Entrepreneurial effectuation
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Dokumen tersebut membahas tentang efektuasi sebagai pendekatan pengambilan keputusan oleh entrepreneur dalam menghadapi ketidakpastian. Efektuasi didasarkan pada lima prinsip yaitu memanfaatkan sumber daya yang dimiliki, menghitung kerugian yang dapat ditanggung, memanfaatkan kejutan menjadi peluang, membangun jaringan kerja sama, dan berfokus pada hal-hal yang dapat dikendalikan."
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Entrepreneurial effectuation
- 2. Hasil pembelajaran Mahasiswa mampu untuk: • menemukan dirinya, membangun diri dan memperoleh cara baru berpikir untuk mendukung kegiatan entrepreneurial di masa depan. • membangun pengetahuan entrepreneurship mereka sendiri dengan mengeksplorasi kemampuan mereka dan mengambil tindakan untuk merencanakan dan melaksanakan sebuah kegiatan entrepreneurial.
- 3. Daftar acuan 1. Read, S., Sarasvathy, S., Dew, N. , Wiltbank, R. & Ohlsson, A. (2010) "Effectual Entrepreneurship" Abingdon/New York: Routledge. 3. Sarasvathy, S. D. (2008). Effectuation: Elements of Entrepreneurial Expertise. Cheltenham UK, Northampton MA: Edward Elgar. Video: 6. http://www.youtube.com/watch?v=TIXVe4nEDEE 7. http://www.youtube.com/watch?v=Ca_7AC7BUFc
- 4. Apa itu EFEKTUASI? • Efektuasi adalah seperangkat prinsip- prinsip pengambilan keputusan yang dilakukan oleh entrepreneur dalam menghadapi situasi tidak pasti. • Alternatif lain dari efektuasi adalah kausalitas (causality), yang Saras D. Sarasvathy menggambarkan pengambilan Darden Graduate School of Business. University of Virginia. keputusan yang berdasarkan pada Sarasvathy melakukan riset dan mengembangkan teori efektuasi. prediksi.
- 5. Definisi umum • Efektuasi adalah sebuah ide dengan keinginan untuk mencapai tujuan (a sense of purpose) – sebuah dorongan untuk memperbaiki keadaan dunia dan kehidupan dengan memungkinkan penciptaan perusahaan, produk, market, jasa dan ide-ide baru inovatif.
- 6. Mengapa Efektuasi penting? • Apa yang membuat seseorang menjadi entrepreneur bukanlah genetik atau ciri-ciri kepribadian tertentu, seperti perilaku yang suka mencari resiko, atau visi yang unik. • Entrepreneurship yang berkelanjutan dapat dipelajari dengan menggunakan efektuasi. • Efektuasi adalah logika yang dapat digunakan baik para entrepreneur pemula maupun yang sudah berpengalaman dalam tahap memulai bisnis yang sangat sulit diprediksi untuk mengurangi biaya kegagalan dari seorang entrepreneur.
- 8. Causation vs. Effectuation Causation • Fokusnya adalah pada pencapaian tujuan yang diinginkan melalui seperangat kekayaan/cara tertentu yang diberikan. Berusaha mencari dan memilih taktik yang mendasarkan pada teori manajemen yang paling baik. Pemikir kausal percaya bahwa "Jika saya bisa memprediksi masa depan, saya dapat mengendalikannya.“ Effectuation • Fokusnya adalah pada penggunaan seperangkat kekayaan/ cara yang berkembang untuk mencpai sasaran-saran baru dan berbeda. Efektuasi membangkitkan proses kreatif dan taktik transformatif. Pemikir efektual percaya bahwa “Jika saya bisa mengendalikan masa depan, saya tidak perlu memprediksi hal itu.“
- 9. Predictive vs. Effectual Logic Logika Prediktif • Logika prediksi berfokus pada pemanfaatan penetapan korelasi antara penyebab dan efek dalam rangka membuat peluang investasi yang diharapkan bisa memaksimalkan keuntungan di masa mendatang. Logika Efektual • Logika efektual berfokus pada sumber daya intangible (yang tidak berwujud), penciptaan bersama dari nilai (value), dan relationship.
