Value Creators

In this episode of the Value Creators Podcast, Hunter Hastings, an economist and corporate marketing professional, is interviewed by Natalie Born, host of the Innovation Meets Leadership Podcast. Imagine a future where your organization works backward from a detailed vision of how customers will interact with your products and services. This is a concept Hunter Hastings passionately discussed on the podcast. He advocates for a mental shift in organizations to focus on the flow of information from the customer, leading to effective marketplace tests and implementations. Hastings reflects on the historical shift from customer-centric entrepreneurship to bureaucracy and financialization, emphasizing the need for organizational innovation to remove barriers. The conversation explores the importance of empathy, understanding customer needs, and the potential for flatter organizational structures to accelerate innovation. Resources: Connect with Hunter Hastings on LinkedIn Connect with Natalie Born on LinkedIn Valuecreators.com Hunter Hasting’s blog Innovation Meets Leadership Podcast Show Notes: 0:00 | Intro 02:03 | Hunter Hastings Professional Background 04:50 | Procter and Gamble's Customer-Centric Approach 08:58 | Removing Barriers to Innovation: Mental Model 11:47 | Fundaments of Innovation: Self-Management 15:20 | Morning Star's Self-Management Model 18:01 | Imagining the Future for Implementation 20:39 | Vision and Customer-Centric Innovation 22:45 | Example: The Blackberry and Customer Frustration 24:57 | Tension Between Customer Knowledge and Innovation 26:44 | Empathy and Interaction in Entrepreneurship 28:52 | Wrap-Up

This episode is a repost from The Learn-It-All Podcast The decline of customer capitalism and the shift in support for capitalism among young people highlights the need for a cultural transformation in business and economics. By prioritizing customer value, fostering empathy, and empowering employees, businesses can build stronger relationships with customers and drive long-term sustainable growth. The future of customer capitalism lies in understanding and meeting customer needs, leveraging technology to enhance the customer experience, and reforming business education to prioritize customer value creation. In this episode of the Learn It All podcast, guest Hunter Hastings, an economist, venture capitalist, and author of "Aberrant Capitalism: The Decline of Customer Capitalism," discusses the decline of customer capitalism and the shift in support for capitalism among young people. Hastings emphasizes the importance of customer-centric business practices, the impact of financialization, and the need for empathy in business. He advocates for a reform in business education to prioritize customer value creation and introduces an online course aimed at teaching these principles. The conversation also touches on the potential of AI in enhancing customer experiences and the importance of capitalism in improving well-being. Hunter Hastings' insights provide a valuable roadmap for businesses and entrepreneurs looking to navigate the evolving landscape of capitalism and create meaningful value for customers. By embracing the principles of customer capitalism, businesses can not only thrive but also contribute to a more empathetic and customer-centric society. Resources: Connect with Hunter Hastings on LinkedIn To download the book: Aberrant Capitalism: The Decline of Customer Capitalism The Online Value Creators Course: Valuecreators.com Connect with Damon Lembi on LinkedIn Connect with Darren Bridgett on LinkedIn

Yasmin Davidds, president & CEO of Dr. Yasmin Davidds Leadership Institute and Multicultural Women's Executive Leadership Institute advocates for a leadership approach called "graciously assertive," which blends self-advocacy with empathy for others. Dr. Yasmin outlines eight pillars crucial for effective leadership, emphasizing practical methods like gratitude lists and self-awareness exercises to foster personal growth. Central to her philosophy is "graciously assertive" communication, combining assertiveness with grace to achieve collaborative outcomes. Yasmin discusses how this approach can transform workplace dynamics, emphasizing empathy and mutual understanding in both professional and personal relationships. She also addresses challenges faced by women, particularly women of color, advocating for gratitude and empathy to navigate biases effectively. Yasmin promotes moral leadership aligned with personal values, stressing genuine inclusion and the importance of mindsets like gratitude and growth for continuous personal and professional development. Resources: Connect with Hunter Hastings on LinkedIn Connect Yasmin Davidds on LinkedIn Yasmin Davidds Website: dryasmininstitute.com To download the book: Graciously Assertive Show Notes: 0:00 | Intro 00:46 | Yasmin’s Point of View: Being a Better Human Being 02:37 | Graciously Assertive: Eight Pillars 04:13 | First Pillar: Self-Awareness 06:50 | Second Pillar: Social Awareness 08:23 | Third Pillar: Empathy 09:52 | Fourth Pillar: Self-Regulation 11:45 | Fifth Pillar: Self-Compassion 12:17 | Zero Tolerance for Judgement 13:37 | Most Empowering: Pillar of Gratitude 16:37 | Eight Pillar: Healthy Boundaries 18:20 | Assertive or Graciously Assertive Communication 23:45 | Empowering Women in Diverse Challenges 26:42 | Moral Leadership 30:50 | Find the Barriers and Remove Them 32:49 | Mindset 35:13 | Inclusion 38:13 | How does Yasmin teach? 40:19 | Wrap-Up

