Economics For Entrepreneurs
Stephen Denning: There’s a Revolution in Value — It’s Austrian and It’s Agile
Austrian economics emphasizes the delivery of value for consumers and customers. Only they can define value, because it’s their subjective experience that is valuable to them. Stephen Denning, author of The Age Of Agile, explains how entrepreneurs can exercise the "Agile" mindset, and offers insight into how Austrian principles inform the latest generation of business strategies for the digital age.
The revolution in value:
In Austrian economics, the theories of customer sovereignty and value in experience that sit behind this value revolution are well established. Now, entrepreneurs are finding ways to implement these Austrian principles. They call the new world of value “Agile”.
According to Stephen Denning, the agile value revolution is a mindset, with three guiding principles.
Entrepreneurs can exercise this mindset in these ways:
Facilitate new value outcomes for customers.
To facilitate value, fit into the customer’s life.
Time is value — use it well.
Eliminate all waste.
Flexible, dynamic capital allocation.
Design and operate your firm as a network.
"The Agile Value Revolution" (PDF): Mises.org/E4E_41_PDF