- 11. Resume
- 12. Effectual Principles Bird in Hand Principle Affordable Loss Principle Lemonade Principle Crazy-Quilt Principle Pilot-in-the-Plane Principle
- 13. Effectual Principles 1. Bird in Hand Principle • Mulai dengan harta atau alat/cara (means) yang Anda miliki. Jangan menunggu peluang yang sempurna. Segera lakukan tindakan, berdasarkan apa yang bisa Anda andalkan: siapa dirimu, apa yang Anda ketahui, dan siapa yang Anda kenal.
- 16. Effectual Principles 2. Affordable Loss Principle • Memulai sebuah bisnis pada kenyataannya adalah sebuah keputusan investasi. Sebuah cara umum yang digunakan untuk membuat keputusan investasi adalah menghitung NPV (Net Present Value). • Namun NPV diragukan sebagai cara yang tepat untuk membuat keputusan di berbagai sutuasi, karena masa depan sangat tidak pasti, maka Anda harus hati-hati dalam mengunakannya untuk situasi entrepreneurial. • Entrepreneur saat mulai investasi lebih cenderung berpikir dengan menggunakan pendekatan kerugian yang dapat ditanggung, daripada NPV.
- 17. Dua langkah proses dari kerugian yang dapat ditanggung • Langkah pertama adalah bertanya sejauh mana Anda benar-benar harus memulai bisnis Anda. Jadilah kreatif dengan cara yang inovatif agar ide Anda diterima pasar dengan menggunakan semua sarana yang tersedia namun kurangi dan gunakan seefisien mungkin sesuai kebutuhan untuk memulai usaha adalah kuncinya. • Langkah kedua adalah bertanya apa yang Anda benar-benar dapat dan siap kehilangan saat memulai sebuah bisnis. Apa yang Anda tanggung jika rugi? Orang cenderung berbeda dalam menghitung sumber daya yang dimilikinya, misalnya: waktu, tabungan, rumah yang mereka miliki, rekening kartu kredit, pinjaman dari keluarga dan teman, dan lainnya. Berapa banyak sumber daya yang Anda miliki yang siap rugi. Ini akan menjadi apa yang akan Anda bisa dan gunakan saat memulai usaha.
- 19. Effectual Principles 3. Lemonade Principle • Kejutan selalu terjadi. Dunia di masa depan sepenuhnya berbeda dengan saat ini. Para efektuator memahami hal ini, bahkan lebih baik, bisa memanfaatkannya. • Setiap situasi baru menciptakan kemungkinan- kemungkinan baru. Dan kemungkinan baru akan mengarah pada sesuatu yang inovatif dan lebih baik dari sebelumnya. Entrepreneur mengubah halangan menjadi sebuah peluang dan hal yang tak terduga melalui inovasi.
- 22. Effectual Principles 4. Crazy-Quilt Principle
- 23. Berinteraksi dengan orang yang saya kenal dan membuat komitmen • Bentuk partnerships dengan orang lain dan organisasi akan membuat komitmen nyata untuk bersama-sama menciptakan masa depan – produk, bisnis, market— dengan Anda. Jangan terlalu mengkhawatirkan terlalu besar masalah analisis pesaing dan rencana strategik. • Entrepreneur yang ahli membangun partnership dengan memilih sendiri para stakeholder. Dengan memperoleh pra=komitmen dari para partner kunci di awal usaha, mereka mengurangi ketidakpastian dan bersama menciptakan pasar baru dengan kepentingan para partisipan yang terlibat. Cari dan dapatkan komitmen pihak lain. Komitmen adalah kunci dari efektuasi.
