Value Learning Process for Value Propositions
Create a value proposition. Create a value proposition.
eGPS Pin: Design & Assembly
Identifying Potential
Observe patterns in potential employees and look for the qualities that align with your company culture. Observe patterns in potential employees and look for the…
Recipe for Entrepreneurial Success
Follow the steps in this recipe when you’re thinking of starting a business. Follow the steps in this recipe when you’re thinking of starting a…
Pricing
Set your prices, observe how your customers respond, then change prices accordingly. Pricing is an experiment. Set your prices, observe how your customers respond, then…
Negotiation for Entrepreneurial Success
Before every negotiation (e.g. signing a contract). Review this tool before every negotiation (e.g. signing a contract).
Organizational Design
A simple guide to contrasting organizational styles, demonstrating the flexibility and creativity that’s available to entrepreneurs. A simple guide to contrasting organizational styles demonstrating the…
Transaction Costs Calculator
Maximize your profits by calculating your transaction costs in three phases. Maximize your profits by calculating your transaction costs in three phases.
Austrian Capital Theory
Reorganize your business structure by applying Austrian Capital Theory in a modern and cutting edge manner. Reorganize your business structure by applying Austrian Capital Theory…
PROFIT Resource Based Theory of Entrepreneurship
Planning tool – use as a checklist at critical planning juncture. Planning tool – use as a checklist at critical planning juncture.
Lean Business Canvas
Succeed in a competitive environment using the VRIO Method and the Lean Startup Canvas. Succeed in a competitive environment using the VRIO Method and the…
Alertness, Discovery, and Capabilities
How to start, grow, and manage a business using alertness, discovery, and capabilities-based strategy. How to start, grow, and manage a business using alertness, discovery,…
Decision Making Under Uncertainty
Follow the graphic and repeat if needed.
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…
Means-End Chain
Based on existing customer knowledge (supplemented by research if necessary) build a ladder of benefits to the customer’s highest value.
Rokeach Value System
A classification of values to help you populate the means-end chain. A classification of values to help you populate the means-end chain.
Opportunity Cost Calculator
Opportunity Cost Calculator
Uncertainty and Entrepreneurship
Uncertainty and Entrepreneurship
119. Peter Klein on Cronyism, Capitalism, and the Entrepreneurial Pathway
We often hear that capitalism is under fire: in contemporary politics, in journalism, in popular discourse, and even in some business schools and amon…
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…
Consumer Value vs Shareholder Value
Compare and contrast your current business with this chart. Do you find your firm to be stagnant and slow growth? Or dynamic and open to…
Harness the Power of Technological Deflation
Aim for ten times improvement in customer experience, think boundaryless and combine technologies and ideas, and forecast the exponential. Aim for ten times improvement in…
The Austrian Business Model
One sentence to get someone to click on the video.
Entrepreneurial Empowerment
Take a step back and observe how you or your management team is managing your employees. Allow all employees to voice suggestions or concerns and…
How Generative Is Your Business?
Follow the rating scale in each of the five sections. Follow the rating scale in each of the five sections.
116. Alan Payne on a Fascinating History of Competing Business Models
We can gain useful insights by winding business models back in time to see how they emerged and evolved. In the case of competing business models, we …
For A New Entrepreneurial Organization Of Our Economy.
The dynamism of an economy is determined by its organization. Crony capitalism is an organizational error that undermines innovation and value creatio…
The New Role Of The Firm is Captured In The 4V’s Business Model.
In the new model of value, customers are the value creators. Firms are value facilitators, utilizing the 4V's business model.
Empathy As A Process
Do a deep dive and learn about a specific customer or core target. Use your empathic imagination. Run through a mental model of your own…
10 Economic Principles for a Customer-First Business
Learn these Austrian principles in the Imagination stage. Learn these Austrian principles in the Imagination stage.
Brand Building
A team effort (not just marketing team) to establish a brand foundation for all company members to follow. A team effort (not just marketing team)…
113. Jacqui Boland’s Entrepreneurial Journey on a Red Tricycle
This week on the Economics For Business Podcast we were gifted the opportunity of reviewing and assessing a completed entrepreneurial journey, courtes…
112 Peter Klein: When Policy-Makers Discover The Benefits of Entrepreneurship, They Can’t Resist Intervening
A recent special issue of the Strategic Entrepreneurship Journal, a top journal for which our friend Peter Klein sits on the editorial board, examined…
The New Economics Of Value And Value Creation.
There's a new economics of value and value capture that business leaders should understand and act upon. It changes perspectives, and it changes busin…
110: Yousif Almoayyed: Apply Economic Thinking To Better Manage Your Technology Projects
Does economic knowledge help you manage complex IT projects? Yousif Almoayyed thinks it does.
109: Desmond Ng: Entrepreneurial Empowerment and the Austrian Approach to Value-Generating Organizational Design
Austrian economics offers a wide range of knowledge and applications for better business performance. One of them is the design of high-value organizations Download The…
When Businesses Re-Think Value Using A Subjectivist Approach, Many Beneficial Consequences Follow.
