1. Pricing at a premium.

• Cost-plus pricing: You make the product, add a fixed percentage on top of the costs, and sell it for the total.
• Competitive pricing: It refers to using competitors’ pricing data as a benchmark and consciously pricing your products below theirs.

Pricing is one of the most important aspects of doing business. It is often the most difficult. Proper pricing is the difference between success and failure, between profit and loss. No matter what kind of company you’re trying to create, you will need to know how to price your product or service...

In standard economics models, competition is about offering the same or nearly the same goods competing on price. This is a terrible strategy for entrepreneurs, whose superpower is to facilitate value. Therefore, “Austrians” think of competition differenlty: It is about f...