The document summarizes the five principles of effectuation used in entrepreneurial thinking: 1) Bird in hand - leverage existing means and resources, 2) Affordable loss - assess downside risks, 3) Lemonade - leverage unexpected opportunities, 4) Crazy quilt - build partner networks to co-create outcomes, and 5) Pilot in the plane - focus on actions that directly influence outcomes. It discusses each principle and questions whether entrepreneurs can accurately estimate risks and opportunities or if more caution is needed in new ventures given high failure rates.
What is a Strategy? Michael Porter - Harvard Business ReviewDonny Sitompul
What is Strategy
Operational Effectiveness Is Not Strategy
Strategy Rests on Unique Activities
A Sustainable Strategic Position Requires Trade-offs
Fit Drives Both Competitive Advantage and Sustainability
Rediscovering Strategy
Ideas have been the driving force of humanity. From a simple circular wheel carved from rock back in the stone ages to the first airplanes and telephones, innovative ideas have sparked off revolutionary changes in society. Now in this competitive world, ideas have become more important to us than actions. Companies have begun asking designers to generate solutions that meet the needs and desires of the consumer.
As such, there was a need to streamline and increase the efficiency of producing and sharing ideas within teams. This gave birth to several idea generation techniques, which allowed everyone to play a part in the creative process, a role allotted strictly to designers and engineers for the last few years.
Idea generation techniques meant anyone could participate in creating new ideas. It allowed people to share and build up on existing solutions, to foresee future problems, and essentially, to think big in terms of design. It brought different specializations together to create a more diverse think-tank that can tackle problems from several perspectives.
This report is divided into three parts.
First, we shall look into several idea generation techniques, both popular ones and the uncommon ones, question their uses and value by providing examples of products developed using the specific techniques.
Second, we discuss whether idea generation methods and techniques are important in coming up with new ideas? Are they the driving factor in generating ideas?
Lastly, we conclude with our personal view on idea generation techniques, along with stating which methods, if any, would we prefer to use.
Towards the end we aim to achieve a better understand of the creative thinking process as a whole and how to effectively solve all issues, design or otherwise.
As entrepreneurs, our relationship to failure is redefined
Any new enterprise is a groping forward from one failure to the next.
Failure is another word for learning what doesn’t work.
Split testing
Pivot
Iterate
Course correct
Feedback
A class presentation for ADV 6383 - Creativity as Problem Solving by graduate students Cesar Ortega and Matt Villanueva at SMU's Temerlin Advertising Institute.
How do I get started and innovate and create path to become an Intrepreneur in small or large company? Let's talk about it. This slides I presented in my company.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Design Thinking is a process for creative problem solving. It allows everyone to use creative tools to address a vast range of challenges. The process is action-oriented, embraces simple mindset shifts and tackles problems from a new direction.
According to McKinsey, companies that adopt design as part of business practices can be more resilient than others—continuing to innovate, analyze, and strategize to solve complex problems during trying times.
Some of the world's leading brands, such as Apple, Nike, Starbucks and GE, have rapidly adopted the Design Thinking approach. What's more, Design Thinking is being taught at leading universities around the world, including Stanford, Harvard and MIT.
Based on the world-renowned Hasso Plattner Institute of Design (Stanford University) model, Design Thinking encourages organizations to focus on the people they are creating for, which leads to better products, services, and internal processes. The Design Thinking framework consists of five modes or phases: Empathize, Define, Ideate, Prototype and Test. The framework is fully compatible with Lean and Six Sigma approaches.
This comprehensive Design Thinking PPT training presentation is tailored specifically for Design Thinking facilitators, trainers, professionals and consultants who are preparing for delivery in a classroom or workshop environment. The included wallet design exercise could be replaced with your own design challenge. In addition, the introductory module can be used as a stand-alone awareness briefing material for a general audience.
You will get to train your target audiences how to solve problems creatively by building empathy, generating ideas, prototyping and testing new concepts before final implementation.
LEARNING OBJECTIVES
1. Acquire a deep understanding of the key concepts and principles of Design Thinking
2. Understand the mindsets, process, methods and tools in creative problem solving
3. Develop skills in applying Design Thinking mindsets and practices in problem solving
What is a Strategy? Michael Porter - Harvard Business ReviewDonny Sitompul
What is Strategy
Operational Effectiveness Is Not Strategy
Strategy Rests on Unique Activities
A Sustainable Strategic Position Requires Trade-offs
Fit Drives Both Competitive Advantage and Sustainability
Rediscovering Strategy
Ideas have been the driving force of humanity. From a simple circular wheel carved from rock back in the stone ages to the first airplanes and telephones, innovative ideas have sparked off revolutionary changes in society. Now in this competitive world, ideas have become more important to us than actions. Companies have begun asking designers to generate solutions that meet the needs and desires of the consumer.
