Tag Archives: Catherine Casson

What can medieval monks, a Norfolk cloth trader and a 19th century American railroad magnate teach today’s entrepreneurs? – by Catherine Casson

November 19, 2013

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Abingdon Bridge

photo credit: Biker Jun via Flickr cc

Entrepreneurial vision and creativity are increasingly seen as key characteristics of a successful economy; characteristics promoted by politicians and ones to which young people increasingly aspire. Entrepreneurial activity is often seen as the solution to periods of economic recession and an attribute that can enhance the competitiveness of a country in the global economy.

In order to be successful, entrepreneurs need access to appropriate information on which to base their judgments. Appropriate information limits unnecessary risks. It informs entrepreneurs on what innovations may be required in the future, and allows them to test the extent to which any ideas they have are truly original.

Yet how can entrepreneurs obtain the most appropriate information? To what extent can they identify the sectors that provide the greatest opportunities for entrepreneurship? Much focus is placed on consumer surveys and pilot product testing but these often require up-front investment and speculative long-term forecasting that may not be accurate. […]

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