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Economic thinkers have struggled to explain why some countries are rich and some poor. Early recognition of an important insight is attributed to Adam Smith’s description of the “undertaker” or “promoter” of a project who must be paid a profit to hazard his stock in an adventure. Others have expanded on these early thoughts with more nuanced understandings of the entrepreneur and the entrepreneurial process.
With the advent of more activist economic theories following John Maynard Keynes’ influence, economists have developed other insights into the market (exchange) process. One of those ideas is that economic expectations are rational. Economic agents generally understand their economic framework and rationally adjust their behavior based on past trends. Another is that when information is relatively robust, markets readily aggregate available information and recognize and eliminate price discrepancies quickly. Consequently, market inefficiencies are quickly recognized and arbitraged away. There are no opportunities ($20 bills) left lying on the ground.
But there is a conflict implied by these different economic insights. If markets are generally rational and efficient, how is it possible for entrepreneurs to find profit opportunities and innovate markets. Luckily, there is an answer to this and we can demonstrate it in a way that one can easily grasp. This presentation will do just that.
About the Speaker
Mr. John (Jack) Estill has been active in business for many years, starting his own general engineering contracting company in 1986, as well as completing several development projects. In 1999 he returned to college, receiving his MA in Economics from San Jose State University in 2006. He taught there part-time from 2007 until his retirement in 2020. He specialized in teaching the history of economic thought through classic readings, Austrian economics, and the economics of entrepreneurship. He continues to pursue his research and publishing. In addition, he provides business consulting services to small to medium sized companies focusing on business and product transitions. He is a long-time member of the local workforce board, Work2future, where he concentrates on youth education and training initiatives. He enjoys open track driving with his son, as well as rowing, reading, writing, and fly-fishing.
A key area where many companies don’t focus as much as they should – is expansion within their existing customers. Many companies focus, in some cases exclusively, on new customer acquisition. You should acquire new customers – but ONLY if there is an equal or greater focus on retaining and expanding your footprint within existing accounts. Focusing on the right side of the bowtie funnel – is exponential – and actually compounds, and is the fastest path to expanding your top and bottom line!
About Patricia Watkins
Patricia Watkins has extensive experience as an SVP and VP of Sales, regionally, nationally and globally in both startups in Silicon Valley and Fortune 500 companies – including HP, A&T, Teradata and NCR - where she led existing and startup teams. Patty has built sales organizations from $0 to $100 million+ in annual sales multiple times, grew one team from $500 million to over $800 million in sales in one year, transformed several sales teams from worst to first, and led many successful teams to significantly improved results. Patty has a wide breadth of experience leading sales teams in landing and expanding sales. She is the author of “Land and EXPAND” and “Driving More Sales,” both achieved Best Seller status on Amazon. She earned her BBA from the University of Texas at Austin and her MBA from Santa Clara University, graduating with honors from both universities.