Mental models are defined as fundamental assumptions that shape the way individuals perceive and interact with the world. When our mental models are wrong, we can’t see the world as it really is. New mental models introduce a new and better understanding. This episode of the Value Creators podcast introduces eleven fundamental mental models, ranging from understanding value as a subjective creation within the minds of customers, to the strategic accumulation of knowledge within a firm, to the pivotal role of empathy and the transformative nature of marketing as behavior. Each mental model contributes to a new holistic paradigm designed to guide entrepreneurs in creating sustained value.

Mental models contribute to the necessary shift in business mindsets towards a dynamic approach that emphasizes the continuous flow of experimentation and the ongoing refinement of knowledge through error correction. 

Resources: Hunterhastings.com

Shownotes:
0:00 | Intro: Choosing Right Mental Model for Success

02:43 | Mental model Number 1: Value is Created by the Customer

04:07 | Mental Model Number 2: Knowledge

05:13 | Mental Model Number 3: Empathy 

06:23 | Mental Model Number 4: Marketing

07:26 | Mental Model Number 5: Design

08:15 | Mental Model Number 6: Innovation

09:30 | Mental Model Number 7: Entrepreneurship

11:08 | Mental Model Number 8: Finance and Accounting

12:13 | Mental Model Number 9: Organization

13:08 | Mental Model Number 10: Business is a Flow

14:05 | Mental Model Number 11: Knowledge Accumulation

15:20 | Wrap-Up: Value Creation For Customers