As such, there was a need to streamline and increase the efficiency of producing and sharing ideas within teams. This gave birth to several idea generation techniques, which allowed everyone to play a part in the creative process, a role allotted strictly to designers and engineers for the last few years.
Idea generation techniques meant anyone could participate in creating new ideas. It allowed people to share and build up on existing solutions, to foresee future problems, and essentially, to think big in terms of design. It brought different specializations together to create a more diverse think-tank that can tackle problems from several perspectives.
This report is divided into three parts.
First, we shall look into several idea generation techniques, both popular ones and the uncommon ones, question their uses and value by providing examples of products developed using the specific techniques.
Second, we discuss whether idea generation methods and techniques are important in coming up with new ideas? Are they the driving factor in generating ideas?
Lastly, we conclude with our personal view on idea generation techniques, along with stating which methods, if any, would we prefer to use.
Towards the end we aim to achieve a better understand of the creative thinking process as a whole and how to effectively solve all issues, design or otherwise.
As entrepreneurs, our relationship to failure is redefined
Any new enterprise is a groping forward from one failure to the next.
Failure is another word for learning what doesn’t work.
Split testing
Pivot
Iterate
Course correct
Feedback
A class presentation for ADV 6383 - Creativity as Problem Solving by graduate students Cesar Ortega and Matt Villanueva at SMU's Temerlin Advertising Institute.
How do I get started and innovate and create path to become an Intrepreneur in small or large company? Let's talk about it. This slides I presented in my company.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Design Thinking is a process for creative problem solving. It allows everyone to use creative tools to address a vast range of challenges. The process is action-oriented, embraces simple mindset shifts and tackles problems from a new direction.
According to McKinsey, companies that adopt design as part of business practices can be more resilient than others—continuing to innovate, analyze, and strategize to solve complex problems during trying times.
Some of the world's leading brands, such as Apple, Nike, Starbucks and GE, have rapidly adopted the Design Thinking approach. What's more, Design Thinking is being taught at leading universities around the world, including Stanford, Harvard and MIT.
Based on the world-renowned Hasso Plattner Institute of Design (Stanford University) model, Design Thinking encourages organizations to focus on the people they are creating for, which leads to better products, services, and internal processes. The Design Thinking framework consists of five modes or phases: Empathize, Define, Ideate, Prototype and Test. The framework is fully compatible with Lean and Six Sigma approaches.
This comprehensive Design Thinking PPT training presentation is tailored specifically for Design Thinking facilitators, trainers, professionals and consultants who are preparing for delivery in a classroom or workshop environment. The included wallet design exercise could be replaced with your own design challenge. In addition, the introductory module can be used as a stand-alone awareness briefing material for a general audience.
You will get to train your target audiences how to solve problems creatively by building empathy, generating ideas, prototyping and testing new concepts before final implementation.
LEARNING OBJECTIVES
1. Acquire a deep understanding of the key concepts and principles of Design Thinking
2. Understand the mindsets, process, methods and tools in creative problem solving
3. Develop skills in applying Design Thinking mindsets and practices in problem solving
Presentation covers Nature of Innovation , Technological and Network Innovations , Design of Successful Innovative Organisation, Training and Management of Innovation ,Agents of Innovation
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
The Business Model Canvas is a Strategic Management and Lean Startup template for developing new or redesigning existing business models to create competitive advantage.
Based on the framework developed by Strategyzer, the canvas is presented as a visual chart with 9 building blocks. These elements cover the areas of the organization's core offering, infrastructure, customers, and finances. They include: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships and Cost Structure.
This innovative and increasingly popular tool can be used in a collaborative setting such as a strategy planning workshop. It helps organizations to align their activities by illustrating and discussing potential trade-offs in a structured manner. It is a hands-on tool that fosters understanding, discussion, creativity, and analysis.
This presentation provides a basic overview of the Business Model Canvas. It is intended to provide users with basic knowledge of the approach to business modeling. It is most suitable for a half-day or one-day workshop to familiarize participants with the Business Model Canvas, and its other concepts and tools, e.g. Design Thinking, Value Proposition Canvas.
