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ENTREPRENEURIAL
THINKING AND
ACTING
www.solvayentrepreneurs.be
QUESTIONS
AGENDA
Introduction to Effectuation
Wafels & Dinges case
RESOURCES
What makes entrepreneurs
entrepreneurial (Sarasvathy)
V
U
C
A
VOLATILITY
UNCERTAINTY
COMPLEXITY
AMBIGUITY
#1
ELEMENTS OF ENTREPRENEURIAL LOGIC:
INTRODUCTION TO EFFECTUATION
Resource 1
Resource 2
Resource 3
Given
Goal
Resource 4
Resource 5
Typical tools & techniques: project management, leadership, controlling, quantitative methods
Resource 1
Resource 2
Given
Goals
Resource 3
(needed)
(needed)
Entrepreneurial Thinking
Resource 1
Resource 2
Possible goal 2
Resource 3
Possible goal 3
Resource 4
Resource 5
Typical tools & techniques: co-creation, creativity, enrolment, lean entrepreneurship, bootstrapping.
Introducing Effectuation:
The logic of expert entrepreneurs
The word effectual (entrepreneurial approach) is the inverse of causal (managerial
approach).
In general, in MBA programs across the world, students are taught causal or
predictive reasoning in every functional area of business.
EFFECTUATION (Cre-Action)
Need to
manage the
causes
Effects are
predicted
Need to
manage the
effects
Causes are
given
Planned approach
Emergent approach
Top-Down
Bottom-up
Managerial logic
Entrepreneurial logic
Expertize, skills
Social capital
11
12
Committed
stakeholders network
Co-Creation
Customers
Suppliers
Channels
Financial partners
Employees
Sponsors
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14
Nils Bergvist
Question
15
About Nils
Swedish
Environmental engineer
Worked 8 years in the mining industry in Kiruna (in Northern
Sweden)
Passion for wildlife and sports
16
Ice Hotel
17
Control vs Plan
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My Goals?
My affordable
loss?
Additional
resources
Who may be
involved?
Dead end
The venture grows
step by step.
New Goals
Multiple techniques help to deal with these cycles: Design Thinking, Lean Startup,
Business Model Generation, Staged Financing
To be continued.
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High
Expert
Entrepreneurs
Angels
Experienced
VCs
Effectual
Bankers
Novice
entrepreneurs
Novice
VCs
Corporate
Managers
Low
Low
Causal
High
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LOGIC
Effectual
Novice
entrepreneur
Moderating
effect of
resources
Large
firm
Shift in logic
necessitated by
firm growth
Start-up
firm
Entrepreneurs
do not always
manage to
bridge this gap
Expert
entrepreneur
21
Question
22
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NEVER STOP
WONDERING
&
ASKING!
Entrepreneurship Course Session 2 - 2014 Olivier WITMEUR
24
25
Solvay Entrepreneurs
Solvay entrepreneurs is the entrepreneurship center of the Universit Libre de
Bruxelles. We support entrepreneurs through the development of their venture, from
an idea to a successful and sustainable business.
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2014%%Olivier%Witmeur