Thursday , October 22 2020
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Hunter Hastings

Articles by Hunter Hastings

David K. Hurst: Managing People-as-Ends and Not People-as-Means

2 days ago

In many situations, the complexities in managing a diverse and layered team of people are to view individuals as ends and not means. Management and organizational frameworks often treat people as means. The business ends are external: so-called shareholder value, or stakeholder value, which is fashionable today, or simply revenue and unit sales goals, or …

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Professor Matthew McCaffrey on the Austrian Definition of Capital and its Application for the Health of Your Business

9 days ago

Key Takeaways and Actionable Insights An understanding of the Austrian definition of capital is tremendously useful to all business owners and managers. What is capital? Austrian economics has a precise and distinctive definition — unlike business schools and most business publications, books, and columnists. Among those entities, the term capital tends to be used very …

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Allan Branch: Entrepreneurs Are Authors Writing Their Own Story

16 days ago

Key Takeaways and Actionable Insights Entrepreneurship is a way of life that can be learned around the dinner table. Allan’s parents were entrepreneurs, although it would never have occurred to him to call them that. They were in the service business, including restaurants and car washes. As a kid, Allan would help around the car …

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Business School Fallacies and Acting Your Way to Better Thinking

September 8, 2020

At E4E, we believe that Austrian economics can guide business execs and entrepreneurs to better thinking about how to manage businesses that thrive. Business educator David K. Hurst blames neo-classical, Chicago School economics for the bad thinking that pervades business today. Here’s how he phrased it in our @e4epod Episode #82: I emerged from Chicago …

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The Free Market Medical Association Brings Entrepreneurship to Medical Services

September 1, 2020

Key Takeaways And Actionable Insights Dr. Keith Smith, co-founder of the The Free Medical Association (, is an entrepreneur and free market warrior who is undaunted by the seeming scale of his innovation task: to bring to healthcare the kind of customer experience only entrepreneurial free markets can deliver (see “Pillars of the Free Market …

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Entrepreneurship Brings Meaning and Purpose to Life

August 25, 2020

Key Takeaways And Actionable Insights The entrepreneurial life is a life of meaning and purpose. We believe that strongly, and our belief is anchored in the ethic of entrepreneurship: to serve others, making their lives better, and thereby improve one’s own life, making an entrepreneurial profit, both economic and psychic. In episode #80, we review some …

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Steven Phelan on the Many Different Entrepreneurial Journeys

August 18, 2020

Key Takeaways and Actionable Insights Steve Phelan has spent a lifetime in entrepreneurship, as a student, a researcher, a teacher, an investor, an innovator and a practitioner. He found that people today — especially young people — are over-focused on the Silicon Valley / Venture Capital / Become A Billionaire model. That’s pretty rare (and …

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How Murray Rothbard’s Theory of Entrepreneur-Driven Progress Can Be Applied to Modern Businesses

August 15, 2020

To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “How Murray Rothbard’s Theory of Entrepreneur-Driven Progress Can Be Applied to Modern Businesses​”.

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Ralph Welborn on the Ecosystem-Based Strategy

August 4, 2020

Key Takeaways and Actionable Insights Business strategy and business model design has traditionally been firm-centric. Entrepreneurs are called upon to establish firms, to make the firm the locus of value creation through value proposition design, assembly of resources, and production; and to ensure competitive advantage in comparison to rival firms pursuing the same customers. There …

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S-E-R-V-I-C-E Warriors and the Individual Economy, with Jeff Saperstein

July 28, 2020

Key Takeaways There is a group of innovative thinkers in economics calling themselves i4j: innovation for jobs. They focus on an economic theme they refer to as the People-Centered Economy. When many innovators are exploring how to automate jobs and replace human with technology — especially the software called A.I. — they are exploring how to design …

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Jason Whitlock: A Values-Driven Entrepreneur Shares Ten Principles for Success in the Highly Competitive World of Sports Content

July 21, 2020

Key Takeaways and Actionable Insights There are many kinds of entrepreneurs. They are all instigators of win-win arrangements in which customers are served in innovative ways by enterprising individuals and firms. Lives are improved for consumers and producers. On this week’s Economics For Entrepreneurs podcast we dissect the path to success of an individual who …

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Raushan Gross on The Inspiring Life and Beneficial Impact of Entrepreneurs

July 14, 2020

Key Takeaways And Actionable Insights Raushan Gross is one of the outstanding writers on the subject of entrepreneurship. In his latest e-book, The Inspiring Life and Beneficial Impact of Entrepreneurs, he establishes the ground rules of the complex system of entrepreneurial innovation in seven principles. 1) Consumer dissatisfaction is transformed into innovation by alert entrepreneurs. …

