Effectuation

Question 1

What is the bird in the hand principle of effectuation

Answer 1

To start with a means assesment and then construct immaginned ends, look at what you can do before deciding what to aim for

Question 2

What is the affordable loss principle of effectuation

Answer 2

Focuse on minimizing the potential loss, not the potential upsides

Question 3

What is the crazy quilt principle of effectuation

Answer 3

To cocreate goods with selected stakeholders that are willing to precommit themselves

Question 4

What is the lemonade principle of effectuation

Answer 4

To leverage contingencies

Question 5

How does the effectuation thought cycle look

Answer 5

Refelct on capabilities => interact with stakeholders and abandone ideas that does not attract commitment => Create services but re reflect when new knowledge becomes apparent and the environment changes.

Question 6

What is the differenc between effectuation and causation

Answer 6

Causation espouses to create a detailed business plan, research oppertunites and raise investment first while focusing on expected return while effectuation is mostly the oposite. Begin with what you have, find early partners, focuse on minimizing losses and adapt goals based on feedback