- 25. Effectual Principles 5. Pilot-in-the-Plane Principle Kontrol vs. Prediksi • Kebanyakan pesawat jatuh disebabkan karena, atau bisa dicegah dengan, tindakan manusia ketimbang masalah teknis atau faktor cuaca. Anda adalah pilot yang mengendalikan karier Anda sendiri. • Anda dapat bertindak atas situasi yang nampaknya beresiko untuk mengurangi resiko tersebut. Lingkungan manusia tidaklah statis. • Masa depan adalah tidak pasti dan oleh karenanya, adalah mustahil untuk memprediksi peluang kita untuk sukses dengan secara pasti. Hal ini membuat analisis yang dilakukan menjadi tidak dapat diandalkan. • Dengan fokus pada aktivitas yang dapat dikendalikan, entrepreneur yang sukses tahu bahwa tindakan mereka akan menghasilkan sesuatu yang diinginkan. Sebuah pandangan efektual berakar pada keyakinan bahwa masa depan tidak ditemukan begitu saja atau bisa diprediksi, melainkan harus dibuat.
- 28. Resume Issue Predictive Effectual View of the future Predictive: The future as a Creative: The future is co-created (at continuation of the past. Accurate least in part) by willful agents, which prediction is both necessary and may include investors, partners, and useful. customers who “pre-commit” to the venture. Basis for taking action Goal Oriented: Goals, even when Means Oriented: Goals emerge by constrained by limited resources, imagining a course of action that begins determine subgoals and actions. from available means. Risk and resource Expected Return: Pursue new Affordable Losses: Pursue satisfactory opportunities based on the risk- opportunities without investing more adjusted expected value. Focus on resources than stakeholders can afford the upside potential. to lose. Limit downside potential. Attitude towards Competitive Analysis: Protect what Partnerships: Share what you have with outsiders you have and maximize your share of committed partners because the opportunity. relationships (particularly with shared rewards) shape the trajectory of the opportunity. Attitude towards Avoid: Surprise is bad. Prediction, Leverage: Surprise is good. Imaginative unexpected events planning, and focus enable the firm rethinking of possibilities transforms the to minimize the impact of unexpected into new opportunities. unexpected events.
- 29. Effectual cycle Crazy-Quilt Principle Effectual Affordable loss commitments Actual Means
Editor's Notes
- Sarasvathy found some interesting facts about how EE thinking. Here we are: EE do not believe about market-research. –sounds funny huh! Market-research is one of fundamental step in business development. It gives you a lot of information about the market, i.e. size, opportunity, characteristic, dynamics condition, etc. When you dig deeper, you will get some insight about market-condition; and somewhat you can analysis ‘what product that should be enter to market’, ‘how to win the market’, ‘which segment that most profitable one’. In simple, people try to analyze and to understand the market in order to gain some money from it. And if this logic is correct, ‘how come EE don’t believe it?’ . EE do not believe about business-forecasting. Same logic with market-research, business-forecasting is one of tools to make decision where business should go on the future. The logic is businessman move his business into area/sector that survivable enough (profitable enough) by analysis the environment condition (political, market, economy, social sectors). And if this logic is correct again, ‘how come EE don’t believe it?’
- Causation vs Effectuation (Adaptive vs Visionary) Sarasvathy found that the logic behind EE don’t believe market-research and business-forecasting is because his model thinking is by effectuation process. In vice-versa, most people try to become more rationalist by using causal process thinking. To differ between causation and effectuation, Sarasvathy uses two dimensions of logic-thinking: prediction and control. Prediction means that your thinking has purposely to guest something in high or low level; and control means that your action must be able to control the future outcome in high or low level. By mapping out these dimension (see Fig.1), we can get four different logic-thinking: causal, visionary, adaptive, effectual. 1. Visionary-logic This logic works by predict strongly what happen on the future, and by control the condition with high level. Some person has ‘very-much’ on this logic-thinking. Person with this logic seem / believe he can read the future; they can see the picture on the future painting, instead other people just see the frame of the future paint. Some people with visionary-logic thinking are (in Business) Bill Gates, Steve Jobs, Mark Zuckerberg; or (in Government) Lee Kuan Yew or Ahmadinejad. 2. Adaptive-logic Adaptive thinking works by predict what ‘most possibly’ happen on the future and the action-plan is made to solve the nearest problem/event. This logic looks future as a given, and the best action which can do is by providing adaptive plan. One example of this logic is how ship-captain tries to survive from storm in the middle-of-ocean. The captain tries to make his ship balance by giving some ‘reaction’. If the wave is come from the right then the ship will move to the left, and so in vice-versa. 