LEARNING OBJECTIVES
1. Understand the key concepts of business model thinking.
2. Acquire knowledge of the 9 building blocks of the Business Model Canvas for value creation.
3. Learn how to apply the Business Model Canvas to map out your current business model for understanding and analysis.
4. Gain basic knowledge of the Business Model design process and related frameworks.
CONTENTS
1. Introduction to Business Model Thinking
2. The 9 Building Blocks
3. The Business Model Canvas
4. Business Model Design Process
5. Basics of Design Thinking
6. The Value Proposition Canvas
7. Presenting the Business Model Canvas - Do's and Don'ts
Appendix: Additional Slides & Templates
To download this complete presentation, visit:
http://www.oeconsulting.com.sg
Presentation based on Harvard Business Review article: "What is Disruptive Innovation?", by Clayton M. Cristensen, Michael E. Raynor, and Rory McDonald – December, 2015 issue.
The theory of disruptive Innovation was introduced in the article: "Disruptive Technologies: Catching the Wave", by Joseph L. Bower and Clayton M. Christensen from the HBR january–february 1995 issue.
How to better implement innovation management support and assessment through a new practical tool: the Innovation Strategy Canvas. Presentation at the Enterprise Europe Network Annual Conference 2017.
Blue Ocean Strategy - Creating Value Innovationsmelanie_ernst
Why still bothering what the competition is doing? Can you really win the battle? Or wouldn’t it be much nicer to get out and create your own market, where YOU are the only supplier. Blue Ocean Strategy leads you to uncontested market space, making the competition irrelevant by creating and capturing new demand, breaking the value-cost-trade off and aligning the whole system of a firm's activities in pursuit of differentiation and low cost.
Ansoff's Matrix is a classic model of marketing and business strategy that business students can use very effectively in their exams. This revision presentation outlines the key features of the model.
In the 1970s, Benjamin Tregoe developed the concept of the driving force as a way to think about an organization’s strategic intent.
“the primary determinant of the products and services an organization will and will not offer and the markets (customers, consumers, and geographies it will and will not serve.”
Bootstrap your startup - Learn logic & process that can be used to move from ...Ahimanikya Satapathy
Understanding how you can bootstrap your startup and logic & process that can be used as the firm develops in the “0-60mph” (early startup) phase of growth. I used these slides for my session at the Startup Leadership Program (SLP) 2018.
Presentation covers Nature of Innovation , Technological and Network Innovations , Design of Successful Innovative Organisation, Training and Management of Innovation ,Agents of Innovation
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
The Business Model Canvas is a Strategic Management and Lean Startup template for developing new or redesigning existing business models to create competitive advantage.
Based on the framework developed by Strategyzer, the canvas is presented as a visual chart with 9 building blocks. These elements cover the areas of the organization's core offering, infrastructure, customers, and finances. They include: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships and Cost Structure.
This innovative and increasingly popular tool can be used in a collaborative setting such as a strategy planning workshop. It helps organizations to align their activities by illustrating and discussing potential trade-offs in a structured manner. It is a hands-on tool that fosters understanding, discussion, creativity, and analysis.
This presentation provides a basic overview of the Business Model Canvas. It is intended to provide users with basic knowledge of the approach to business modeling. It is most suitable for a half-day or one-day workshop to familiarize participants with the Business Model Canvas, and its other concepts and tools, e.g. Design Thinking, Value Proposition Canvas.
LEARNING OBJECTIVES
1. Understand the key concepts of business model thinking.
2. Acquire knowledge of the 9 building blocks of the Business Model Canvas for value creation.
3. Learn how to apply the Business Model Canvas to map out your current business model for understanding and analysis.
4. Gain basic knowledge of the Business Model design process and related frameworks.
CONTENTS
1. Introduction to Business Model Thinking
2. The 9 Building Blocks
3. The Business Model Canvas
4. Business Model Design Process
5. Basics of Design Thinking
6. The Value Proposition Canvas
7. Presenting the Business Model Canvas - Do's and Don'ts
Appendix: Additional Slides & Templates
To download this complete presentation, visit:
http://www.oeconsulting.com.sg
Presentation based on Harvard Business Review article: "What is Disruptive Innovation?", by Clayton M. Cristensen, Michael E. Raynor, and Rory McDonald – December, 2015 issue.
The theory of disruptive Innovation was introduced in the article: "Disruptive Technologies: Catching the Wave", by Joseph L. Bower and Clayton M. Christensen from the HBR january–february 1995 issue.
How to better implement innovation management support and assessment through a new practical tool: the Innovation Strategy Canvas. Presentation at the Enterprise Europe Network Annual Conference 2017.