Teams are the new focal point of organizational design and organizational function. Motivation - quantified as “energy” by Proijal Ghatak and Onloop - is the key to team performance. Technology is advancing to the point where motivation can be monitored using AI, and self-reported feedback and other nuanced approaches to understanding and improving motivation levels are delivering real progress. Purpose portfolios can align individual motivations with organizational goals, capturing the role of purpose in driving productivity and engagement. Projjal mentioned companies experimenting with holocracy and distributed flat organizations, although scaling such structures was noted as challenging due to inherent human tendencies to seek direction and guidance. The conversation also explored frameworks like RAPID (Bain’s Responsible, Accountable, Perform, Informed, Decide model) and spans of control, highlighting strategies for optimizing organizational effectiveness and managerial efficiency. Projjal emphasized the importance of respect and trust in leadership dynamics, noting that effective leaders inspire motivation and engagement through their actions and guidance. The role of AI in augmenting managerial capabilities and increasing spans of control was also discussed, highlighting the potential for technology to enhance organizational structures and improve managerial effectiveness. Resources: The Post-Managerial Era (Blog Post) Connect with Hunter Hastings on LinkedIn Connect with Projjal Ghatak on LinkedIn onloop.com Show Notes: 0:00 | Intro 0:57 | Problem to Solve 3:02 | Collaborative Software Tools Shift Mindsets 9:31 | Great Breakthrough: Products Addressing Management Problems 16:44 | HR's Original Design: Suppressing Dissent, Keeping Control 17:44 | Teams as Core Units: Hybrid, Remote and Onsite 21:41 | Entrepreneurial Intent Without Clear Goals 25:11 | Feedback Loop 26:19 | New Performance Management Project 31:25 | How Do Projjal Detect Motivation? 35:29 | Experimenting with 'Things That Matter' 38:15 | Service Orientation 41:04 | Organization and Firm Structure 50:40 | Right Hemisphere Dominant VS Left Hemisphere Dominant 53:19 | Wrap-Up

Kimberlee Josephson is an associate professor of business at Lebanon Valley College, and an insightful and energetic promoter of entrepreneurship and free markets at The American Institute For Economic Research. Resources: Connect with Kimberlee Josephson on LinkedIn Read Kimberlee Josephson's articles at AIER Connect with Hunter Hastings on LinkedIn Learn Entrepreneurial Value Creation with our Value Creators Online Course Show Notes: 0:00 | Intro 2:02 | Kimberlee Josephson’s Background 3:53 | Big Picture of Capitalism 8:16 | What was the Problem? 11:34 | How Kimberlee Teaches Power Structure and Other Programs 17:19 | Companies Prioritizing Morals Over Profi. 19:55 | Maximizing Shareholder Value: Research Perspective 23:04 | Antitrust: Government's Role in Business Scrutiny 28:15 | Monopoly as a Business Goal: Darker Motives 33:15 | Critics of Capitalism: Distorted View of Competition 37:21 | Focus on Positive Business Dynamics, Not the Destruction Part 39:44 | Value Creators Online Course 40:57 | Business Education 44:23 | Redefining Entrepreneurship 46:44 | Academia Being Non-Dynamic: Where to Get Business Education? 51:38 | Wrap-Up

