What’s the difference between your competitive advantage and your comparative advantage? Plus, does the praiseworthy woman of Proverbs 31 have something to teach us about business? Hannah Stolze—one of our keynote speakers at the October 28 Business On Purpose conference—delves into these questions and discusses her new book, Wisdom-Based Business in this episode. We explore how the Bible’s wisdom literature can impact how you run your business and much more.
Hannah is the executive director at the Center for Faith and Innovation at Wheaton College and a professor of supply chain management at Lipscomb University. Her book, Wisdom-Based Business, was published in 2021.
— Old Testament wisdom literature is a rich source of counsel for you and your business
–The data from success in the world of business is “building a case for why Christians should believe the Bible.”
–An alternative paradigm for viewing the woman of Proverbs 31: wisdom regarding entrepreneurialism, business, profits, supply chains, employees.
–Proverbs 31 paints more than a purely domestic picture and includes imagery of battle and heroism in the original ancient cultural context.
–What’s the distinction between competitive advantage and comparative advantage and why does it matter for Christian business owners?
— Is your advantage just your price, or is your advantage your reputation (your witness), your people or your process? What are your company’s intangible resources?
–Hannah talks about how a purely competitive mindset (a purely cost focus) can weaken your business and your relationship with your suppliers, your customers and your employees.
–What can Christian business owners learn from Trader Joe’s? (Full disclosure: I had no idea what Hannah meant when she referred to TJ’s as “bougie food’)
–What happens when a company transitions leadership or ownership? Is there a risk to a company’s comparative advantage and firm culture during succession (sale or transition in leadership)?
–Matthew 25: how is your business preparing the world and others for the return of Christ?
–If you operate your business with a scarcity mindset, what can happen?
–Two reasons to avoid a scarcity mindset
–The inventory miracles in the Bible
Connect & Learn more:
Connect with Hannah: https://www.linkedin.com/in/hannah-stolze/
Get the book, Wisdom-Based Business.
Get more details and Register for the Business On Purpose conference.
Connect with Aaron: https://www.linkedin.com/in/aaron-groen/