When businesses take the time and analytical effort to think about value and to define it from the customer’s perspective, they will realize the opp…
Quantum Economics, Potential, And The 4V’s Business Model.
To get your head around quantum mechanics, it’s necessary to be able to think about a space that’s between reality (called spacetime in the language…
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…
105. Per Bylund: Austrian Economics is the Science of Business Success
For any size and any type of business, the generation of value requires more than strategy, planning, and executional excellence. It calls for the establishment,…
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…
Your Attitude And My Attitude Are The Sources Of Economic Growth And National Prosperity.
Who are the drivers of prosperity? Economists would say it’s them. At least the ones who work for the Federal Reserve and the US Treasury…
Cast Down Your Bucket Where You Are: How Entrepreneurs Use The Institutions of Entrepreneurship To Thrive In The Technological Epoch
How can institutions such as education, family, language, laws, and economy be understood as the catalysts for emerging institutions of entrepreneurship? From an entrepreneurial perspective,…
96. Vishal Gupta and the Nobel Prize For Entrepreneurship Research
Researchers into entrepreneurship have a powerful incentive to identify new insights about how businesses grow and thrive.
94. Peter Klein on the Advantaged Business Insights of the Austrian School
Six ways — selected from many — that businesspeople can derive more insightful knowledge and perspective from Austrian economics than from traditi…
92. Clay Miller: 5 Austrian Principles Applicable to Your Business Today
Principles of Austrian economics have immediate applications in business. Clay Miller, a deeply experienced and highly successful global tech entrepre…
87. Professor Matthew McCaffrey: The Austrian Definition of Capital and its Application for the Health of Your Business
Key Takeaways and Actionable Insights An understanding of the Austrian definition of capital is tremendously useful to all business owners and managers. What is capital?…
Austrian School Versus Business School: Dr. Per Bylund Compares The Insights Available To Entrepreneurs.
Podcast transcript. Sept 29, 2020 Dr. Per Bylund compares the insight of the Austrian school of economics with the models and theories and strategic frameworks…
86. Allan Branch: Entrepreneurs Are Authors Writing Their Own Story
"Entrepreneurship is like sailing through changing weather, winds, waves and tides.” - Allan Branch
85. Dr. Per Bylund on the Austrian School versus Business School
Why do business schools exist? Dr. Bylund wonders if business schools are facing an existential problem.
84. Bob Luddy: Five Active Processes of Austrian Economics That Helped Me Build One of America’s Most Successful Entrepreneurial Businesses
Bob Luddy is founder and CEO of CaptiveAire (CaptiveAire.com), the US market leader in commercial kitchen ventilation systems. It’s a $500MM+ busin…
Your Value Proposition Language Is Your Customer Commitment And Your Company Culture.
Peter Drucker is famous for, among many other pieces of business wisdom, his statement that “there is only one valid definition of business purpose: to…
81. Dr. Keith Smith: The Free Market Medical Association Brings Entrepreneurship to Medical Services
Dr. Keith Smith, Co-Founder of the The Free Medical Association (FMMA.org), is an entrepreneur and free market warrior who is undaunted by the seeming…
78. Per Bylund Introduces the Austrian Business Model
Dr. Per Bylund joined us on the Economics For Entrepreneurs podcast to provide an exposition and explanation of the core structure of the Austrian Bus…
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…
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…
72. Peter Klein: Four Considerations for the Delegation of Derived Judgment
Business books and business school courses tend to think of organization design as the structuring of a hierarchy, or the linkages of nodes in a netwo…
Entrepreneurship Is The One Institution We Can Rely Upon To Maintain A Prosperous And Civil Society.
In this time of social unrest, Americans’ confidence in our institutions is in decline. A sample from Gallup’s frequent annual poll includes these selected comparisons…
70. Per Bylund: How Entrepreneurs Build Businesses That Are Beautiful Islands Of Specialization
Per Bylund discusses the distinctive Austrian theory of the firm on this week’s Economics for Entrepreneurs podcast. He captures his unique business…
How Entrepreneurs Build Their Islands Of Specialization.
Austrian economics corrects many errors of the past. Most of those emanate from an incorrect view of the economy as a static system of allocation…
69. Mark Packard’s Value Learning Process: The Two Kinds of Knowledge Entrepreneurs Must Have
Mark Packard has a big insight about how entrepreneurs manage innovation. Producers don’t innovate, customers do. That may sound a little odd, but M…
63. Dusty Wunderlich on FinTech Financing: Entrepreneurs Helping Entrepreneurs
FinTech sounds like the latest over-hyped tech bubble. But it has a much more fundamental importance in entrepreneurial economics. It brings entrepren…
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 …
59. Sean Ring: What Successful Entrepreneurs Understand About Iteration
Sean offers additional insights, as we’ll see below, but the power of iteration is his number one: doing things over and over, with a view to improv…
58. John Cox: Facilitating Value Through Skilled Orchestration
There’s a skill that can turn any individual entrepreneur or small business into a global powerhouse exhibiting the highest quality service levels t…
52. Mark Schaefer: The Future of Marketing Is Austrian – How Human-Centered Marketing Can Fix A Business Function That Has Lost Its Way.
