Effectual Entrepreneurship, Study Guides, Projects, Research of Entrepreneurship

Download Effectual Entrepreneurship and more Study Guides, Projects, Research Entrepreneurship in PDF only on Docsity! Effectual Entrepreneurship Multimediadesign September 2021 What is entrepreneurship? Please discuss with you neighbor Saras Sarasvathy: The theory of Effectuation Describes an approach to making decisions and performing actions in entrepreneurship processes, where you identify the next, best step by assessing the resources available in order to achieve your goals, while continuously balancing these goals with your resources and actions. A brief guide of effectuation The four principles • Bird-in-Hand: You have to create solutions with the resources available here and now. • Affordable loss: You should only invest as much as you are willing to lose. • Crazy Quilt: Entering into new partnerships can bring the project new funds and new directions. • Lemonade principle: Mistakes and surprises are inevitable and can be used to look for new opportunities. Source: https://innovationenglish.sites.ku.dk/model/sarasvathy- effectuation/ The crazy quilt principle Form partnerships The effectuation logic also includes the principle of entering into collaborations and partnerships in order to bring new resources into the project. The principle of Crazy quilt emphasizes the value of collaborating with various types of partners who are willing to commit, rather than searching for potential partners who might not be available or motivated. Sarasvathy calls the type of partnership for Crazy quilt, because it is characterized by brightly colored and quirky patterns. The lemonade principle Leverage surprise Detours and mistakes are inevitable elements of entrepreneurship processes, and the entrepreneur must learn to work with them and identify the opportunities for development and learning that can arise in these situations. NS I) oals. AFFORDABLE LOSS GOALS ‘ey> INTERACTIONS COMMITMENTS NEW PRODUCTS, MARKETS, AND FIRMS New com" + ments Lel> oe belliee pe cals