| Every business needs a business model, a recipe for generating profitable and sustainable revenues that result from bringing the customer an experience on which they place a high value. How do entrepreneurs design successful and profitable business models? They combine theory and experience — theory provides the foundational starting point, and experience refines the model based on action-based learning and real-life feedback. The best theory — the meta-theory — for business models comes from Austrian economics. This is a proposition we intend to demonstrate rigorously and completely in our Economics For Business platform. Dr. Per Bylund joined us on the Economics For Entrepreneurs podcast to provide an exposition and explanation of the core structure of the Austrian Business Model (ABM). Show notes: https://mises.org/library/bylund-introduces-austrian-business-model Additional Resources Dr. Bylund’s Mises University Lecture, "Austrian Economics in Business": Mises.org/E4E_78_Lecture1 Dr. Bylund’s Mises University Lecture, "How Entrepreneurs Built the World": Mises.org/E4E_78_Lecture2 "Means-Ends Chain Tool" (PDF): Mises.org/E4E_01_PDF "Tools for the Value Learning Process" (PDF): Mises.org/E4E_62_PDF "Identifying Dissatisfaction Interview Guide" (PDF): Mises.org/E4E_Interview "Insights Generation Tool" (PDF): Mises.org/E4E_67_PDF_A "ACT! Austrian Capital Theory at Work" (PDF): Mises.org/E4E_19_PDF "The Austrian Business Model" (video): Mises.org/E4E_ABM |
Per Bylund, PhD, is a Fellow of the Mises Institute and Assistant Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.
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