An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit.
An entrepreneur who takes the resources necessary to produce a pair of jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty dollars will earn a profit by increasing the value those resources create.
EconTalk podcast episode, August The conversation is a window into a world that few of us experience or are even aware of—how modern producers and retailers make sure the shelves are stocked and their products get noticed….
Lee at Econlib, August 2, While we benefit from the sharing by other consumers, when we want more of a product, we also benefit from the sharing by suppliers. Changes in consumer demand motivate some businesses to share productive resources with other firms. Lisa Turner on Organic Farming.
EconTalk podcast episode, December If you start a brand or work already in brand management in a small or big company, if you are an employee, customer or just want to develop your own personal brand etc. I loved especially the Purpose-Preposition-Personality.
The several models being used to approach things and the many insightful examples how others have done things. The several meanings of a brand and how it developed over time. What you can do with brands. The questions being asked during the course to guide you and the webinar in the middle of the course where you can ask any question you wanted. I can recommend it to anybody.
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Instead of the company always being the producer, why not enable other third parties to create value for your consumers. When your company is no longer the single producer of products and services, you need to dust off those corporate facilitation skills.
How you find and empower producers to work within your business ecosystem are new norm challenges. Through a well managed network of producers and consumer will your business scale have those meaningful interactions. The consumer gets relevant products and services from the potentially many different producers.
The company role is to provide the platform upon which to make this happen. Instead of a single host, a single producer, the traveler is a consumer that wants access to multiple hosts.
So instead of applying the traditional model of going to a single producer like a Hilton, Hyatt, or Four Seasons, the traveler wants to access to all candidate hosts. The consumer wants access to multiple producers. In doing so, the traveler can better satisfy their needs by working with multiple hosts. This is how AirBnB is winning. The new model is a simple conceptual shift away from the traditional model where we have multiple producers.
However, operationalising a well-managed ecosystem of producers and consumer is non-trivial.
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