When we asked international technology entrepreneur Paul Tenney about the pre-requisites to entrepreneurial business success, he said, “Learn accounting” (Mises.org/E4E_49). Accounting — or economic calculation — is one of the four pillars of entrepreneurship. And when it’s viewed through Austrian eyes, it becomes a more powerful business tool than, perhaps, you might have realized. Whether we are talking about retrospective accounting (P&L accounting and financial reporting) or commercial pre-calculation to plan future actions (management accounting or cost accounting), how you use the tool makes a difference to the results you get. Our guest in E4E episode 51, Dr. David Rapp, is an international leader in the field of Accounting and Management Control, a subject he teaches at one of Europe’s top business schools. Show Notes: https://mises.org/library/david-rapp-harnessing-accounting-your-purpose "Accounting From an Austrian (Misesian) Perspective" (PDF): Mises.org/E4E_51_PDF Economics For Entrepreneurs is also available on... iTunes: https://itunes.apple.com/us/podcast/economics-for-entrepreneurs/id1453233518?mt=2 Google Play: https://play.google.com/music/m/Iz2umketq6fu5npyjpb57b7z2cq?t=Economics_For_Entrepreneurs Stitcher: https://www.stitcher.com/podcast/mises-institute/economics-for-entrepreneurs?refid=stpr Soundcloud: https://soundcloud.com/misesmedia/sets/economics-for-entrepreneurs Spotify: https://open.spotify.com/show/7A1kY8ksk1qL2oNf0i97Zp and via RSS: https://mises.org/itunes/735