Andrew Frazier on Running Your Business

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Manage episode 295062724 series 1332693
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There’s a middle class of businesses that are the backbone of the economy. Professor Saras Sarasvathy coined that term, and we’re pleased to adopt it. These businesses sit between the big corporations of the major stock indexes and the VC-funded gazelles and unicorns of Silicon Valley and Silicon Hills. The watchwords for these backbone businesses are duration and durability. They last and prosper because they are well-run, following the entrepreneurial method. Entrepreneurship is usually portrayed from the perspective of ends: identifying unmet customer needs, creating new and innovative solutions, taking them to market, making a success. That’s all true. However, there is another perspective that comes from actually running a business, ensuring that operations are smooth and efficient, monitoring daily cash flows and monthly P&Ls, and managing people’s performance. Often, running a business requires an intensified focus on means. Cash flow, operations, employee performance — these are means, and running a business is a science of managing means. Business advisor Andrew Frazier helped us focus on means in this week’s Economics For Business podcast. Show notes: https://Mises.org/library/andrew-frazier-running-your-business "Running Your Business" (PDF): https://Mises.org/E4B_122_PDF1 Visit Andrew Frazier’s Website: https://RunningYourSmallBusinessLikeAPro.com Running Your Small Business Like A Pro by Andrew Frazier: https://Mises.org/E4B_122_Book "The Masterpreneur Playbook Summary" (PDF): https://Mises.org/E4B_122_PDF2

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