| How do creative entrepreneurs design and build new businesses, new products and new services that grow and succeed? You’ll make a big difference for your own venture if you follow Per Bylund’s advice to Think Better, and Think Austrian. One step in the right direction is to clear your head of thoughts about competitors to fight, markets to invade, beachheads to take, or moats to construct around your business and your brand.
The alternative way of thinking is to envision your business enterprise, your brand or your offering as an island of specialization. What you create, launch, build, grow and sustain is something that is so special that your customers experience a deep and rich feeling of value that they can’t possibly get anywhere else. For your customers, it provides the business equivalent of a visit to (and eventually permanent residence in) a comfortable, amenity-laden resort on a beautiful tropical island, where the staff recognizes and caters to their every wish. There’s nothing else like it. Show notes: https://mises.org/library/bylund-how-entrepreneurs-build-businesses-are-beautiful-islands-specialization “How Entrepreneurs Build Islands of Specialization” (PDF): Mises.org/E4E_70_PDF For a full-length essay by Per Bylund (“Make Your Startup an Island”), download our latest free e-book, Austrian Economics in Contemporary Business Applications: (PDF): Mises.org/E4B_eBook For a shorter essay, see Per’s Entrepreneur.com article, “Forget the Moat and Make Your Startup a Tropical Island”: Mises.org/E4E_70_Article For a full exposition of the Austrian theory of the firm and the concept of islands of specialization, see The Problem of Production: A New Theory of The Firm: Mises.org/E4E_70_Book Economics For Entrepreneurs is also available on… |
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