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Effectuation as a prime for entrepreneurship learning: A case at University of Technology

Malefane Lebusa & Teboho Pitso. Effectuation as a prime for entrepreneurship learning: A case at University of Technology. Key issues in Entrepreneurship Education.

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Effectuation as a prime for entrepreneurship learning: A case at University of Technology

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  1. MalefaneLebusa & TebohoPitso Effectuation as a prime for entrepreneurship learning: A case at University of Technology

  2. Key issues in Entrepreneurship Education

  3. Effectuation is a set of decision-making principles entrepreneurs are observed to employ in situations of uncertainty. The alternative to effectuation is causality, which describes decision-making heuristics rooted in prediction. The two logics can be contrasted as follows: Causation: If I can predict the future, I can control it. Effectuation: If I can control the future, I do not need to predict it. effectuation : a primer

  4. While causal thinkers are like great generals seeking to conquer fertile lands (Genghis Khan conquering two thirds of the known world), effectual thinkers are like explorers setting out on voyages into uncharted waters (Columbus discovering the new world) Effectuation: a primer

  5. BIRD-IN-HAND PRINCIPLE Start with Who you are, What you know, Whom you now (not with pre-set goals) AFFORDABLE LOSS PRINCIPLE Invest what you can afford to lose-extreme case R0 I (Not expected return) CRAZY QUILT PRINCIPLE Build a network of self-selected stakeholders (Not competitive analysis) LEOMONADE PRINCIPLE Embrace and leverage surprises (Not avoid them) PILOT-IN –THE-PLANE PRINCIPLE The future comes from what people do (Not inevitable trends) EFFECTUATION principles

  6. Selecting between given means to achieve a pre-determined goal MI M2 M3 M4 M5 MANAGERIAL THINKING----- Causal Reasoning Given Goal

  7. Generating new means to achieve pre-determined goals MI M2 M3 M4 M5 Strategic thinking--- Creative causal thinking Given Goals

  8. Imagining possible ends using given set of means Imagined ends E1 E2 E3 E4 E5 ENTREPRENEURIAL THINKING- EFECTUAL REASONING M1 M2 M3 M4 M5

  9. Imagine the contrast between a chef to whom a specific menu is presented, and who only has to list the needed ingredients, shop for them, and then cook the meal (causal decision); and a chef who happens to find some ingredients in his cupboards, and some utensils in the kitchen, from which he imagines and produces a delicious meal (effectual decision) example

  10. Entrepreneurship is a contact sport… You have to get into the Game! CONCLUSION

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