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Bylund: Entrepreneurship Involves Uncertainty. Here’s How to Deal With It Productively.

Summary:
By: Per Bylund Late South African economist Ludwig Lachmann once wrote, “The future is unknowable, though not unimaginable.” What he meant is, it’s beyond our ability to know what the future will bring. We cannot plan without errors, because we do not actually know anything about the future before it’s already reality. The future is not simply unknown, which suggests a lack of information, but unknowable — what will be is uncertain. There is no information. We are, in this sense, slaves to destiny. But while the future is unknowable, this does not mean it is hopeless. Our efforts always aim to create some specific, limited part of the future. Entrepreneurs do this more than others, as entrepreneurship scholar Saras Sarasvathy argues. They can do this, as Lachmann notes, as the future

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By: Per Bylund

Late South African economist Ludwig Lachmann once wrote, “The future is unknowable, though not unimaginable.”

What he meant is, it’s beyond our ability to know what the future will bring. We cannot plan without errors, because we do not actually know anything about the future before it’s already reality.

The future is not simply unknown, which suggests a lack of information, but unknowable — what will be is uncertain. There is no information. We are, in this sense, slaves to destiny.

But while the future is unknowable, this does not mean it is hopeless. Our efforts always aim to create some specific, limited part of the future. Entrepreneurs do this more than others, as entrepreneurship scholar Saras Sarasvathy argues.

They can do this, as Lachmann notes, as the future is imaginable. Because we can imagine different futures, we can act to create the better version. We have the creative ability to draft scenarios and possible outcomes, so we can prepare for what is more likely to be. And attempt to bring it about.

We all differ in our ability to imagine the future that will be. Very often it might simply be luck. But luck is not all, and it certainly isn’t reliable. Some seem to have the ability and willingness to face the unknowable by imagining and attempting to shape it, and they’re willing to bet that they’re right and put their money where their mouths are.

Entrepreneurs are in the business of creating big chunks of our future. They bear uncertainty.

Read the full article at Entrepreneur.

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The Mises Institute, founded in 1982, teaches the scholarship of Austrian economics, freedom, and peace. The liberal intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995) guides us. Accordingly, we seek a profound and radical shift in the intellectual climate: away from statism and toward a private property order.

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