This week I have been reading the book "The Great Unravelling" by Paul Krugman, 2008 Nobel Economics prize winner. This statement really struck me for entrepreneurs.
....The whole point of a market system is supposed to be that it serves consumers, providing us with what we want and thereby maximizing our collective welfare. But the history of English food suggests that even on so basic a matter as eating, a free market economy can get trapped for an extended period in a bad equilibrium in which good things are not demanded because they have never been supplied and are not supplied because not enough people demand them.
Ask yourself is your widget/service really serving the wants of consumers.
Friday, December 5, 2008
Tuesday, December 2, 2008
Fill a need
You know, this blog is created to "fill a need" that I have seen in Sweden. For already or want to be entrepreneurs filling a need will be a recurring theme in many of the blogs that follow. Many want to be entrepreneurs believe the way forward is best attempted by creating a product or widget/service and then seeking a need. This path is fraught with dangers. "Build it and they will come" may work in the movies but as many budding entrepreneurs over history can bare testament to this can lead to disaster.
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