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Sanjay Yadav on the Process-Based Skills of Negotiation

June 23, 2020

Key Takeaways And Actionable Insights Negotiation skills are vital to your business. How well you negotiate will directly affect your cash flows, your costs, your margins, your scale, your financing and your resource allocation. It will indirectly affect your brand reputation, your organizational designs and your delegated management capabilities based on the employment contracts you …

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Steve Phelan Explains Why Entrepreneurial Intelligence Beats Artificial Intelligence

June 2, 2020

Key Takeaways and Actionable Insights What is Entrepreneurial Intelligence? For Steven Phelan, “It’s all about the spark” — the moment of inspiration in combining disparate elements together to develop a new solution. Humans draw on “the fringes of consciousness” to create new constructs. Entrepreneurs also take risks, investing time, talent and treasure in their venture …

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Trini Amador: The Business Tools to Shift Customer Behavior in Your Favor

May 26, 2020

Every successful business is built on empathic understanding of customers’ preferences. As we know from the theories of Austrian economics, the preference scales of every individual are highly subjective, idiosyncratic, context-dependent, and highly changeable. How does an entrepreneur develop the appropriate level of understanding? Can this understanding be a source of business-building advantage? We talked …

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David Bienstock on the Business of Politics

May 12, 2020

Key Takeaways and Actionable Insights When we talk about entrepreneurial alertness to opportunity, it can sound pretty vague. What exactly does that mean? How is alertness translated into profitable action? This week’s guest, David Bienstock, provided us with a very precise example. He had just started his media buying services business when a phone call came …

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Mark Packard: The Customer’s Value Learning Process

April 21, 2020

Key Takeaways and Actionable Insights Innovation and marketing are the two most important functions of entrepreneurial business: bringing innovative new goods and services to market, and convincing customers of their value. On the E4E podcast, we are providing a detailed exposition of Professor Mark Packard’s deep analysis of exactly how customers arrive at, and act …

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Rory Sutherland: How The Austrian Approach Helps Entrepreneurs Multiply Value

April 7, 2020

Key Takeaways And Actionable Insights In episode 60, we are joined by Rory Sutherland, Vice Chairman of Ogilvy, one of the world’s largest advertising and marketing agencies, one with a long tradition of customer insights. His latest book is titled Alchemy, which explores how a deep understanding of subjective value can lead to outstandingly effective …

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Sean Ring: What Successful Entrepreneurs Understand About Iteration

March 31, 2020

Hunter Hastings asks Sean Ring, Finlingo Co-founder and CEO, for his number one secret for entrepreneurial success. His answer: Iteration. Sean offers additional insights, as we’ll see below, but the power of iteration is his number one: doing things over and over, with a view to improving. Always learning, always changing, never getting tired of …

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This Is Not a Recession—This Is a Government-Imposed Shutdown of the Private Sector

March 30, 2020

Economists and Wall Street analysts are using the word recession to describe the looming plunge in output in the US economy. We’ll just make the point early that economists, exhibiting the typical emptiness of their failed science, can’t even agree on the definition of recession. Undeterred by lacking a definition, the geniuses at Goldman Sachs and elsewhere on Wall …

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The Use of Knowledge in Entrepreneurship

March 25, 2020

In a recent episode of the Economics for Entrepreneurs podcast, I interviewed Steve Mariotti, who has spent a lifetime teaching entrepreneurship to kids from difficult and troubled backgrounds in the US, as well as the sons and daughters of parents who lived through the USSR and Vietnamese communist regimes. He portrayed entrepreneurship as an escape from …

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John Cox: Facilitating Value Through Skilled Orchestration

March 24, 2020

Key Takeaways and Actionable insights Entrepreneurs make orchestration a value-producing service. Entrepreneurs don’t necessarily need to own the capital and resources required to deliver value. What they do is organize capital in a new way to facilitate a new value experience for customers. They orchestrate capital, resources, people, skills and technologies. Their orchestration creates a …

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Steve Mariotti: Teaching Entrepreneurship as the Universal Route to a Better Life

February 25, 2020

Can entrepreneurship be learned? We’d like to believe it can, since entrepreneurs drive economic growth — creating tomorrow as Per Bylund puts it — and betterment for their individual customers and for society. Emergent circumstances placed Steve Mariotti in the position of teaching entrepreneurship to boys and girls in the nation’s toughest high school. After some trial …

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