![]() ![]() ![]() We might think of the concept of management in its industrial age guise of authority and hierarchy: some people “higher up” in the organization telling others “lower down” what to do. Management is co-ordination and orchestration, not authority and hierarchy. ![]() It’s not possible to manage the change in markets, but it is a necessity to manage resource allocation and productive activities inside the firm. Management is required inside the firm to adapt and respond to change outside the firm. It’s what Ludwig von Mises termed constant flux. They recognize that markets are in constant flux as a result of changing customer preferences, changing competitive activity, changing technologies, and changing conditions in business channels and in the economy. Entrepreneurial businesses don’t lock themselves in to 5-year strategies and annual plans. The essence of the adaptive entrepreneurial organization model is responsive change. ![]() Key Takeaways and Actionable Insights Management co-ordinates the constant flux of entrepreneurial business. ![]()
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