"1. Consumer sovereignty
Not only is the customer king, but all production aims to ultimately satisfy consumers in some sense by providing them with value. This value is entirely up to the consumer. Entrepreneurs can only provide the means, typically a good or a service, that help consumers become better off. Sometimes this requires educating the customer so that they understand the value of the product. And, typically, the value lies in their complete experience, not just what you sell.
2. Value determines price and costs are a choice
With value being in the eyes (and experience) of the consumer, the price they are asked to pay must be (much) lower. The entrepreneur’s job is to figure out at what price their product is attractive, and then choose a cost structure that allows for profit. In other words, the price is a guess based on what value consumers see in the product.
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3. Entrepreneurship is about creating tomorrow
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“the ultimate source from which entrepreneurial profit and loss are derived is the uncertainty of the future constellation of demand and supply.'' What that means is individual entrepreneurs choose costs in the present to produce a product that must be sold in the near or distant future, whatever the market situation might be. That’s the uncertainty borne by the entrepreneur.
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4. Seek to be a good monopolist
In standard economics models, competition is about offering the same or nearly the same goods competing on price. This is a terrible strategy for entrepreneurs, whose superpower is to facilitate value. ...
What benefits consumers most is entrepreneurs who aim to be good monopolists."
Trecho retirado de "Why Every Entrepreneur Should Study the Austrian School of Economics"
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