3. Causal-logic This logic uses much in business and management area. Managers try to predict far about the future, but they ‘agree’ that their power to control is ‘low’. Let me explain more clearly. In business and management area, causal-logic starts with a desired outcome. CEO/BOD/manager works by creating target and focuses on the means to generate that outcome. Outcome is used as reference point; and then, they create a plan to make it happen. Of course, the plan that they made is based on ‘only what they can be control’. 4. Effectual-logic Different with causal-logic, effectual-logic does not predict so much. Moreover, this logic does not create any target on the future. Effectual-logic starts the process from inside and focuses so much to step forward based on ‘what current capability and resource of person/organization’. In strategy management context, effectual-logic is kind of resource-based planning which focuses on pursuing the opportunity rather than on pursuing the target. These four logic-thinking show us there are so many ways to solve a problem. I cannot say which the best logic-thinking should be used; or when the appropriate time to use a logic-thinking. It depends on many factors, i.e. context, problem, environment condition. I think learn by doing-using-interacting of these four logic-thinking will help us to mastering it.
- EE use simple starting-point. They always start from (1) who you are, (2) what you know, and (3) whom you know. These concepts force you to focus on means-driven action. From this point, you will emphasize creation of something new with existing means, rather discovering new ways to achieve given goals. This learn-point emphasizes us that you don’t need think too much; Your-current-resource-and-feedback also could lead you innovate more.
- One interesting learning-point is that EE is willing to lose rather than investing in calculations about expected returns to the project. It seems they conscious enough that ‘loss’ is a price of learning; this concept is quite secure because you focus on the loss which you can afford. In simply, loss for entrepreneurship doesn’t mean ‘you allow to gain some loss’; it provides you a way to gain new knowledge and learn from your mistake. It counts as investment not as sunk-cost.
- EE is an open-minded person. They tend to face opportunity/problem/surprise for benefits rather than trying to avoid them. They overcome them, or adapt to them. Simply, this thinking will lead entrepreneur to find more new-resources, new-idea, new-information, and, of course, new-knowledge or new-learning.
- EE want to negotiate with any and all stakeholders. They hear what stakeholder feedback, especially who are willing to make actual commitments to the project. Stick closer with stakeholder will make you able to determine the goals of the enterprise. Stakeholder is one of valuable source of idea and information. We never know how it is work but simply, stakeholder will help us create network of the enterprise.
- EE urges relying on and working with people as the prime driver of opportunity. They don’t limit people as exploits external factors. Behind them, there is always opportunity that we can take. EE dares to ask more and deep to everyone. They ask ‘how to do it’, and ‘how to shape it’. They don’t undervalue person, because it will let them to get something ‘positive shock’. Just remember that opportunity could come from many ways.
- Applying the five learning-points above will bring us to the effectual process. Effectual-process is the framework how the effectual-logic-thinking work. In Fig.2, we can see that the effectual-process of entrepreneur consists of two-loops, which are: (1) expanding circle of resources, and (2) converging cycle of constraint on goals. Each loop must be through four activities: (1) understanding my-self –who I am, what I know, whom I know; (2) opportunity analysis: what can I do; (3) digging new-information: interact with people I know or meet; and (4) collaborating with stakeholders: obtain commitments. Each loop results two possible outcomes. First is when entrepreneur find new means. New means is defined as the point when entrepreneur get new insight/meaning about his entrepreneur activity. Insight/meaning can be described with a lot of things, i.e. get new knowledge, get new information, get new learn, get new network. It leads to resources expanding. And suddenly you can re-understanding myself by thinking about who I am, what I know, and whom I know. Second loop is when entrepreneur find new goals. Someway, entrepreneur knows deeper about his goals. Information and knowledge that entrepreneur receives from stakeholder generate new goal which entrepreneur can act more focus and specific than before. It creates a converging cycle of constraint on goal. And it leads entrepreneur to define the firm and market more specific.