Entrepreneurial Education

Learning Austrian economics though not the whole thing that will determine a successful business, ought to be considered as an important part in business preparation. There are other important matters to consider in preparing for business such as time, capital, and entrepreneurial ideas. 

Time is an important scarce resource that should be alloted wisely. Just recently I read an article from a veteran entrepreneur who has a great idea for business. However, since he is too old for such new project, he decided to share his idea hoping that a prepared mind with a lot of time would pick it up. 

Capital too is not easy to protect these days particularly with the kind of ideas popular in our time among mainstream intellectuals and bureaucrats and the kind of monetary system we have all over the world. The traditional way of saving your income for future prospect to better your life by investing your money to some ventures is facing a serious threat. As some advocates of financial literacy would claim that in today's economy, "savers are losers," and therefore big borrowers are the ones enjoying an unfair advantage. But for those who do not have an access for business capital even for a small home business, saving remains the only way. 

Entrepreneurial ideas are also necessary for those who are not satisfied with their existing salary. For by depending merely on regular salary, there is no way for an employee to protect his family from rising prices resulting from monetary inflation. And so in addition to the discipline of personal saving, a person must also have entrepreneurial ideas in starting either a small or a home business in order to supplement his income to provide for the needs of his family. However, entrepreneurial ideas do not guarantee success, but provide you a realistic assessment of what's going on in the real world. And so an important quality of an entrepreneur is the willingness to risk both his time and capital to achieve a more desirable future. 

Having a realistic assessment of both global economic situation and financial system, an entrepreneur has to educate himself continually in the Austrian school of economics. The body of literature is vast, and so patience is a necessary virtue. Just simply learning one idea at a time will put you in a more advantage situation than those who rush into starting their own businesses or those who have been misled simply because mainstream education did not provide them the necessary tools to see the real world. As a result, both their time and their financial resources will certainly be wasted once the increase in money supply accelerated. 

This blog aims to study Austrian economics one idea at a time, and I hope that increasing number of entrepreneurs will discover the mental tools provided by the Austrian school in the passing of days.