Leadership is not what the business schools and the coaching industry tell you it is. "A Leader's Destiny" challenges conventional notions of leadership, offering a thought-provoking exploration into the complex interplay of psychology, culture, and society. Written by Elias Aboujaoude, the book delves deep into the modern leadership landscape, dissecting prevalent trends and highlighting the need for a paradigm shift in how we perceive and cultivate leaders. It highlights how leadership has been oversimplified into formulaic steps and mnemonic devices, creating an illusion of quick mastery. This reductionist approach fails to capture the complexity of human behavior and context, lacking empirical support. Instead, Dr Aboujaoude proposes a shift towards viewing leadership as a state of mind, emphasizing psychology over pseudoscience and recognizing individual uniqueness. This reframing calls for a departure from the business school model of leadership, advocating for a more personalized and nuanced understanding rooted in psychology and character. Dr. Aboujaoude’s Value Creators podcast discussion with Hunter Hastings delves into the often-overlooked role of followership, critiquing the prevalent focus on grooming leaders at the expense of valuing followers. It emphasizes the importance of acknowledging followers as essential components of effective leadership and calls for a more balanced perspective that appreciates their contribution. Additionally, the conversation touches upon the significance of empathy and humility in leadership, advocating for emotionally intelligent and empathic leaders who understand the role of luck and serendipity in their success. Overall, the discourse prompts a critical reflection on current leadership culture, urging a reevaluation of conventional wisdom and a renewed focus on psychology, individuality, and genuine concern for both leaders and followers alike. Resources: Connect with Hunter Hastings on LinkedIn Connect with Dr. Elias Aboujaoude on LinkedIn To Read, Sample, and Buy the Book on Amazon: A Leader's Destiny: Why Psychology, Personality, and Character Make All the Difference Show Notes: 0:00 | Intro 0:18 | Leadership Industrial Complex. 2:56 | Supply Demand Analysis: How Did Leadership Manufacturing Start 4:44 | Crisis: Leadership Demand Mismatch 8:59 | Attention Economy: Impact on Leadership 11:52 | Redefining Leadership: Psychology Perspective 17:34 | Leadership: Moving Beyond Formulaic Approaches 20:12 | Leadership Challenges: Left Hemisphere Dominance 22:45 | Individual Uniqueness vs. Formulaic Approach 24:46 | Charisma 30:05 | Fostering Effective Followership 32:18 | Distributed Leadership 34:42 | Leadership-Free Concept: Network Structure 35:40 | Culture 40:38 | Cultural Reflection: Emphasizing Empathy 43:34 | Luck and Serendipity 46:34 | Whether Elias is Optimistic OR Not? 49:00 | Wrap-Up: A Leader’s Destiny Book

Entrepreneurship can be learned via philosophy and principles: cultivating an entrepreneurial mindset, fostering adaptability, and problem-solving skills, and embracing dynamic market processes. Mark Packard, Professor Of Business And Entrepreneurship at Florida Atlantic University and Director of the Madden Center for Value Creation, contrasts entrepreneurial business education with traditional business paradigms. An entrepreneurial curriculum focuses on dynamic market processes and the pivotal role of the entrepreneur in the capitalist market system. Mark proposes experiential learning, where students engage with real-world challenges, fostering adaptability and problem-solving abilities crucial in today's rapidly changing business landscape. Mark emphasizes the broader impact of entrepreneurial thinking, spanning industries such as healthcare, where innovative models like direct primary care challenge established norms. By integrating philosophical insights and subjectivism, entrepreneurial education can cultivate a mindset of continuous learning and value creation. Mark underscores the importance of introspection and experimentation in breaking free from conventional thinking patterns. Ultimately, the conversation highlights the transformative potential of entrepreneurial education in fostering innovation, adaptability, and societal change across all sectors. Resources: Connect with Hunter Hastings on LinkedIn: Connect with Mark Packard on LinkedIn: Check out The Value Creators Online Course by clicking here. FREE PDF: 26 Ways To Think Better about Business. Mark Packard: Entrepreneurial Valuation: An Entrepreneur’s Guide To Getting Into the Mind of Customers Show Notes: 0:00 | Intro 0:18 | The Next Management: Reinventing Management for the Digital Age 6:33 | Subjectivist Thinking: Shifting Mindset for Business Innovation 7:46 | Prioritize Customer Experiences over Finances 9:59 | Reverse Engineering 12:01 | Systems Thinking Approach: Business Role in the Customer's Lives 15:14 | Applying Austrian Economics in Business Education 18:47 | Austrian Theory was Always Focused on Complexity 20:21 | Marsha's Degree in Business 22:19 | Learning Experience 24:14 Can AI Simulations Foster Dynamic Entrepreneurship? 26:25 | Transforming Company Culture Through Entrepreneurial Hires 31:32 | Core Principles: Understanding Value, Empathy, Creativity 34:14 | Full Use Cycle 35:53 | Empowering Diverse Skill Sets for Business Impact 35:54 | History/Philosophy Grads Excel with a Value Creation Mindset 40:05 | Revolutionizing Healthcare Through Value-Driven Practices 41:37 | Wrap-Up

