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Startups

99 STASHED IDEAS

Leading Austrian economist Ludwig von Mises noted in his tome Human Action that “the ultimate source from which entrepreneurial profit and loss are derived is the uncertainty of the future constellation of demand and supply.'' What that means is individual entrepreneurs choose costs in the present to produce a product that must be sold in the near or distant future, whatever the market situation might be. That’s the uncertainty borne by the entrepreneur.

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Modern economics is a theory of the economy that leaves no place for the entrepreneur. So where should entrepreneurs turn to improve their understanding? The Austrian school of economics might be the answer.

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  • Hire intelligence over experience.
  • Take your time to hire the right guys. And if things are not working with new hires even after doing multiple interventions, fire them fast.
  • Sell your dream to prospective candidates. Hire those to whom it makes sense. .
  • Hire ordinary people who have done extraordinary things.
  • Hire people who can work better in teams. Give a person an exception to be an individual contributor if she is an exceptional talent.
  • On the finance side, hire CFOs who have gone bankrupt because they have seen what should not be done to become bankrupt.

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Advice to Young Managers and Leaders By Eric Schmidt

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Send company metrics through SaasGrid to be considered for an investment.

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