Business Archives

Adam Smith’s Theory of International Trade: It’s About Freedom

Do embargoes lead to smuggling? Does trade benefit both countries? Is a trade deficit a bad thing? Adam Smith disagrees with restricting international trade for three reasons. He argues that it incentivizes smuggling, redirects domestic capital towards inefficient industries, and prevents countries from entering into mutually beneficial trade relationships. Continue reading for an overview of Adam Smith’s theory of international trade.

Grow Your Customer Base: 3 Network Effect Strategies

Why is it important to grow your customer base? What are some ways to attract new customers? In The Cold Start Problem, author Andrew Chen explains how to establish and grow a business from scratch based on the network effect business model. According to him, if you want to grow your customer base, it’s important to understand how the network effect works in business growth. Read on to learn three strategies to grow your customer base, according to Chen.

Critiquing Regulated Markets: Adam Smith Calls Out 2 Policies

What happens when the government meddles with the economy? What do regulated markets produce (or fail to produce)? The development of a nation’s wealth depends on competitive markets in which participants are free to act in their own self-interest. In The Wealth of Nations, Adam Smith identifies government policies that interfere with this process and slow down economic growth. We’ll explore two regulated market policies that Smith critiques: restricting international trade and subsidizing industries.

How to Expand Your Business With the Network Effect

Want to know how to expand your business for rapid growth? How can you achieve “Growth Explosion?” According to venture capitalist Andrew Chen, Growth Explosion is what happens when you build enough subnetworks to become a legitimate competitor to the current industry leader. Chen offers three methods to expand your business rapidly in his book The Cold Start Problem. Read on to learn how to expand your business rapidly, according to Chen’s three methods.

How to Manage Rapid Business Growth: 3 Common Issues

Want to know how to manage rapid business growth? What are the most common issues of rapid-growth companies? According to Andrew Chen’s book The Cold Start Problem, once you’ve achieved rapid growth, you also inherit a unique set of problems. In the book, he explains how to manage rapid business growth by explaining methods for navigating the three most common issues you’ll encounter. Read on to learn how to manage rapid business growth, according to Chen.

The Market Leader Company Explained: How to Stay Ahead

What is a market leader company? How do you achieve and maintain market dominance? According to Andrew Chen’s The Cold Start Problem, a market leader company is one that has pushed through all the negative effects of growth, is earning massive profits, and is using the network effect to ward off competitors. Chen’s book provides examples of market leaders and how they achieve success. Read on to learn all about market leader companies, according to Chen.

What Is the Network Effect in Business & How Do You Use It?

How to Build the Next Trillion Dollar Business

What is the network effect in business? Why does it create rapid growth? How do you build a network-based business? In The Cold Start Problem, Andrew Chen explains how to leverage the network effect in business to build a rapid-growth startup. He claims the network effect gives entrepreneurs the power to build billion-dollar companies from the ground up. Read on to learn about the network effect in business and how to use it for growth, according to Chen.

Why Is the Price of Eggs Going Up & Is Collusion to Blame?

Why is the price of eggs going up? Why do some believe collusion is to blame? When will egg prices come down? The average price of eggs jumped 60% last year—one of the largest percentage increases of any food or service in the U.S. Some allege that the price of eggs is going up due to collusion between large egg producers taking advantage of Americans’ durable love of eggs to extract profits as high as 40%. Keep reading to learn why the price of eggs is going up and if we will see it go down in the near future.

The Buddha and the Badass: Book Overview

What is The Buddha and the Badass by Vishen Lakhiani about? What are the main takeaways of the book? Most people push themselves to work long, grueling hours, thinking this is what’s needed to achieve professional success. In The Buddha and the Badass, Vishen Lakhiani sets the record straight: “Hustling” won’t make you or your business successful. Read below for a brief overview of The Buddha and the Badass.

A History of Koch Industries: A Twisted Tale of Dark Money?

What causes have the Koch Industries supported over the years? What was behind the lawsuits against the company in the 1970s? Why did the Senate later investigate them? In Dark Money, Jane Mayer explores how a small group of extremely wealthy individuals, led largely by Charles and David Koch, have effectively legitimized far-right beliefs in America using their massive wealth. Koch Industries, the family business, has served as the engine behind the influence. Read more to learn about Mayer’s “dark money” history of Koch Industries from the 1970s to the 1990s.