Disciplined entrepreneurship refers to an approach to starting and growing a business that emphasizes rigorous application, methodical processes, and practical tools to achieve success. This concept, discussed by Bill Aulet in his book "Disciplined Entrepreneurship", involves systematically identifying needs, customers, and markets, validating ideas and experiments, and executing plans with discipline and focus. It includes understanding customer needs deeply, developing innovative solutions, and creating value in a structured manner. By following disciplined entrepreneurship, entrepreneurs can increase their chances of building sustainable businesses and navigating the challenges of the rapidly changing market landscape. Bill Aulet and Hunter Hastings discuss various aspects of entrepreneurship, focusing on proven methodologies (Bill has multiple successful launches from the MIT incubator as case studies) and practical approaches to building successful businesses. They emphasize the importance of understanding customer value, rigorous market research, and adopting innovative business models tailored to customer needs. Bill emphasizes the significance of a beachhead market strategy over traditional total addressable market calculations and he emphasizes that there the primary challenge to entrepreneurs to identify customers' top priorities, fears, and motivations, aligning their value proposition accordingly. The dynamic landscape of entrepreneurship in the digital era is characterized by the emergence of innovative pricing strategies, such as dynamic pricing and subscription-based models, which present novel opportunities for value realization. Resources: Connect with Hunter Hastings on LinkedIn Connect with Bill Aulet on LinkedIn MIT: entrepreneurship.mit.edu To Read, Sample, and Buy the Book on Amazon: 1st Edition: Disciplined Entrepreneurship: 24 Steps to a Successful Startup, 1st Edition 2nd Edition: Disciplined Entrepreneurship: 24 Steps to a Successful Startup, Expanded & Updated Show Notes: 0:00 | Intro 2:43 | The Big Picture Principles: What is a Mindset? 6:44 | Entrepreneurship as a Craft and Not a Science 9:06 | Learning Entrepreneurship: Can Entrepreneurship be Taught in Corporations? 10:54 | Can you Teach Google Enterprenerurship? 16:13 | Innovation in Business Education: Inside or Outside Academia? 18:21 | Breaking Down the Structure of Book: Disciplined Entrepreneurship 22:57 | Case Studies 24:13 | Know the Customer 27:02 | Beachhead Market: Find your Beachead 28:37 | Concept of a "Full Cycle Use Case” 31:20 | Academia: How Customers Determine Value? 35:00 | Business Models 37:09 | Pricing 39:43 | Is America Still an Entrepreneurial Society? 43:50 | Wrap-Up

Capitalism fosters widespread prosperity. But we must acknowledge a set of emerging hazards associated with corporate management practices, and take proactive measures to mitigate such risks. The hazards that have transformed capitalism over time are vividly described in Aberrant Capitalism: The Decline and Revival of Customer Capitalism, authored by Hunter Hastings and Steve Denning and published by Cambridge University Press. In this episode of The Value Creators podcast, Hunter shares capitalism's journey from an external orientation, where customers and their needs were the focus of business activity, to a more internalized orientation, where management processes, methods and measures became the focus. The customer-centric approach of the first great corporations of the nineteenth century reflected the vision and purposes of owner-entrepreneurs using their own capital. But over time, these entrepreneurs left, and a debt and equity finance model took over in the twentieth century. Success became synonymous not with happy and satisfied customers but with stock market performance and shareholder value. This shift represents an undermining of the original animating spirit of capitalism. However, Hunter expresses guarded optimism about the emergence of new business models in the twenty-first century, embodied by companies like Apple and Amazon, which prioritize direct customer engagement and long-term growth over short-term financial gains. Despite this optimism, the conversation acknowledges the challenges and risks associated with contemporary capitalism, including dehumanization of labor, data privacy concerns, social media's impact on mental health, and the rise of monopoly power. Hunter emphasizes the importance of preserving the positive aspects of capitalism while addressing these issues, calling for a reassertion of the values that underpin the system. Hunter concludes with a call to action for readers to engage with the ideas presented in the book and work towards a capitalism that prioritizes customer value, innovation, and societal well-being while remaining vigilant against its potential pitfalls. Resources: Connect with Hunter Hastings on LinkedIn. Check out the book Aberrant Capitalism. Buy the Book on Amazon: Aberrant Capitalism (Elements in Reinventing Capitalism) Aberrant Capitalism on the Cambridge University Press

