Strategy is not the formulation of a plan. It is emergent from a process of exploration and discovery. Austrian economics is the best guide for entrepreneurial firms to put in place the methods and organization that unleash the power of emergence. Matt McCaffrey joined Economics For Business for a detailed exposition of the Austrian approach to Business Strategy. Show notes: https://mises.org/library/matt-mccaffrey-austrian-business-strategy-part-1-emergent-not-planned "Emergent Strategy Process Map" (PDF): https://Mises.org/E4B_127_PDF Austrian Perspectives on Entrepreneurship, Strategy, and Organization by Nicolai J. Foss, Peter G. Klein, and Matthew McCaffrey: https://Mises.org/E4B_127_Book "Entrepreneurship and Firm Strategy: Integrating Resources, Capabilities, and Judgment through an Austrian Framework" by Matthew McCaffrey and Ulrich Möller (PDF): https://Mises.org/E4B_127_Paper1 "'When Harry Met Fritz': Rules as Organizational Frameworks for Emergent Strategy Process" by Nicolai J. Foss, Matthew C. McCaffrey, and Carmen Elena Dorobăț (PDF): https://Mises.org/E4B_127_Paper2