Reading through The Seen, The Unseen, and The Unrealized by Per L. Bylund, my eyes have been opened to a whole new perspective of what all goes into participating in the market of our world. Prior to this reading, I failed to ever consider the immense amount of thought poured into every action of every organization trying to be successful in the economy today. I have always known the huge role consumers play in controlling a vast amount of the market’s decision making, however I did not fully understand all of the work it requires to try and predict consumers’ future behavior in the way business owners must attempt to do in order to stay competitive. While the market cannot predict the future preferences of the consumer world, I found relief in knowing they can at least analyze previous statistics to make reasonable estimates of future consumer behavior for decision making in their company. With this in mind, I was surprised to read about how the market still has to refrain from taking past data into too much consideration, as the future will never perfectly replicate the past. Adding onto their workload, when the market must use old data and consumer behavior history to improve their efficiency, both sides must also be taken into consideration. Before any change may occur for the good of the market, one has to identify and understand every aspect of what went well, what went wrong, and what they can do better to spark change that will turn failure into success.
An additional factor to the economy I had not considered involves the “what-if” moments related to any potential accidents. The never ending cycle of potential, disaster scenarios discussed in the reading has left me in a state of worry for all of these business owners; I can only imagine how incredibly overwhelming it must be to persevere through the fear associated with the “what-ifs.” I say with sincerity, I have gained a new appreciation for all business owners in our society today due to the abundant amount of courage expected of them in order to be successful. I also have a deeper understanding of the bravery they possess to continue planning for a company’s future in a world full of accidents, ready to strike and ruin everything.
Satisfying consumers is an incredibly challenging task. As I read over the requirements of a proper exchange, I can’t help but wonder how our market is able to please both parties of an exchange in a society where preferences are constantly altering? In fact, I would argue our society does not even know what exactly they want, making exchanges more difficult. Although complicated and demanding, I am still able to reason with why our market must remain in a constant state of change. Without change, the market would completely avoid any chance of improvement and new advancements. Our world thrives on change and because consumers are constantly altering what they desire and the only way for the market to fulfill their wishes and achieve maximum profit, is to continue becoming bigger and better.
As exhausting it must be for the economy to change its system along with every change in consumers’ preferences, it is simply the best way to reach maximum revenue in the world we are faced with today. I feel very fortunate to have gone through this reading and develop a deeper understanding of the immense amount of factors our economy is faced with to remain the competitive, successful, and up-to-date market consumers see from the outside.
The entrepreneurs and business owners do face A lot of risk in their business. One of the common risk is being unable to predict the future -future customer behavior, future market behavior, future cost of production.
But then risk doesn't make you quit, rather you come up with strategies to minimize Loss, despite the risks