Sustainability in the food supply chain has become a vital consideration for the resolution of food chain risk. It’s also become a mission for some food producers and distributors and for some food brands, it’s become a marketing mandate. Maisie Ganzler has been orchestrating the critical alignment required for the pursuit of sustainability in the food supply chain and articulating the crucial alignment between marketing and operations. Maisie perfected the concept of organizational support for sustainability, highlighting the creation of specialized roles like the "forager" to facilitate local sourcing initiatives and overcome procurement obstacles. She introduced metrics and tools to track sustainability goals using tools. Passion supplies energy but it’s ineffective without leverage, pointing to procurement decisions and organizational culture as key leverage points. Flexibility and adaptability - versus ideology - are essential traits in responding to evolving challenges and opportunities in sustainability efforts. Maisie Ganzler delves into the relationship between personal health and sustainable dietary choices, highlighting the alignment between whole foods consumption and planetary health goals. By integrating marketing, operations, and organizational support, businesses can navigate challenges, build strong relationships, and drive meaningful change toward a more sustainable future. Resources: To connect with Maisie: Maisie Ganzler Find out more about Maisie Ganzler: maisieganzler.com To Read/Buy the book: You Can’t Market Manure at Lunchtime To buy the book on Amazon: You Can't Market Manure at Lunchtime Show Notes: 0:00 | Intro 01:57 | You Can't Market Manure at Lunchtime: Maisie Ganzler Defines Sustainability 04:38 | Consumer-First: Flavor as Key Benefit 05:26 | Mission is Actionable Steps 07:02 | What Purpose is About? 08:27 | Bon Appétit Management Company: Business Side 10:31 | Who is Your Customer? 12:25 | Subjective Values 14:54 | Tradeoffs: Most Challenging 17:29 | Pick One Narrative 19:34 | How Do We Get Our Stories Straight? 21:29 | Marketing is Communication 23:08 | The Forager: Deeper Relationship 25:33 | Scaling Corporation 27:26 | Measurement in General 31:18 | Passion 32:34 | You Can Make a Difference: Empowering Through Collaboration 35:47 | Adaptability: Don’t Be Rigid 38:07 | Safety: Eat Lancet Report 39:41 | Wrap-Up: When Will the Book Be Published?

David Kong discusses his transition from Finance to Entrepreneurship and the process of building a supply chain for a product with exclusive features, such as thin, and handcrafted glasses. He explains how he searched for manufacturers, tested samples, and addressed production issues. Despite challenges with finding warehouses and improving packaging, Kong emphasizes the importance of creating value for customers. He shares insights on the emotional value of Glasvin stemware, its impact on the drinking experience, and the evolution of consumer preferences in the wine industry. Additionally, Kong discusses his direct-to-consumer (DTC) model, marketing strategies, and the significance of inbound sales for Glasvin. Throughout the conversation, Kong underscores the value of efficient operations, strategic partnerships, and customer-centric approaches in building and scaling a successful business like Glasvin. Resources: Database and Analytics company: SOMM.AI Glasvin (Manufacturing company) David Kong on LinkedIn Shownotes: 0:00 | Intro: Origin Story and Entrepreneurial Mindset 02:12 | Origin Story and Entrepreneurial Mindset 05:05 | Idea of Somm.AI Came From Experience 06:19 | How Did Personal Interest Evolve into a Business? 09:18 | Value Proposition for B2B Users: Benefits and Analytics 10:47 | Big Claim: Largest Updated or Updating Database of its Kind 12:49 | Attracting High-Price Point Luxury Wines 13:43 | Global Database 14:28 | Glasvin: Origin Story 19:07 | Building a Supply Chain 23:03 | What's The Emotional Value of Glasvin? 25:36 | Evolution of Desired Experiences is Fascinating 27:26 | How Did Packaging Evolve 29:25 | Direct-To-Consumer Model 30:44 | B2B Business: Selling to Business Customers 34:45 | Conferences: Getting in Touch with Restaurants 37:53 | Wrap-Up

