Effectuation
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Effectuation is an entrepreneurial approach developed by Dr. Saras Sarasvathy in 2001 that involves implementing ideas through a framework of heuristics. It consists of five principles: 1) starting with the "bird in hand" of one's own identity, knowledge, and social networks; 2) only investing what can be afforded to lose through affordable losses; 3) scenario planning for best and worst outcomes like making lemonade; 4) building partnerships through a "patchwork quilt" of selected stakeholders; and 5) co-creating the future while in the pilot's seat.
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Introduction to AI for Nonprofits with Tapp Network
Effectuation
- 1. EFFECTUATION WHAT IS EFFECTUATION ? බලපෑම් වාදය Simply it is the act of implementing carrying into effect. human action, human activity, act, deed - something that people do or cause to happen. EFFECTUATION as a APPROACH? In 2001, Dr. Saras Sarasvathy develop this as a successful entrepreneurial approach, As per her it is a 1. thinking frame work, 2. a set of heuristics (අත්දැකීමෙන් විනිශ්චය කරන) 3. doing the do-able, 4. how to get the sellable products and services established By buddhika Dananjaya
- 2. Five (05) Principles of Effectuation 1. Bird in hand a. Who am I? B. What I Know? c. Whom I Know? 2.Affordable losses Invest what you can afford to loss 3.Lemonade Scenario planning (Best and Worst) 4.Patch work quilt Partnerships with the selected stakeholder 5.Pilot in the plane Co-Create the future By buddhika Dananjaya