customer-First Business
Learn these Austrian principles in the Imagination stage. Learn these Austrian principles in the Imagination stage.
Voice Of The Customer
Set up a knowledge gathering process and collect all the customer knowledge into one shared repository, continually updated.
114. Pete Farner on Investable Businesses and Investable Entrepreneurs
Veteran venture capital investor Pete Farner distills experience from four decades of entrepreneurship and investing on the Economics For Business Pod…
The Division Of Economics Into Macro And Micro Is Incoherent. Individual Action And Interaction Are The Two Levels On Which To Focus.
Macroeconomics is a phony construct designed to provide a vehicle to justify government intervention via economic policies. Individual action and inte…
111: Shawn Needham: How Consumers and Entrepreneurs Co-navigate Value Uncertainty in Healthcare
The market for healthcare provides us with a pertinent example of co-navigation of radical value uncertainty. For consumers, there is no certainty ava…
108. Per Bylund and Mark Packard: Radically Reshaping Business Thinking via Subjective Value
In a recently published paper titled “Subjective Value In Entrepreneurship,” Professors Bylund and Packard apply the principle of subjective value…
Treating Consumers As Means Not Ends Is A Fatal Business Model Flaw.
Recently, some of the Big Tech companies of Silicon Value have been caught in anti-market behavior. They have censored or even banned some of their…
101. Per Bylund: Silicon Valley Is Bad At Entrepreneurship.
Our goal at Economics For Business is to help entrepreneurs and their businesses succeed. Per Bylund and Hunter Hastings discuss the true implicatio…
98. Mark Packard’s Empathic Mental Model for Predicting Future Customer Value
Empathy, properly employed, is a robust business tool that smart entrepreneurs use to design winning value propositions. Download The Episode Resource Empathy As A Process…
97. John Boles: How Austrian Is Your Business? Continuous Value Perception Monitoring is One Measure.
With the development of the Austrian Business Paradigm and the Austrian Business Model, and tools such as the "Value Learning Process," businesses of …
95. Martin Lünendonk: How To Make The Customer Your Boss
Consumer sovereignty is a principle of Austrian economics. Here’s how entrepreneurs apply the principle in business, as told by Martin Lünendonk, c…
93. Ramon Ray’s Entrepreneurial Communities
“Small business” is just a government classification. Entrepreneurial businesses serving well-defined communities via creative specialization exhibit enormous economic productivity, energy and dynamism. Such businesses can…
90. Per Bylund On A New Austrian Business Paradigm: Facilitation Of Value
In our project to make a useful link between Austrian economic theory and business practice, we earlier introduced the Austrian Business Model. This i…
83. Clay Miller: An Entrepreneurial Journey to New Lands, New Organizational Designs and New Value
Clay Miller got a Commodore 64 (you can look it up!) when he was 11 years old, and his interest in computing, software and writing code started there.
The Importance Of Behavioral Data: It Is Not What Customers Say, It Is What They Do.
It is preposterous to assume what customers say is more important than where they place their feet and the price they pay for products or…
77. Ralph Welborn on the Ecosystem-Based Strategy
Business strategy and business model design has traditionally been firm-centric. Entrepreneurs are called upon to establish firms, to make the firm th…
The Genius Of The Consumer
Entrepreneurship is the intentional pursuit of value. This pursuit fuels the engine of economic growth. The entrepreneurs who achieve the realization of value become folk heroes,…
A Values-Driven Entrepreneur Shares Ten Principles For Success In The Highly Competitive World Of Sports Content.
There are many kinds of entrepreneurs. They are all instigators of win-win arrangements in which customers are served in innovative ways by enterprising individuals and…
73. Mark Packard on the Right Decision Logic for the Customer’s Learning Process
In E4E episode #73 with Mark Packard, we review three elements of new product / new service launching decision making.
