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A snapshot of the summary - Principles of Entrepeneurship
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1 Week 1: Effectuation
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1.1 Lecture 1A and B - Principles of Entrepreneurship and Effectuation
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What are 2 important facts about pursuit?
- Most successful start-ups are teams
- Research: you can learn it.
- Most successful start-ups are teams
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What are the 5
princepless of effectual reasoning? - Sarasvathy's principles- Bird in hand principle
- Affordable loss principle
- Crazy quilt principle
- Lemonade principle
- Pilot in the plan principle
- Bird in hand principle
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How do you prepare for dinner? Causation vs Effectuation
- Causation: plan for results and do groceries accordingly
- Effectuation: See what is in your fridge and make results
- Causation: plan for results and do groceries accordingly
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Causal (managerial) versuseffectual ( Entrepreneurial) reasoning. What is the difference and what overlaps?- C:
Selecting between given means to reach apre-defined goal - E: Imagining a possible end using a given set of means
Varies between situations, often combined- Less uncertainty allows for more causal thinking
- C:
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What is the 'Bird in hand principle'?
- Who am I? What do I know? Who do I know?
- Check your means and look at which next action you can do best
- Contrasts with: pre-set goals and opportunities
- Beer knowledge about gardening
- Who am I? What do I know? Who do I know?
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What is 'Affordable loss principle'?
- What are you willing to lose in order to get to the next step?
- Contrasts with: expected returns
- What are you willing to lose in order to get to the next step?
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What is the ' Crazy quilt principle'?
- Create an alliance of people that form a committed partnership; Co-creation
- Contrasts with: Competitive analysis
- Create an alliance of people that form a committed partnership; Co-creation
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What is the ' Lemonade principle' ?
- Contingencies are turned into benefits
- Embrace surprises instead of focusing on what-if scenarios and worst-case scenarios
- Contrasts: avoiding surprises
- Contingencies are turned into benefits
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What is the ' Pilot in the place principle' ?
- Prediction versus control
- Focus on activities within your control; Control the controllable
- Contracts with: the inevitable trends in the market.
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Wrap up: Effectuation theory: What it is and what it isn't
- IS: A way of thinking, a set of heuristics, doing the do-able, how to get the sellable products and services established
- IS NOT: a system to tell you what to do, an algorithm, 'not planning', a way to launch an entire business
- IS: A way of thinking, a set of heuristics, doing the do-able, how to get the sellable products and services established
- Higher grades + faster learning
- Never study anything twice
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The following topics are covered in this summary
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entrepreneurship, heuristics, broader
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proposition, segment, gains
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consumers, innovation, nutritious
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innovation, packaging, me-too
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markets, criteria, end-users
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opinions, fluff, generics
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vpc, how-to, no-nonsense
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interviews, proposition, nieuwsgierig
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defention, entrepreneurial, resilience
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competencies, effectuation, competence
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revenue, investor, aims
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innovation, entrepreneurship, elements