Regulation is the main topic that Bylund is trying to hit on in this point of his book. Regulation is another very important topic to seriously consider when deciding whether or not to start a venture, or deciding how you would like to run your venture. It can be a very tricky topic to grasp, but it is very important to understand and learn some of these important aspects of regulation. Bylund begins to build on what was said to build on from some of the previous modules to help us better understand both the obvious and the hidden effects of regulation and how it pertains to entrepreneurship. Most importantly, this is where the idea of the unrealized is developed and described. Bylund begins by saying that regulation that doesn't work isn't interesting and that we should instead focus on the kind that does change how the market works.
He talks about the differences between the types of rewards and disincentives. Bylund gives an example of an individual who is a kind and wealthy policymaker, almost like a good king, who wants to solve society's problems by putting in place rules that, in his mind, will make everyone's lives better. Strangely, this character doesn't collect taxes. Instead, he uses his own money and political power to steer the market in the way he thinks is best for society. Bylund says that handouts should follow the rules, which is something very interesting to think about.
There are several reasons why regulations may be ineffective, but the outcome of ineffective regulation is the same: no or at least insufficient change.
Bylund is stating that ineffective regulation can be something that is very hard to work through and can cause a venture many problems because of the lack of change that it provides. I really like that he put this in here and it was a very good way to think about regulation and when it is ineffective.
Bylund's explanation of why market rules are even more detrimental than disasters for the economy is one of the most significant theoretical takeaways from the book, and it's also one of the most interesting. This can clear up some of the cloudiness that some young and even older entrepreneurs have on regulation, and how they can relate it to their own venture or even a future venture. This is the case due to the fact that regulation prevents development from taking place, whereas demolition abruptly returns the market to a stage in which it had the least amount of progress.
This realization effectively offers a line of reasoning that may be used to debate policies of any kind from a vantage point that is much distinct from the one that is typically utilized. It is possible that this could become part of a more extensive research program in the future, and it is very important that Bylund highlighted on this in this portion of his book.
Bylund emphasizes that the future cannot be known, but it can be imagined to some extent, and I think that this is a very important thing for an entrepreneur to understand, not closing doors to opportunities can be a big aspect. Opportunities can come from anywhere, and entrepreneurs are the best at taking opportunities and maximizing their potential in society. In order to imagine and create the future by coordinating the various production processes, it is the responsibility of the entrepreneur to rely on the abilities that he considers to be the most marketable and productive ones. This is the portion of the book in which Bylund describes how shifts in one segment of the market will bring about a chain reaction of additional shifts, and how many of those adjustments will take place in segments of the market that are not immediately connected to the segment in which the change initially took place. This is the part of the book where Bylund illustrates how something unexpected, like a broken window or a natural calamity, will have rippling effects that are typically unexpected. Particularly in this section, Bylund levels severe methodological accusations against the state of economics as it is now practiced, and how it has deeply impacted society in many ways.
...totality of exchanges affects how entrepreneurs anticipate that they will be able to satisfy consumer wants;...
Targeting the right times,and where to target can be a huge aspect of successful entrepreneurs, leading to more sales and satisfying consumers. Entrepreneurs have to make adjustments based on who or what they are targeting, making tough decisions and if done right, can lead to success in the future. Bylund also continues to highlight the importance of a good production plan, because often times, having a good production plan can save your company lots of time and money in the long run to make you more successful.
Bylund does a very good job of highlighting key aspects to continue to build on what he is trying to accomplish, building the next great entrepreneurs for the future.
