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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 |
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Effectual reasoning is also known as |
Entrepreneurial Thinking |
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Causal reasoning is what kind of thinking |
managerial |
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managerial thinking |
One predetermined end and limited means |
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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 |
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strategic thinking |
ends are pre determined, while the means used to achieve goals are given or new |
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Entrepreneurial thinking |
new ends are considered possible given the limited means imagined ends from extant means |
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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
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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"
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Causal |
1. Focus on expected return 2. depends on competitive analysis 3. urges exploitation of pre existing knowledge and prediction |