Entrepreneurship: Two Videos, One with 30,000 hits, the Other With 7 Million-- Same Video, but Different Audio Tracks
May 9, 2011
The entrepreneur can see an opportunity where most people can't. He risks capital to bring his vision to market. Success is not statistically predictable. It is guesswork. Call it intuition. Call it alertness.
To see this in action, watch these two videos.
The first one has had 30,000 hits. That's better than I would have guessed.
Not much to it, right?
Here is the same video with a different sound track. It has had 7,000,000 hits.
The difference is vision.
The second video added some voice-overs. Vision had to be implemented. But the key is not the voice-overs. They key is the idea of a talking dog.
It was not the labor of the voice-over artists that created most of the value. It was the idea of a talking dog.
Austrian school economics since the days of Ludwig von Mises has focused on entrepreneurship as the main source of wealth and economic progress. Other schools of opinion focus on other aspects.
These videos will help you to remember what the crucial component is: seeing what others do not see, and then acting on this insight.
For a cogent presentation of this idea, see Mises' essay, "Profit and Loss." http://mises.org/daily/2321