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A way of thinking that serves entrepreneurs in the processes of opportunity identification and new venture creation. Effectuation includes a set of decision-making principles expert entrepreneurs are observed to employ in situations of uncertainty.
What is effectuation? This PDF outline explains.
This is a short animation discussing effectuation, a business process for developing propositions.
When we turn on our bedside lamp, we know that Edison the inventor had something to do with it. But what about Edison the entrepreneur?