We live in exciting times that has seen a rise in Entrepreneurs who left dream careers to follow their calling. We have also see the downfall of most of them. So why does one fail in spite of the aspirations, business plan or support system? Is there a technique that one can follow to predict success? Can we learn it at school methodically like we learned Science and Math?
All about lessons in Effectuation.
Professor Saras explains what is meant by the term “effectuation”, and describes it as the lessons learnt by expert entrepreneurs. Expert entrepreneurs are not marked by their success, rather, what distinguishes them from the rest is the journey that have faced in entrepreneurship, ranging from failure to success and the lessons and insights that they have gained along the way. These lessons help such entrepreneurs develop new modes of thinking as well as new techniques and approaches, which do not rely on predicting the future, but focus instead on creating the future or a particular outcome by working with those forces and details that are actually within our control. They are, thus, experts in techniques of non-predictive control.
Prof Saras D. Sarasvathy, Paul Hammaker Professor at The Darden School, University of Virginia and the Jamuna Raghavan Chair at the Indian Institute of Management, Bangalore talks with Prathibha Sastry on Entrepreneurship and Effectuation. Prof. Saras talks about what piqued her interest in Entrepreneurship and how she incorporated the lessons in the field of Education. She also shares her experiences in studying 45 expert entrepreneurs to understand their thought processes and what sets them apart from the rest of the crowd.
Prof. Saras is also the author of the book Effectuation: Elements of Entrepreneurial Expertise that was nominated for the 2009 Terry Book Award by the Academy of Management. Effectuation is widely acclaimed as a rigorous framework for understanding the creation and growth of new organizations and markets. All about Lessons in Effectuation and Entrepreneruship. Peter Drucker said, “The best way to create the future is to predict it”. But as the future proves to be largely unpredictable, Effectuation serves entrepreneurs by providing a way to control it. It is backed by scientific research with observations on situations of uncertainty.