CAOT 31 Lecture 21:
11 Oct 2020
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Document Summary
In traditional entrepreneurship process, the entrepreneur tries to predict as many possible future scenarios as he can: this is eliminated through effectuation. When life gives you lemons, make lemonade - the possibility of surprises, even bad surprises, can be transformed into better things with the right approach: effectual entrepreneurs are likely to encounter surprises, even seek them out. Good luck is always good to have, but especially the skill to transform luck into something useful/valuable is important: how you respond to the unexpected is always in your control. Invention and individual genius are necessary but far from sufficient to solve problems such as e. g. climate change. This figure shows us how to react when a potential stakeholder asks you to change something in your venture. Causal entrepreneur (expert entrepreneurs avoid this, since they don"t believe in predicting the future) Persistent- unwilling to change vision based on inputs from others. Consists of analysis and planning of the advice given.
