madda draft-Week 5


 WEEK 5



1. Can effectuation also be used in companies? Or is it useful only for entrepreneurship? Madda- TP073377

Effectuation is a way of thinking and decision-making that is based on the idea that entrepreneurs create their future by taking action and making things happen.  Effectuation may also be useful for medium sized and big companies. Effectuation is a method for making decisions in situations of uncertainty. Companies also face situations when there is no previous information to frame upcoming decisions.(Morales, 2020)

2. What is the key difference between effectuation and other approaches in entrepreneurship? - Madda TP073377

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. (SciSpace, 2023)

3. Are the effectual approach and the traditional (causal) approach mutually exclusive?


4. Does effectuation mean: "not planning"?


5. Are Effectuation and Lean Startup compatible?



REFERRENCES

Dr. Carlos Morales (28 April, 2020) “Effectuation in Five Questions.” Www.linkedin.com, www.linkedin.com/pulse/effectuation-five-questions-dr-carlos-morales#:~:text=Yes%2C%20effectuation%20can%20be%20%E2%80%93%20and.

SciSpace (August, 2023)What are the key differences between the effectuation framework and other entrepreneurship frameworks? | 4 Answers from Research papers. (n.d.). SciSpace - Question. https://typeset.io/questions/what-are-the-key-differences-between-the-effectuation-wh6ieuasy6

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