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Effectuation is a buzzword in the field of entrepreneurship. What is effectuation really? This video explains.
It all starts with an Idea. An idea that starts as a speck within an entrepreneur gathers resources, infrastructure, successes, failures, attitude, lessons, collaborations and grows into an ecosystem where more ventures thrive and compete. An idea alone is not enough, though. Its realization takes more than a mere business plan. And as they say, it is wiser to learn from the experience of others. These experiences formulated as a series of techniques forms the core of Effectuation.
When Prof. Saras D. Sarasvathy applied for the Tata Scholarship without which she couldn’t have gone to college, she was asked to read the biography of Jamshedji Tata and write an essay on it. This sparked her Entrepreneurial dreams and she tried a handful of ventures before she came to the field of Education with all the valuable lessons she had learnt. The question of how much of Entrepreneurship is learnable and how much of it is teachable in a classroom led her to conduct her study on Effectuation.
Prof. Saras started off with defining what makes an Entrepreneur an expert and gathered details of those who fit this definition. Out of the 245 (around the world) that qualified as ‘Expert’ entrepreneurs, she studied 45 expert entrepreneurs. The results were fascinating because these were not just 45 inspiring stories but were a detailed study based on a 17 page problem set of 10 typical entrepreneurship challenges. The participants were asked to talk as they solved the problem set. This proved to be a comparative study of what goes on in their minds as the individuals handled each of these challenges. This proved to be valuable data for the academia in the field of Effectuation.
The word ‘Effectuation’ itself comes from the term Cause and Effect. There is a subtle distinction though as Effectuation typically deals with cause and effect in the opposite way. Effectuation is more about defining what you want to achieve, listing the ways to achieve it and picking the most predictable way to achieve it. Entrepreneurs use effectuation to work with what is in control to create the future rather than predicting the future and controlling the outcome.
Watch this episode of The PS Show to listen to Prof.Saras D. Sarasvathy talk about Effectuation and Entrepreneurship, part 1 of a series of talks on Effectuation. Prof.Saras D. Sarasvathy is a scholar and the author of Effectuation: Elements of Entrepreneurial Expertise nominated for the 2009 Terry Book Award by the Academy of Management. She is also Paul Hammaker Professor at The Darden School, University of Virginia and also the Jamuna Raghavan Chair at the Indian Institute of Management, Bangalore.
Entrepreneurship and entertainment have been the key themes in her work life. In a career spanning over 18 years, she has launched a film magazine, hosted a film-based radio talk show and co-founded read more...
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Neena was the sole caregiver of Amma and though one would think that Amma was dependent on her, Neena felt otherwise.
Neena inhaled the aroma that emanated from the pan and took a deep breath. The aroma of cumin interspersed with butter transported her back to the modest kitchen in her native village. She could picture her father standing in the kitchen wearing his white crisp kurta as he made delectable concoctions for his only daughter.
Neena grew up in a home where both her parents worked together in tandem to keep the house up and running. She had a blissful childhood in her modest two-room house. The house was small but every nook and cranny gave her memories of a lifetime. Neena’s young heart imagined that her life would follow the same cheerful course. But how wrong she was!
When she was sixteen, the catastrophic clutches of destiny snatched away her parents. They passed away in a road accident and Neena was devastated. Relatives thronged her now gloomy house and soon it was decided that she should be married off.
Being a writer, Nivedita Louis recognises the struggles of a first-time woman writer and helps many articulate their voice with development, content edits as a publisher.
“I usually write during night”, says author Nivedita Louis during our conversation. Chuckling she continues,” It’s easier then to focus solely on writing. Nivedita Louis is a writer, with varied interests and one of the founders of Her Stories, a feminist publishing house, based in Chennai.
In a candid conversation she shared her journey from small-town Tamil Nadu to becoming a history buff, an award-winning author and now a publisher.
Nivedita was born and raised in a small town in Tamil Nadu. It was for schooling that she first arrived in Chennai. Then known as Madras, she recalls being awed by the city. Her love-story with the city, its people and thus began which continues till date. She credits her perseverance and passion to make a difference to her days as a vocational student among the elite sections of Madras.
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