Blue Ocean Strategy - Creating Value Innovationsmelanie_ernst
Why still bothering what the competition is doing? Can you really win the battle? Or wouldn’t it be much nicer to get out and create your own market, where YOU are the only supplier. Blue Ocean Strategy leads you to uncontested market space, making the competition irrelevant by creating and capturing new demand, breaking the value-cost-trade off and aligning the whole system of a firm's activities in pursuit of differentiation and low cost.
Ansoff's Matrix is a classic model of marketing and business strategy that business students can use very effectively in their exams. This revision presentation outlines the key features of the model.
In the 1970s, Benjamin Tregoe developed the concept of the driving force as a way to think about an organization’s strategic intent.
“the primary determinant of the products and services an organization will and will not offer and the markets (customers, consumers, and geographies it will and will not serve.”
Bootstrap your startup - Learn logic & process that can be used to move from ...Ahimanikya Satapathy
Understanding how you can bootstrap your startup and logic & process that can be used as the firm develops in the “0-60mph” (early startup) phase of growth. I used these slides for my session at the Startup Leadership Program (SLP) 2018.
How To Fail: 25 Secrets Learned through FailureTaylor Davidson
25 Secrets Learned through Failure, by Taylor Davidson at Unstructured Ventures.
Visit the post on unstructuredventures.com/uv (short link to post: http://tinyurl.com/howtofail ) to add to the discussion, share your lessons learned from failure, and view more.
Unit 1- Introduction to Entrepreneurship (BOCS,BOET-505D).pdfShikhaAeron2
Course Content:
Unit I: Introduction to Entrepreneurship: Entrepreneurs; entrepreneurial personality and intentions, characteristics, traits and behavioral; entrepreneurial challenges.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
2. Effectuation
• What is effectuation..
• Short Video
• Principles of effectuation:
• Norah
• Bird in the hand – Leverage your means
• Affordable Loss- Assess potential loss rather than potential gain
• Lemonade – Leverage Contingencies
• Gavan
• Crazy Quilt – Build partner networks to co-create the outcome
• Pilot in the plane – Focus on actions which directly influence the outcome
• Summary, Q&A, Discussion
3. Bird in Hand
• The effectual cycle begins with the first principle – Bird in Hand.
• This implies that entrepreneurs use the means available to them to
achieve an imagined end.
• There are three categories of means:
1) Who you are – traits, tastes and abilities
2) What you know - education, training, expertise and experience
3) Who you know - your social and professional networks
4. Entrepreneurial and Non- Entrepreneurial Thinking
Effectual Reasoning
Entrepreneurial Thinking – Effectual Reasoning
Imagining possible new ends using a given set of means
M M M
M M
GIVEN MEANS
E
E
E
E
IMAGINED ENDS
(Saravarthy S. , Effectuation 101, 2012)
Causal Reasoning
Imagining possible new ends using a given set
of means
Selecting between given means to achieve a
predetermined goal
Sarasvathy, S. (2012) “Effectuation 101”
5. What does this mean?
“Entrepreneurs are entrepreneurial, as differentiated from
managerial or strategic, because they think effectually; they
believe in a yet-to-be-made future that can substantially be
shaped by human action; and they realize that to the extent that
this human action can control the future, they need not expend
energies trying to predict it.” (Sarasvathy, 2012)
Common Questions:
What are the characteristics, habits, and behaviors of the entrepreneur?
Is there a learnable and teachable “core” to entrepreneurship?
Effectuation Considers:
Is there such a thing as “entrepreneurial thinking” that can be applied across
space, time and technology?
Does this provide a learnable and teachable “core” to entrepreneurship?
Sarasvathy, S. (2012) “What Makes Entrepreneurs Entrepreneurial?”
6. Affordable Loss
• Effectuation is not just the entrepreneur’s ability to identify the means
they have available to them but also their ability to use them effectively.
• This brings the second principle in the effectual cycle – Affordable Loss
• Causal models focus on maximising returns by selecting optimal
strategies.
The entrepreneur will calculate upfront how much they will need to start a new
venture and spend time and energy raising this money.
• Whereas, the “effectuator” will estimate the downside of what they are
willing to lose.
Making decisions based on the factors within their control
Effectuation.org “The Affordable Loss Principle”
7. • The concept is that the ‘effectuator’ is thrifty and at every stage
they are asking;
- Where do I stand?
- How can I use what I have, what I know and who I know to get me to
the next stage?
- What can I afford to lose on the way?
• While calculating affordable loss may seem possible it requires
the entrepreneur to have a clear understanding of;
- their financial condition
- psychological estimate of how much they are willing and able to
commit.