67. Trini Amador: The Business Tools to Shift Customer Behavior in Your Favor
Every successful business is built on empathic understanding of customers’ preferences. As we know from the theories of Austrian economics, the pref…
John Tamny On How The Entrepreneurial System Maintains Its Energy And Momentum.
Hunter: John, welcome to Economics for Entrepreneurs. John: Hey Hunter. Thanks for having me on. Hunter: You make economics relevant and interesting and you’ve been…
62. Mark Packard: The Customer’s Value Learning Process
Innovation and marketing are the two most important functions of entrepreneurial business: bringing innovative new goods and services to market, and c…
60. Rory Sutherland: How The Austrian Approach Helps Entrepreneurs Multiply Value. It’s Alchemy.
In episode 60, we are joined by Rory Sutherland, Vice Chairman of Ogilvy, one of the world’s largest advertising and marketing agencies, one with a …
56. Steven Phelan on Building Trust and Exerting Control in Collaborative Business Relationships
In today’s interconnected economy, more and more elements of your business model are provided by relationship partners. It’s wise to recognize dow…
55. Dr. Mark Packard On The Tools You Need To Make The Value Learning Process Work For Your Business
In this week’s Economics for Entrepreneurs podcast, Dr. Mark Packard tells us more about his research into the value learning process, and reveals t…
The Entrepreneurial Advantages of Building Human Capital While Young.
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 …
Why Do Entrepreneurs Miss Market Opportunities?
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…
What Would The World Be Like Without Entrepreneurs? Pretty Grim.
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…
50. John Rossman on the Principles And Mechanisms Of Business Growth
Principles are the guiding cultural lights illuminating for employees and partners how your company thinks about its mission and about customers and c…
49. Paul Tenney’s Global Entrepreneurial Journey Leads To Database Technology Success in Asia
On this week’s Economics For Entrepreneurs podcast, Paul Tenney describes and explains the 8 stages of his international journey to start, grow and manage a customer-success…
A Nation Has Lost Its Way. Entrepreneurship Will Put Us Back On The Right Track.
A nation has lost its way. On July 13, 2012, in a political campaign speech in Roanoke, Virginia, United States President Barack Obama uttered the sen…
46. 8 Austrian Actions for 2020
Entrepreneurship is action. It’s a process in which the actions of the entrepreneur are decisive. In the final podcast of 2019, we suggest 8 action steps you can…
45. 2019 In Review: Four Principles Of Austrian Economics You Can Usefully Apply To Your Business
In an attenuated Christmas Eve podcast, we highlighted four of the useful principles we covered during 2019. Principle 1: Customer Sovereignty – Which Means Putting…
41. Stephen Denning: There’s A Revolution In Value – It’s Austrian And It’s Agile.
Austrian economics emphasizes the delivery of value for consumers and customers. Only they can define value, because it’s their subjective experience that is valuable to…
38. Per Bylund on The Laws Of Agile: A welcome step towards the Austrian vision, but not quite all the way there.
The laws of Agile are a welcome step towards the Austrian vision, but not quite all the way there.
32. James Beardsley: Seeing the Business World More Clearly
James Beardsley owns and runs a law practice. He decided from the outset that he would run it like a business — not all lawyers do — and, once he …
31. Per Bylund on Big Data vs. Big Ideas
Wouldn’t it be nice to predict the future? It’s tempting to reach for the analytical tools and big data sets that are newly available and for whic…
28. Steve Phelan on Negotiation As A Core Capability For Entrepreneurial Success
Negotiation is a capability that entrepreneurs use almost all the time. It’s an area of entrepreneurial performance where an understanding and appli…
26. Per Bylund on the Entrepreneurial Opportunity of B2B versus B2C
Dr. Bylund observes that students, when selecting entrepreneurial projects for his course, lean heavily towards consumer products and services. Does t…
22. Steven Phelan on Managing Expectations
Entrepreneurs operate in the future. They imagine a future where lives are improved because dissatisfactions are removed and there’s greater well-being to enjoy. Everyone can…