This week I spoke with Mark Schaefer about his iconoclastic and deeply insightful book Marketing Rebellion, in which he expounds the solution to moder…
51. David Rapp on Harnessing Accounting To Your Purpose
Accounting is a tool for entrepreneurs to achieve their business goals. There are plenty of options for you in how you use it to serve…
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…
44. Mark Packard on The Value Learning Process
Entrepreneurs are redrawing the Customer Journey Map. Based on the latest knowledge from both economics and neuroscience, Dr. Mark Packard explains th…
42. Per Bylund on Economics of Value vs. Economies of Scale
Good economic theory predicts effective, cutting edge business practices. For example, the dynamic flexibility of capital resource allocation predict…
Austrian Capital Theory Provides Principles Of Capital Allocation Every Entrepreneur Can Apply Right Now.
Why do we make the case that Austrian Economics is the best resource an entrepreneur can use to grow their business? Because the principles of Austria…
34. Peter Klein on Pricing
Pricing is fundamental to business success - to generating transactions, to cash flow and to profitable operations. There’s a lot of uncertainty for…
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 …
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…
25. Peter Klein on Organizational Designs
Organization can make a crucial difference to entrepreneurial success. Ideas alone are not enough – execution is needed and the details of execution…
23. Per Bylund on Entrepreneurial Strategy
Business strategy in books and business schools has tended to towards metaphors of sports or war. There are playing fields or battlefields, and the st…
21. Peter Klein on Transaction Costs
Are you transaction cost-savvy? Peter Klein explains why it’s important.
Why Austrian Economics Is The Economics You Need For Entrepreneurial Success.
Jeff Deist, President of the Mises Institute, recently penned a metaphorical comparison of Austrian economics to the punk rock bands of the 70’s and 80’s…
Mainstream Economists Favor Efficiency. That Should Not Be A Goal – It Should Be Avoided.
What does an economy do? Modern economics suggests it is about [production] efficiency, and develops models for assessing the degree to which it is achieved…
19. Per Bylund: ACT! How To Apply Austrian Capital Theory In Modern Organizational Design, Contemporary Business Structure, and A High Response Business Model
Austrian Capital Theory (ACT) sounds arcane, academic and complicated. In fact, it’s the key to modern organizational design, cutting edge business …
18. Steven Phelan on How To Assemble A Winning Combination Of Resources
Austrian Capital Theory holds that capital assets are heterogeneous and complementary. In business language, that means an entrepreneur can assemble s…
Per Bylund’s Tweet Stream Explains The Concept Of Economic Cost And How It Directs Investment To The Highest Return Projects.
The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it.…
15. Jeremy Vesta On How To Create Differentiated Value In Seemingly Undifferentiated Markets.
Jeremy Vesta is a partner in Vesta Holdings, and a manager of Harmony Beef, a greenfield start-up in the fresh beef industry. Fresh beef might be thou…
14. C Jay Engel on The Entrepreneurial Life
Hunter breaks down the life of an entrepreneur with C Jay Engel, a successful digital technologist and author. Show Notes The entrepreneurial life is good…
Is There A Philosophy Of Entrepreneurship? Yes, There Most Certainly Is. It Starts With Ethics.
Mainstream economics today does not believe in ethics, or does not count ethics as a part of its program. Instead, it is based on the…
9. Peter Klein on Entrepreneurial Decision Making
Decision-making can feel particularly challenging for entrepreneurs. Entrepreneurs face the unpredictability of the future with a limited set of resou…
Entrepreneurs Change The World For The Better By Thinking Exclusively About How To Offer New Value To Consumers.
Original Article by Per Bylund. Politics is hardly an effective force for bringing about positive change in society. Instead, real change, and especially such that…
8. Will Dinkel on Everyday Applications of Artificial Intelligence
We talked to Will Dinkel, CEO of Nova.ai, an intelligent platform for outbound sales and marketing – and a great example of A.I. as a…
7. Per Bylund on Opportunity Cost
Hunter Hastings talks with Per Bylund about Opportunity Costs. Why is this important? Because, for entrepreneurs, all costs are opportunity costs; and opportunity costs are the…
1. Peter Klein on Means and Ends
There are some economic principles that can help entrepreneurs in their business-building endeavors. One is the understanding of ends and means. What ends (goals, objectives)…
Where’s The Profit In Digital Innovation? It’s In Reduced Transaction Costs.
The new era of low transaction cost digital service provision is, in Munger’s telling, a revolution, as significant as the Industrial Revolution in …
6 Reasons Why Individualism Is The Best Social System For Everyone.
In the division of labor, we each want to demonstrate that we can provide better service to others and be worthy of our hire. This is how individuals …