How do the value creation principles of subjective value, entrepreneurship and creativity apply in a highly technical rules-based environment like SOC Compliance audits. These are objective validations of data security measures based on customer-defined criteria similar to traditional financial audits but more specific and subjective. The answer lies in the understanding of customer needs. Mike DeKock, CEO of MJD Advisors, an SOC auditing firm, has the insight: the customer seeks confidence - a feeling that they can approach their own clients with the assurance of providing the data security that they demand. Trust, reliability and commitment are the underlying values - emerging from technological rigor, at a much higher level of human need. Mike discusses the evolution of compliance services and the changing landscape within the industry, and explains the importance of continuous compliance and how his company aims to provide ongoing support and guidance to clients throughout the year, for continuing reinforcement of the client’s feeling of confidence. He recognizes the value of building relationships with clients, helping them navigate compliance challenges, and fostering organizational improvement. He sees value in creativity, curiosity and collaboration, and the need for continuous learning and adaptability in a rapidly changing industry. At MJD Advisors, there is a passion for helping clients find simple solutions to complex problems, emphasizing the satisfaction derived from making a meaningful difference in their businesses. Resources: MJD Advisors: mjd.cpa Mike DeKock on LinkedIn: https://www.linkedin.com/in/mike-dekock-7325a654/ Shownotes: 0:00 | Intro 02:13 | SOC Compliance: Mike Shares His Business Field Growth Journey 03:21 | Regulatory Audit Requirement is Optional 05:09 | Client’s Confidence is Subjective Essence 07:51 | Value Proposition 10:08 | Confidence Area: Empathy-Driven Insight into Client Needs 12:09 | Confidence Meter: How to Measure it? 13:49 | Trust Measurement 15:16 | Data Security 18:05 | Business Model: Client-Centric Excellence 20:01 | Trust and Confidence: Some Companies View Audits as Mere Costs 22:08 | MJD Advisors: Exceeding Client’s Expectations 23:07 | Hiring: Interesting People VS Hard Stats 25:27 | Helping Clients Find Simple Solutions to Complex Problems 27:32 | Future Unpredictability Adds Complexity 29:20 | Entrepreneurial Ethic 30:40 | Wrap-Up

Jeff Amerine and Hunter Hastings, discuss the detailed process of building startup ecosystems and fostering entrepreneurship. Jeff Amerine, emphasizes the role of entrepreneurs in spearheading ecosystem development, suggesting that successful ecosystems are entrepreneur-led initiatives. Leveraging available tools and resources, including AI and cloud computing services, has democratized entrepreneurship, making it more accessible and efficient than ever before. Jeff highlights the significance of engaging universities in the ecosystem, tapping into the talent pool of students, and fostering an entrepreneurial mindset from an early stage. Despite the challenges of scalability and trust-building, Jeff discusses the expansion of his organization's footprint beyond Arkansas, aiming to bridge international venture ecosystems. The long-term commitment required for ecosystem development, emphasizes the transformative potential of entrepreneurship in driving economic growth and societal change. Resources: Startup Junkies Consulting Website: startupjunkie.org Startup Junkies Book: creatingstartupjunkies.com Show Notes: 0:00 | Intro 02:31 | How Jeff Defines Enterpreneurship? 03:55 | Entrepreneurial Ecosystem: 4 Pillars 06:53 | Entrepreneurship Not Only a Mindset But Also a Talent 08:34 | Cultural Perspective: Assessing Startup Ecosystem Readiness 13:40 | Capital is Hard to Break into for Startup Ecosystems: Capital Pillar 15:58 | Early Capitalism: Self-Funded Growth 16:32 | Community Engagement: Local Bank Support for Startups 18:58 | Startup Junkies Could Be Economic Developers 20:40 | Access to AI Tools Simplifies Startup Initiation 22:12 | Universities Play a Vital Role in Startup Ecosystems 24:33 | Operational Side of Entrepreneurial Support Organization 27:18 | Funding Process and Events 30:19 | Networking Defined 32:45 | Time: Sow Seeds, Be Patient 36:05 | Systemize OR Stay Entrepreneurial? 38:00 | Wrap Up

In this episode of the Value Creators Podcast, dive deep into the classic battle between market-driven innovation and centrally planned industrial policy with our esteemed guest, Christian Sandstrom, a leading voice for individualism and free-market solutions and author and professor at Jönköping International Business School and the Ratio Institute in Sweden. In this conversation, we unpack the government's grand “moonshots” and “missions” which claim to solve societal challenges but always miss the mark due to bureaucratic inefficiency and a central planning approach that negates the potential of market dynamics. Learn why centralized missions such as the cancer moonshot or the war on homelessness can become drains on public funds while failing to deliver meaningful progress, and the importance of fostering an entrepreneurial society where markets create value and select the best solutions organically, rather than imposing 'one-size-fits-all' government-led directives. This episode is a treasure trove for anyone interested in the interplay between innovation, the economy, policy, and technological advancement! Christian Sandstrom's Books: Moonshots and the New Industrial Policy Questioning the Entrepreneurial State Episodes Mentioned: Christian Sandström: Why Governments Can’t Act Entrepreneurially

