Good economic theory predicts effective, cutting edge business practices. For example, the dynamic flexibility of capital resource allocation predicted by Austrian Capital Theory is being realized today via digitization, dematerialization and agile organizational innovations. Entrepreneurs who fully embrace Austrian theory can be leaders in the field of business implementation.
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 them. Listen to Stephen Denning using the example of Spotify to illustrate the agility of a modern firm – recognizing the unarticulated need of consumers for mobile on-demand music, delivering “1000 songs […]
Our proposition is that the fundamentals of economics – a special humanistic, individualistic, entrepreneurial economics we call Austrian – can be the building blocks of a successful, growing, profitable business that understands and therefore delights its customers. Can you identify these fundamentals?
Rick Rule is CEO at Sprott US Holdings. His lifetime focus on natural resources finance enabled him to carve a unique pathway to entrepreneurial success. Like many entrepreneurial journeys, Rick’s had some twists and turns. Here are some of the key stages.
The laws of Agile are a welcome step towards the Austrian vision, but not quite all the way there.
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 Austrian Economics are clear, precise and can be activated immediately in any business decision.