BC Advantage - 2022 Issue 8

Thoughts Had...Lessons Learned ® The Selling of Marcus Welby, M.D. - Part 2

Part 2The basic economic business model as presented by Adam Smith in his book on capitalism, The Wealth of Nations, is shown below. Adam Smith was a Scottish social philosopher and political economist who wrote a major influential book on capitalism in the 1700s. You just never know where and from whom you are going to find your answers.Business Entity StakeholdersInvestor (Capital) - Investment/Risk-ReturnCompany (Product/Services) - Provide/SellWorker (Labor) - Time/CompensationCustomer (Buyer) - Pay For Goods/ServicesIn the model we are discussing here, separate from the "original company" (medical practice), a "new company" (NewCO) is created to be a "vendor"...

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