Effectuation

 


1. Can effectuation also be used in companies? Or is it useful only for entrepreneurship? 
Yes, effectuation may be employed in businesses. Effectuation may also be beneficial for medium and large businesses. This is because effectuation is the process for making decisions in circumstances with predictive rationality, no longer works and the future is unknowable (Morales, 2020).


 2. What is the key difference between effectuation and other approaches in entrepreneurship? 
The key differences between the effectuation framework and other entrepreneurship frameworks are that effectuation focuses on reasoning from a given set of means to new imagined ends, while other frameworks may rely on up-front planning and causal reasoning (Morales, 2020).


 3. Are the effectual approach and the traditional (causal) approach mutually exclusive?
No, they may co-exist. Effectuation is not a replacement for the causal-predictive model. Certain situations call for an effectual approach while others for a causal approach. This is because decision-making is situational. 


 4. Does effectuation mean: "not planning"?
Effectuation does not mean not planning. Instead, it emphasizes a flexible and iterative approach to planning that embraces uncertainty and focuses on leveraging existing resources and partnerships to create opportunities. Planning requires specific goals and effectuation’s starting point differs from a specific goal. For the effectual approach, action begins with the available means the entrepreneur has, and those resources are the key input for gradually setting goals. 


 5. Are Effectuation and Lean Startup compatible? 
Effectuation and Lean Startup methodologies share 2 key assumptions. Uncertainty is not faced with more planning. Traditional models promote exactly the opposite: uncertainty is faced elaborating (even) more detailed plans and alternative scenarios. Next, development is always incremental. Both frameworks do not expect you to come up with the finest, ready, final version of a business model from the beginning. Lean and Effectuation promote iterative design over “big design upfront” development. 


 References 
 Morales, C. (2020, April 28). Effectuation in five questions. https://www.linkedin.com/pulse/effectuation-five-questions-dr-carlos-morales/ 

 

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