The Entrepreneur’s Economic Intelligence

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Economic Intelligence can be thought of as “the skill to understand the marriage of accessible evidences so as to lead the action in the direction of a wanted objective.” Wilensky (1967) describes the “organizational intelligence” as “the difficulty of bringing together, preparing, deciphering, and connecting of the material necessary for making decision.

The Entrepreneur’s choice is associated with executing decisions by finding out the finest option which can bring about important and realistic compensation. The notion of economic order must usually give solutions to issues facing societies: the purpose of the economy, the success of the elementary social and political goals and the productivity of all economic undertakings. The utmost paramount matter is the solution to the problem on how to organize the economic action of a large group of operators, so that the functional economic process which is established on the sharing of responsibilities and its organizationally carried out in different periods can be as operative as feasible?

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Significant fundamentals for economic process are not merely estimating and consuming and making sovereignty but also sovereignty of occupation. Hayek 1976 described the catallactic game as a welfare system in which the expansion of products and favorable outcomes leads to the satisfaction of the wants of the competitors based on the order, intelligence, potential or good fortune. This is a particular game that builds welfare as it gives intelligence to empower every competitor to have the right needs that are not unswervingly identified and whose survival could not be known by means of their own.

A spontaneous instruction needs, as a constraint of the force to put on the common procedures of good conduct, that this force is applied likewise to everybody. The entrepreneurial purpose needs the unearthing of business opportunities for income, built on people talents of predicting and examination of the information attained.

Entrepreneurs have to provide knowledge and the presence of cooperate sovereignty have to bring it in fulfilling the social and economic objectives and benefits. People skills and activity with regard to entrepreneurship is definite and its unique presence known by the degree of understanding and gathering of data at a given moment, instantaneously associated to the market driven economy. Every action entrepreneurial identifies, organizes and rejects social differences.

The entrepreneurial action of social organization keeps going in view of the fact that the fundamental social action comprises of the formation and spread of knowledge. The entrepreneurial process has to be connected to the need to forestall the impending formation of the setting of the act. Entrepreneurial activities that are founded on potentials add to a feasible market as customers select products rendering to favorites, conditions of delivery of consumer products and manufacturing. Opportunities for income, as in differences in price, are exploited by entrepreneurs and entrepreneurial loss is due to erroneous expectations of manufacturers and the overestimating of inputs.

According to the Austrian School of economic thought competitive markets are a social construct, consciously created by human action. Sustainable economic activity implies the existence of incentives for the processes of investment, production and savings, and its effect is equivalent to having a positive sum game. The increase in earnings for some entrepreneurs, while the general economic conditions are worsening, has the effect of gradually reducing revenues’ capacity to transform due to the fact that speculation are taking place of real economic growth processes

Economic intelligence as a reaction to such challenges have now been at the core of concerns looking ahead into the future of business and management across the board. Economic Intelligence deals with the set of perceptions, approaches and facilities that combine all the harmonized activities of investigation, achievement, action, packing and dissemination of information, pertinent to a person or association in the context of procedures. These procedures are comprehensible, perpetual and cooperative and be able to stimulate improvements in decision making approach.

The development of Economic Intelligence in corporations may influence all spheres of the market. Economic Intelligence, established on a set of organized approaches and tools, will bring about significant modifications in individual and cooperative behavior. The Economic Intelligence development is an endless, shared and recurrent procedure permitting rapid and well-organized modifications. Once the plan and structure is modified, the Economic Intelligence procedure must be evaluated and modified consequently.

REFERENCE

  1. Hayek Friedrich A. von (2008), “Price and Production and Other Works”, The Ludwig von Mises Institute, Alabama
  2. Hayek Friedrich A. von (1976), “Full employment at any price?”, Institute of Economic Affairs, London Hayek
  3. Friedrich A von (2009), “The use of knowledge in Society, in Individualism and Economic Order”, The Ludwig von Mises Institute, Alabama
  4. Hayek Friedrich A. von (1973), “Law, Legislation, and Liberty”, The University of Chicago Press, Chicago, Vol. 2
  5. Wilenski, H.L., “Organizational Intelligence: Knowledge and Policy in Government and Industry”, 1967, pp.3, New York
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The Entrepreneur’s Economic Intelligence. (2022, Jun 09). Edubirdie. Retrieved July 23, 2024, from https://edubirdie.com/examples/the-entrepreneurs-economic-intelligence/
“The Entrepreneur’s Economic Intelligence.” Edubirdie, 09 Jun. 2022, edubirdie.com/examples/the-entrepreneurs-economic-intelligence/
The Entrepreneur’s Economic Intelligence. [online]. Available at: <https://edubirdie.com/examples/the-entrepreneurs-economic-intelligence/> [Accessed 23 Jul. 2024].
The Entrepreneur’s Economic Intelligence [Internet]. Edubirdie. 2022 Jun 09 [cited 2024 Jul 23]. Available from: https://edubirdie.com/examples/the-entrepreneurs-economic-intelligence/
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