Hunter Hastings and Kartik Gada discuss the transformative dynamics of the digital economy and its profound implications for society, economics, and governance. Kartik Gada provides a compelling analysis of how the exponential growth of the high-tech sector is reshaping traditional notions of supply, demand, and pricing, highlighting the unique characteristics of digital goods that defy conventional economic models Through a deep dive into the future of taxation, entrepreneurship, and individual specialization, they explore the disruptive potential of AI and automation in revolutionizing the way we work, create value, and interact with the economy. Kartik emphasizes the significance of cybersecurity and ethical considerations in the digital age, and the use of technology to ensure fairness and safety for all participants. Resources: Book: ATOM: It is time to upgrade the economy ATOM on YouTube Kartik Gada on LinkedIn

Professor Raushan Gross, who teaches Business Management And Leadership at Pfeiffer University, has focused his most recent research on the impact and influence of A.I. on entrepreneurship. He published some of this research in a series of articles at mises.org. One of them links A.I. to The Wealth Of Nations, and, of course, the wealth of nations is driven by entrepreneurship. From this vantage point, Professor Gross identifies the multifaceted impact of AI on society, economics, and business strategies, advocating for a paradigm shift in management thinking to adapt to technological advancements. Show Notes: 0:00 | Intro 2:27 | Exploring AI's Impact on Entrepreneurship 7:18 | Can AI Surpass Human Entrepreneurship? 8:48 | Exploring AI as a Service and AI Stacking 12:08 | AI as a Team Member in Entrepreneurship 15:10 | Small and Medium Businesses Can Embrace AI for Strategic Advantage 17:13 | Transition to Autonomous Decision-Making with AI 21:13 | Concerns on AI Centralization and Oligopoly 25:15 | Adam Smith: Global Scale AI is the Wealth of Nations 26:40 | Elon Musk on Value Creation: the Value Meter 29:14 | Does AI Redefine Management by Value Metrics? 32:14 | Wrap-Up: Rethinking Management in the Digital Age

Chet Richards discusses the intersection of military strategy and business leadership, offering valuable insights for navigating complex environments. Emphasizing the importance of agility and adaptability, Chet explores Colonel John Boyd's OODA Loop concept, highlighting the need for continuous observation, orientation, decision-making, and action. He underscores the role of leadership in shaping organizational culture, driving innovation, and maintaining an external focus for sustained success. The idea of being "certain to win" is derived from Sun Tzu's teachings, emphasizing the importance of constant self-evaluation and continuous self-improvement, conducted from an external perspective. Resources: Chet Richards on LinkedIn Certain To Win: The Strategy of John Boyd Applied To Business Zen Mind: Beginner's Mind: 50th Anniversary Edition Show Notes: 0:00 | Intro 3:00 | Chet’s Perspective of Strategy: Strategy is about people 09:22 | Vision: Attraction and Uplifting Spirit 17:08 | Centrality of Time in General 25:14 | Helping Companies with Reorientation: Many-Sided Implicit Cross-Referencing 29:15 | Old and New Experiments and Allocating Resources for Success 33:34 | Ambi Dexterousness: Chaos Theory, It's Called Explore and Exploit 41:52 | Culture as Opposed to Organization 42:24 | Wrap-Up: Culture as Developing External Focus and Acting on It

