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0:00
Hello, I'm Jeremy Short,
the G. Brint Ryan Chair
in Entrepreneurship and
Professor of Management at
the University of North Texas
and I'm here to talk
about how do firms
differ in their use
of scarce resources?
0:16
One of the concepts
I always like to
think about in this subject of
managing resources is the
idea of famous fine artists.
For example, you might have
seen the famous picture
of Andy Warhol's
Campbell's tomato soup.
Recently one of those paintings,
one of those prints
sold for $12 million.
Some of his other work recently
has sold for over $70 million.
But the basic resources,
are paint, the creativity
of the artist,
the subject, and the art world
is one that's very
chaotic, very high risk.
We also think of many
starving artists.
In the same way that
I'm fascinated by this,
I really find it
interesting to think about
the resources organizations use
to put together their firms,
to put together
their corporations,
and try to differentiate
themselves from
their competitors.
Much like an artist tries to
differentiate their work
from that of others.
1:13
There are two basic
types of resources
intangible resources
and tangible resources.
Tangible resources include items
that can be touched
and quantified.
Cash, assets, the
physical buildings,
the brick and mortar,
as folks will call it, an
expression about things that
exist that are part
of the corporation.
Intangible resources
are much more ethereal.
Things like the
corporation's culture.
It's important that
organizations manage
both tangible and
intangible resources.
