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10 Cards in this Set

  • Front
  • Back

What are the 5 key strengths of an entrepreneur

1. activator


2. adaptability


3. strategic


4. Discipline


5.Focus

Effectual reasoning is also known as

Entrepreneurial Thinking

Causal reasoning is what kind of thinking

managerial

managerial thinking

One predetermined end and limited means

Causal reasoning

-predictive reasoning


-analysis causes paralysis


begins with predetermined goal and given set of means. seeks to identify optimal (fastest, cheapest and efficient) strategy to achieve a goal

strategic thinking

ends are pre determined, while the means used to achieve goals are given or new

Entrepreneurial thinking

new ends are considered possible given the limited means


imagined ends from extant means

Effectual reasoning

plans are made and unmade, and revised and recast through actions and experiences


-builds a compelling story bringing your network into the narrative


4 Principles of effectual reasoning

1. affordable loss - what you are willing to lose


2. available means - "bricolage"


3. strategic partnerships "crazy quilts"


4. leveraging contingencies "lemonade"


Causal

1. Focus on expected return


2. depends on competitive analysis


3. urges exploitation of pre existing knowledge and prediction