EFFECTUATION — a new paradigm

Dr. Carlos Morales

EFFECTUATION is a form of entrepreneurial reasoning based on the idea that entrepreneurs start with what they currently have and gradually set objectives from there.

Effectuation is the inverse of causal reasoning, the standard approach in entrepreneurship, where the entrepreneur begins with a goal and then looks for ways of reaching that goal. If you are an entrepreneur, why is effectuation important for you? Because it gives you a completely different approach in three fundamental steps: resource use, goal setting and decision making — three key features to help you develop your strategy or work on your market approach. Effectuation goes hand in hand with other tools that recognise the uncertainty of venturing, particularly Lean Startup. This workshop will give participants hands-on experience of effectuation and how to use it when setting up a business. The workshop uses an experiential approach based on real-life examples. It is targeted at potential entrepreneurs, founders and startup enthusiasts.

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