“Getting 100,000 miles out of a car in the 1970s was cause for celebration,” economist Steven Horwitz wrote in a 2015 paper. “Not getting 100,000 miles out of a car today is cause to think you bought a lemon.”
The new model-driven business has no organization and no process. It has data, algorithms and models, continuously learning and improving based on consumer input, without the hands or preferences or slow decision-making of managers and executives or the concrete pathways of business process software getting in the way.
Efficiency, effectiveness and financial and business performance no longer have anything to do with size or scale. The entire economics of scale have changed. What we learned in school no longer applies. We need to unlearn it if we are to have any hope of understanding the future.
In 1517, Martin Luther challenged the incumbent system of the world. Today, there is another fundamental system under challenge: the credentialism of higher education
Entrepreneurs are theorists of the future. Theories are counterfactual. They are not based on data or research. They can’t be, because you can’t research what doesn’t exist. Theories open up previously unseen paths.
Freedom and the free enterprise economy need to find their own intellectuals who can escape 19th century socialist ideas, and make the application of technology to help the weakest in a free society once more an intellectual adventure, and a deed of courage.
Entrepreneurs are individuals with novel theories about the future. Theorizing is not the mere processing of existing data. It’s not analytical (that’s what machines do). It’s uniquely creative. It’s an act of supposing, conceiving and considering new possibilities.
Calling owner-managers of very small businesses “self-employed” is doing all of society a disservice. Employment is the assignment to carry out specific tasks (or produce a set of fairly standardized outcomes) within an existing business. Entrepreneurs must create value. They can’t offer standardized goods or services in a standard way.
We’ve been persuaded to think of Silicon Valley as a pinnacle of innovative technologies and the home of the leaders of the tech revolution. George Gilder thinks they’re delusional and will soon be replaced.
Kids are not going to be able to relate to terms like time preference and opportunity cost. The words aren’t right for them. And the concepts are too abstract. They need to be clearly grounded in a world that kids understand. A different creative strategy is needed. Enter The Tuttle Twins.
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