Market
Bylund discusses the market, using three among the most influential economists to do so. The ideas of Smith, Ricardo, and Schumpeter are put together to describe how production works and what factors can help or hurt it. Once again, complicated issues like the size of the market, how work is divided, and new ideas – which allow for economic and social growth are at play. Social development is something that is discussed by Bylund, which is a very important aspect of being an entrepreneur. Here, Bylund explains why it is important and why we need to pay extra attention because there is a lot of information and theoretical background that may be hard to follow for people who don't know much about economics. Social development is something that is needed in many fields, but I really believe that is an extreme development for an entrepreneur, and I think that Bylund is very spot on when including this in this portion of his article. Entrepreneurs must have many social development abilities in order to ensure they are getting the most out of their venture or project.
they can divide tasks between themselves, which would allow them to focus on their respective responsibilities...
Efficient Running
When running a successful venture, it is crucial to run in the most efficient way possible for your business. Being organized and having an organized structure is something that Bylund is trying to say here I believe. He is stating that it is important to find everyone of your employees strengths and weaknesses, finding the best fit for them to help your company succeed. Structure of a business is something that is often overlooked, but can be a key reason on weather or not a business is successful. Bylund does a very good job including this topic in his article and I felt that he explained it very well finding a different way for the reader to think about it so that he/she can apply it to their venture as well. Bylund also discusses the fact that the more people that you have in a specific area, the more likely they are to loose focus or get side tracked especially doing things as important as the production process. It can be very complicated to put several people together in the same area and expect them to be extremely productive also. Sometimes if their social lives intertwine it can cause a lack of production and a chance to get sidetracked. Also if you as the entrepreneur hire someone that is close to you, possibly a family or friend, it can complicate things in the workspace as well as the relationship you have with them. It is crucial to establish structure with them as well, the same way you would with any other employee to ensure that you maintain the most efficient system for your business. I feel that Bylund does a very good job at hitting the most important parts of production and being efficient in your business, and goes in to very good detail for the reader to continue to be educated on important topics.
Capitalism, then, by nature is a form or method of economic change and not only never is but can never be stationary.
Fundamentals
I really like what Schumpeter is referring to when including this into his article. He is referring to the history of capitalism to its entirety, and does so so that he can show the importance on how it has been and continues to be a key aspect in every ventures life. The market can be a tricky topic, and is important to understand that it is constantly changing, even if we as a society are not able to see it. Finding the balance in the ever changing market is key in order to have a successful venture moving forward for years to come. Schumpeter also states how important understanding the fundamental way that capitalism works is crucial in order to completely understand its true meaning. Capitalism is reliant on many things, and can be changed by things such as population, transportation, and change in production. To have a good understanding in this is crucial for any entrepreneur starting out, and is also important to continue to study as your business grows into something big.
It disciplines before it attacks.
I believe this is in the back of every great businessman's mind and can be interpreted in many different ways. I really liked that Schumpeter includes this because it is something that I truly believe when running a successful business. There is always different threats out there and it is important to study whatever the threat may be, and figure out how it can shape your business for the better.
Overall, I felt that both of these articles did a very good job highlighting key aspects of what makes a successful entrepreneur and is all information that I will continue to take with me on my journey stepping into the field.
I completely agree with this statement. It is extremely important to use you employees strengths to your (and their) advantage. If you do not, you are making a large mistake. By not playing to their strengths, an entrepreneur/employer will be risking huge setbacks and potential failure of your business. When you do allow them to flourish, they will experience less anxiety, stress, and the workplace will have a much better moral.
I also believe Bylund wanted to shed some light on the areas where multitasking could be beneficial. Not necessarily one person multitasking, but rather, each person working together to reach a common goal. Sort of like an assembly line. While working as a team, each person can focus on one task and they can excel at it. If you have 5 people that are outstanding at what they do, the finished product will be much better than 5 people who know a little about each step of the production process.
This is a very interesting point that many people do not take into consideration. It is nearly impossible to start and to grow a business in an economy or market you do not understand. If you want to start a plant business, you must consider the climate of the area you will be in, who your clientele will be in that area, and if your store is in a good location for customers to transport their plants to their car with ease.
It is very important to understand and consider the state of the economy as well.
I also agree with your statement that there will always be many different threats to your business. Whether it be new entrants, financial risks, political risks, rivalry companies, or reputational risks. It is crucial to be aware of them and to try to stay ahead of them.
I think you did a great job writing this and it was very informative. It was very easy to read and you did explained your opinions and further explained Bylund and Schumpeter's thoughts very well. Overall, this was a great article and I enjoyed reading it!