This document discusses entrepreneurship and effectuation. It provides an overview of the author's background running companies and startup communities in Bangalore. It then summarizes the principles of effectuation developed by Saras Sarasvathy, including the bird in hand, affordable loss, lemonade, and crazy quilt principles. Effectuation focuses on leveraging contingencies and forming partnerships rather than predictive analysis. It can help decrease risk and allow entrepreneurs to fail more effectively with fewer resources.

1. What Makes
Entrepreneurs
Entrepreneurial
by Ahimanikya Satapathy

2. What I do
I run a company called DocEngage a Healthcare CRM
products that helps clinic chains to grow
Run this space - Bangalore Alpha Lab (BAL)
I started Bootstrap Bangalore 3 years back and interacted
with many early stage startups and it has been wonderful
experience
I dream to see India being a Product Nation and to make
that happen I contribute some time in iSpirt as a Fellow
and Anchor Volunteer for BootUpIndia Program

3. We run this space as community.
Bootstrap Bangalore meetups helped us to
realize that companies at Alpha stage need
support and built the community
We then supported IoTBLR community and
IoTLAB was formulated by the community.
Bangalore Alpha Lab

4. Ideas Garage
We saw the need of a Y-Combinator for
hardware startups in India and we started the
idea to formulate something that support
hardware startups in India 6 months back.
Our goal is to launch this program by end of
March
We are looking for volunteers, mentors
corporate to participate in this program

5. Background
Prof Saras D. Sarasvathy from Darden School
of Business, University of Virginia formulated
the word “Effectuation”
The word “effectual” is the inverse of “causal”.
She interviewed 45 experienced entrepreneurs
who has taken at least one company IPO and
built 5 companies in their lifetime.

6. If I can predict the future, I can control it
If I can control the future, I do not need to
predict it

7. Bird in Hand Principle - Start with your means
Don't wait for the perfect opportunity. Start taking action, based on what you
have readily available: who you are, what you know, and who you know.
Affordable Loss Principle - Set affordable loss:
Evaluate opportunities based on whether the downside is acceptable, rather
than on the attractiveness of the predicted upside.
Lemonade Principle - Leverage contingencies
Embrace surprises that arise from uncertain situations, remaining flexible rather
than tethered to existing goals.
Crazy-Quilt Principle - Form partnerships
Form partnerships with people and organizations willing to make a real
commitment to jointly creating the future--product, firm, market--with you. Don't
worry so much about competitive analysesand strategic planning.
The Principles

9. Effectuation can be used to decrease the risk of starting a
venture, "fail" more effectively, use fewer resources, and
become "expert" in entrepreneurship more quickly
Effectuation is part of an "Entrepreneurial Method" (similar
to the Scientific Method) whereby "effectual logic" can be
used as the fuel to create more effective "experiments" by
entrepreneurs testing their theories in the real world.
So What?!

10. Thank You
http://bangalorealphalab.in/