Adaptive entrepreneurship refers to a dynamic approach to business leadership and business practice that embraces continuous learning, rapid adaptation, and the creation of novel ideas. Mark McGrath and Hunter Hastings discuss the critical aspects of adaptiveness in dynamic environments. They explore the aftermath of failure to adapt to nonlinear external change. The conversation emphasizes the importance of the shift from traditional management to adaptive leadership, as defined by a fusion of entrepreneurial economics and John Boyd’s unique approach to “the whirl of reorientation”, and focusing on the importance of influencing and inspiring collaboration, as contrasted with managerial control. Mark McGrath highlights the role of appreciation leadership, recognizing the worth of ideas, and fostering human interaction. He advocates for continuous reinvention and the active creation of mismatches to outpace competitors. Entrepreneurs need to embrace adaptive systems, prioritize human-centric leadership, and leverage novel ideas for sustained success in ever-changing business landscapes. Resources: AGLX - Consulting & Coaching Group: aglx.com Mark McGrath on LinkedIn: https://www.linkedin.com/in/markjmcgrath1/ Show notes: 0:00 | Intro 01:50 | Rethinking Management Amid Uncertainty 04:23 | Entrepreneurship: Navigating Uncertainty for Value Creation 06:38 | Entrepreneurship as a Continuous, Never-Ending Process 08:50 | Massive Mismatch: Preserving vs. Exploring New Futures 14:16 | Disruptive Innovation 15:19 | Entrepreneurial Method as Continuous Ongoing Loop of Value Creation 20:21 | Idea of Entrepreneurial Intent 22:42 | Positive and Negative Feedback: Feedback Loop 25:12 | Organizational Structure and Empowerment in Business and the Military 34:56 | Quantification VS Qualitative Analysis 38:02 | Rethinking Management VS Embracing Adaptive Systems 39:20 | Wrap-Up: Mark McGrath’s Concept of Leadership

Mental models are defined as fundamental assumptions that shape the way individuals perceive and interact with the world. When our mental models are wrong, we can’t see the world as it really is. New mental models introduce a new and better understanding. This episode of the Value Creators podcast introduces eleven fundamental mental models, ranging from understanding value as a subjective creation within the minds of customers, to the strategic accumulation of knowledge within a firm, to the pivotal role of empathy and the transformative nature of marketing as behavior. Each mental model contributes to a new holistic paradigm designed to guide entrepreneurs in creating sustained value. Mental models contribute to the necessary shift in business mindsets towards a dynamic approach that emphasizes the continuous flow of experimentation and the ongoing refinement of knowledge through error correction. Resources: Hunterhastings.com Shownotes: 0:00 | Intro: Choosing Right Mental Model for Success 02:43 | Mental model Number 1: Value is Created by the Customer 04:07 | Mental Model Number 2: Knowledge 05:13 | Mental Model Number 3: Empathy 06:23 | Mental Model Number 4: Marketing 07:26 | Mental Model Number 5: Design 08:15 | Mental Model Number 6: Innovation 09:30 | Mental Model Number 7: Entrepreneurship 11:08 | Mental Model Number 8: Finance and Accounting 12:13 | Mental Model Number 9: Organization 13:08 | Mental Model Number 10: Business is a Flow 14:05 | Mental Model Number 11: Knowledge Accumulation 15:20 | Wrap-Up: Value Creation For Customers

Visual design is an important element in value creation, especially in telling a brand’s or a business’s story in a way that engages with customers and communicates shared values. Visual designers are multi-talented artists and storytellers with an acute understanding of customers and their emotional responses to visual cues. Our guest this week is Jacqueline Porter, an accomplished professional in her field and a very successful business owner in her own right. We explored the business of design and creativity from the challenges within design education, and the drawbacks of rigid design frameworks and the value of subjective, creative approaches. A notable reference to a transitional figure in design Steve Jobs shows how simplicity and creativity - rules and no-rules - can work together. The conversation moves to the realm of implementation in branding, exploring the delicate and shifting balance between fixed and flexible elements. Jacqueline advocates for constant evolution, telling a story with a dynamic interplay between exploration and exploitation for sustained success. Consistency is achieved with creativity, empathy, and adaptability. Resources: https://www.jacquelineportercreative.com/ Shownotes: 0:00 | Intro 02:28 | Jacqueline's Defines Visual Design: Inclusions, Exclusions and Importance 03:54 | Nike Example: What Represents a Good Design? 05:32 | Jacqueline on Branding: Advertising's Impact 06:54 | Professional Approach: Visual and Wood Synergy in Business 09:28 | Clients Don't Know What They Want: Process VS magic 11:02 | Lum Spirits Story 15:51 | Color Palette: First Step for Visual Representation of Lum Brand 20:09 | Visual Design Mastery: Empathy, Psychology and Branding 21:23 | History of Rules VS No Rules 22:54 | Newtonian Economic Thinking and Bauhaus Analogies 24:42 | Steve Jobs Simplicity is a Transitional Example 26:27 | Designer Examples: Getting Outside of the Box 29:05 | Crack is Wack 32:22 | Implementation of Design 34:50 | Wrap Up: Fixed and Flexible Idea