By Raushan Gross 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 owner? Human capital consists of the knowledge and habits developed as a youngster that form skillsets that later in life can be used in the business world. These skills are developed either through the family … [Read more...] about The Entrepreneurial Advantages of Building Human Capital While Young
By Raushan Gross Reading Per Bylund's interview "How Entrepreneurs Build the World" inspired a thought: what would the world be like without entrepreneurs? Given that entrepreneurs are central to the market system, a world without entrepreneurs—or with only a few of them—would be a grim situation. Without entrepreneurs, we'd see few new products, little innovation, and few … [Read more...] about A World Without Entrepreneurs
By Raushan Gross Ludwig von Mises wrote that “we are historians of the future.”1 But, the heterogeneity in knowledge makes it virtually impossible to know everything there about historic market trends, or even about local economies.This is why F.A. Hayek emphasized there is no such thing as perfect knowledge among individuals at any given time. Everything is constantly … [Read more...] about How Entrepreneurs Learn from the Marketplace
By Raushan Gross Ludwig von Mises eloquently wrote in Bureaucracy (1944), “...thus the capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalist, the entrepreneurs, and the farmers are the people’s mandatories.” Entrepreneurs are sensitive to consumer dissatisfaction, seek to … [Read more...] about How Entrepreneurs Discover Market Opportunities Through Dissatisfaction
By Raushan Gross “At birth human infants regardless of their heredity, are as equal as Fords,” wrote Ludwig von Mises in his salient book, Theory and History: The Interpretation of Social and Economic Evolution. However, Mises contended that this is far from the reality of human action and how flesh-and-blood people operate in the market. While people may be born with … [Read more...] about Are Entrepreneurs Born or Made?
By Raushan Gross Many people think and talk about competition without a slight feeling of uneasiness. Often, it is only the entrepreneur who feels comfort about competition in the marketplace. Most people do not understand the sense of competitiveness the entrepreneur possesses. The saying goes, “If it ain’t broke, don’t fix it.” Not so for the entrepreneur. In contrast, … [Read more...] about Why Entrepreneurs Are Different