8. • Given the unpredictable nature of the business environment
and the ‘entrepreneur type’ I consider:
Can an entrepreneur accurately estimate what they will need to
invest?
And;
Can they estimate their own capabilities without bias?
9. Lemonade
• The third principle Lemonade - refers to the entrepreneur’s
ability to leverage contingencies.
• The ‘effectuator’ when faced with unexpected events sees
opportunity where others see distraction or even catastrophe.
The ‘effectuator’ will;
• Leverage unexpected events and go ‘off road’.
• Invite the chance of opportunity instead of thinking - “what if”
• Interpret unforeseen events as the potential for tangent in the business plan
hoping it will lead to unexpected growth
Effectuation.org. “The Five Princples of Effectuation”
10. • Indeed, viewing unexpected events as opportunity can be beneficial
and may lead to growth.
• However, following unforeseen opportunities can;
- divert from the original business objectives
- lead the entrepreneur into a negative tangent
- which can waste time and money all detrimental to the success of the
business.
Which would lead me to ask;
Should new entrepreneurs practice more caution and curb the
‘entrepreneurial streak’ at the beginning of new venture?
12. • Entrepreneurs should carefully assess the risks of new opportunities.
• Given that 80% of new ventures fail, erring on the side of caution is
not to be disregarded.
Example;
Consider a plumber (Joe) who is a first time entrepreneur. Joe has
invested the maximum amount of his resources financial, time and
psychological to set up a small business.
Is it wise for Joe to chase new opportunities & stakeholders when he is
already over run trying to achieve his initial goal?
13. Crazy Quilt –
Building Partnership Networks
• “Partners are a source of new means, a source of new ideas, a way of sharing risk,
and the people who help you to create an opportunity.” (Read, Sarasvathy, Dew,
Wiltbank, & Ohlsson, 2010)
• Carefully selected stakeholders commit differing means in exchange for a chance
to influence goals and final outcomes
• Self-selection is critical – commitment is more important than precise alignment.
• Partnerships Should:
• Increase the available means
• Align to co-create the end result
14. Partner Acquisition
• All significant stakeholders are potential partners
• Tools of Influence
• Reciprocation, Commitment , Consistency, Credibility, Likability,
Opportunity cost.
• Consider
• What will this partner bring to the venture ? Will s/he fit ?
• Are you persuadable, willing to re-shape the venture with partners in
order to gain their commitment to it? What are you reluctant to
change? Why?
• In the process of bringing a partner on board, when do you need
persuasion and when do you need negotiation?
• What partners would like to see you succeed? Why?
15. Ownership vs Control
• Ownership is what remains when commitments are met and bills are paid.
• Is it better to own 100% of a failing company or 5% of a successful company
which you control?
• Sharing ownership wisely can create more cash than hoarding it. In new
ventures, the pie is not fixed.
• Contracts (meta rules) specify who controls the business.
• Bill Gates owned 9.4% of Microsoft in 2008
• Offering Equity to key partners can incentivise and align interests
• External stakeholders do not typically seek control of the venture, but want protection from downturns
and participation in upturns.
• Equity can be offered temporarily, and bought back at agreed milestones.
• Other options include, equity options, profit share, discounted pricing, recognition.
• Control is rarely simple, never absolute, and frequently illusory.
16. Pilot in the plane principle.
Non predictive Control
• Focus on activities where you know your actions will directly
influence the outcome.
• Taking action based on your means is more controllable
• Evaluate actions based on whether the downside risk is acceptable
• Work with partners who will commit
• Being flexible gives more control in an uncertain environment than
sticking to a pre-defined plan.
17. What is control
• Causal thinking (Prediction) allows a degree of control, if you are
operating in a stable environment.
• Effectual thinking is particularly useful in uncertain, entrepreneurial
situations because it does not rely on the past to predict the future.
• The control you exercise can be either exogenous ( shaping the
environment) or endogenous (shaping yourself).
• Not everything is controllable, but the effectual entrepreneur focuses
on what elements s/he can control to create outcomes that s/he finds
desirable.”
19. Summary- 5 Principles of effectuation
• Bird in the hand. Leverage your means
• Who am I, What do I know, Who do I know?
• Affordable Loss
• Can I bear the loss if my actions are unsuccessful?
• Lemonade – Leverage contingencies
• Am I open to opportunities arising from the unexpected?
• Crazy Quilt – Build stakeholder partnerships/networks
• Will I allow and incentivise others to co-create the outcome?
• Pilot in the Plane – Focus on actions where you directly influence
the outcome
• Will my actions today move me forward?