My notes on reading the overview linked in the parent. Principles of Effectuation: - Start with your means - possibilities originate from my means - Focus on

My notes on reading the overview linked in the parent. Principles of Effectuation: - Start with your means - possibilities originate from my means - Focus on the downside risk - what can I afford to lose at each step? - Leverage contingencies - surprises/"bad" news are clues to new markets (pivot) - Form partnerships - early pre-commitments from stakeholders for venture co-creation - Control vs. predict - focus on activities in my control, not predictions Effectuation process for building new products, markets, and firms: 1. Means: who am I, what I know, whom I know 2. Goals: what can I do? - Pursue goals within affordable loss - Leverage surprises - may add to Means and change Goals 3. Interactions: interact with people, enlist co-creation to change original idea 4. Commitments: gather stakeholder/customer commitments to co-created/morphed idea - New means - new resources add to Means - New goals - new commitments help crystallize the Goals