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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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People say that women are the greatest enemies of women. I vehemently disagree. It is the patriarchal mindset that makes women believe in the wrong ideology.
The entire world celebrates International Women’s Day on March 8, 2024. It should be a joyful day, but unfortunately, not all women are entitled to this privilege, as violence against women is at its peak. The experience of oppression pushes many women to choose freedom. As far as patriotism is concerned, feminism is not a cup of tea in this society.
What happens when a woman decides to stand up for herself? Does this world easily accept the decisions of women in this society? What inspires them to be free of the clutches of the oppression that women have faced for ages? Most of the time, women do not get the chance to decide for themselves. Their lives are always at the mercy of someone, which can be their parents, siblings, husband, or children.
In some cases, women do not feel the need to make any decisions. They are taught to obey the patriarchal system, which makes them believe that they are right. In my family, I was never taught to make decisions on my own. It was always my parents who bought dresses and all that I needed.
It is shameful that in today's world too, women are abused and even killed for giving birth to a girl, and the infant's life is also of no value.
Trigger Warning: This deals with domestic violence, suicide, and violence against women, and may be triggering to survivors.
I am so glad that the esteemed courts are now giving the much-required verdicts regarding certain ideologies that were not at all entertained earlier. I mean we all have studied this much biology at our school level and it is our duty (our generation) to educate our elders about it.
Why someone have to lose a life to bring such awareness to the society. Delhi High Court gave this judgement concerning a case that filed by the deceased daughter’s parents against her in-laws. She committed suicide as she was harassed and tortured for dowry and giving birth to two daughters.
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