Effectuation: Elements of Entrepreneurial Expertise (New Horizons in Entrepreneurship series)

by Saras D. Sarasvathy (Author)

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ISBN-13: 978-1848445727

ISBN-10: 1848445725

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To effectuate is to engage in a specific type of entrepreneurial action. It has special importance for situations where the future is truly unknowable or human agency is of primary importance. In Effectuation, Saras Sarasvathy explores the theory and techniques of non-predictive control for creating new firms, markets and economic opportunities.

Using empirical and theoretical work done in collaboration with Nobel Laureate Herbert A. Simon, the author employs methods from cognitive science and behavioral economics to develop the notion of entrepreneurial expertise and effectuation. Supportive empirical evidence is provided by the author's study of 27 entrepreneurs as well as other independent studies. The book then traces the consequences of effectuation for business management, economics and social philosophy. The author finds that effectuators generate constraint-satisfying solutions rather than searching for optimal ones, make rather than find opportunities, and in a deep sense, convert `as-if' propositions into `even-if' ones. The way they accomplish this is the central discussion of the book.

Students and scholars of entrepreneurship will find this path-breaking research of great value. The book's conclusions will also be of interest to those in the fields of behavioral and evolutionary economics, cognitive science and management.

Contents: Foreword by Lester Lave Preface Introduction Part I: The Empirical Journey - Entrepreneurial Expertise 1. What I Set Out to Study and Why 2. What I Found and How 3. Interpreting What I Found Part II: The Theoretical Journey - Effectuation 4. Understanding Effectuation: Problem Space and Solution Principles 5. Understanding Effectuation: Dynamics of the Effectual Process 6. Relating Effectuation to Performance Part III: Waypoint 7. Entrepreneurship as a Science of the Artificial 8. Competitive Advantages and Entrepreneurial Opportunities 9. Philosophy and Methodology of Effectual Economics 10. Markets in Human Hope Part IV: The Way Ahead 11. Teaching Effectuation 12. Research Works-in-Progress 13. New Research Ventures References Index

Effectuation: Elements of Entrepreneurial Expertise (New Horizons in Entrepreneurship series)

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Product Details

Series: New Horizons in Entrepreneurship
Paperback: 392 pages
Publisher: Edward Elgar Publishing (May 31, 2009)
Language: English
ISBN-10: 1848445725
ISBN-13: 978-1848445727
Product Dimensions: 0.8 x 6.2 x 9.2 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review: 4.4 out of 5 stars See all reviews (5 customer reviews)
Amazon Best Sellers Rank: #404,260 in Books (See Top 100 in Books)
- #298 in Books > Textbooks > Business & Finance > Entrepreneurship
- #2358 in Books > Textbooks > Business & Finance > Economics
- #3211 in Books > Business & Money > Small Business & Entrepreneurship > Entrepreneurship

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Top Customer Reviews

Extraordinary insights but highly inaccessable / overly complicated

ByLonghornon January 28, 2013

Format: PaperbackVerified Purchase

PROS:
I'm halfway though this book it's opening up my mind to the way good entrepreneurship really works. I did not use much of what I learned in my MS & MBA when I started my ventures, and I always thought I was doing something wrong. Not so. There is an entirely different way that successful entrepreneurs work than the formal approach we are taught in business school and corporate management training programs. This is absolutely required reading for anyone formally trained in business/management to be able to "unlearn" some paralyzing principles and use the classical vs effectual modes of operation as needed.

CONS:
At least one star needs to be deducted because of unnecessary complexity. The author did a terrible job simplifying her wonderful research into an accessible book for the masses. It was written for academics with advanced degrees, and those of us on the front lines have to wade through pages of unnecessary sidebars, opaque references to research no one will have read, and forays of mental masturbation in order to extract the nuggets, as valuable as they are. This has to be the slowest voluntary read that I've ever endured. It's frustrating because anyone can see how 5 pages could be reduced to a paragraph, or at least made more clear. Crack the cover if you can and you'll see. I hope the author will develop a thinner version with the help of a mainstream writer. If it was even at the level of writing of the Economist magazine her work could have a far wider reach and benefit.

You'll get 50% of the book's insights by watching the author's interview videos in about 2% of the time. However they won't stick with you as well as they will if you work through this book, and believe me these are insights which you want to make central to the way you view your business as an entrepreneur. The value of this research as a contribution to the body of knowledge about entrepreneurship cannot be overstated. The value of this book to an entrepreneur is about that of other life-changers like The E-Myth Revisited. Highly recommended - unless a subsequent, better-written work is produced.

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Incredible Insight

BySteven K. Goldon January 16, 2010

Format: PaperbackVerified Purchase

This is an extraordinary book, the impact of which may not be recognized for a while. As an entrepreneur and teacher of entrepreneurship at the college level, I believe that there are two reasons why anyone interested in entrepreneurship (or how people behave and make decisions under conditions of uncertainty) should read this book. First, it provides an astute observation of what expert entrepreneurs actually do. Although we sense the way we make decisions and act, it's fascinating to see this behavior put into words. Second, by understanding part of the process better, we can begin to think about its implications, such as how to be even more effective.

Make no mistake about it, this book is NOT casual reading. Nor is it a textbook or practical guide to building an entrepreneurial venture. It is an academic treatise that explains many years of research, including the author's initial interest and rationale for pursuing this line of research, historical perspectives, design of the studies, interpretation of the data, and ultimately her final observations about how expert entrepreneurs (EEs) behave. For example:

*EEs start with a given set of means, rather than a predetermined goal, allowing opportunities to emerge

*EEs focus on spending what they can afford to lose, rather than seeking to optimize financial returns

*EEs don't think about competition; instead they work with customers and partners to fabricate a market

There's a tremendous amount of detail and information in the book that discusses how expert entrepreneurs behave. Beyond these individuals, I'm hopeful that the message of the book will have implications for other individuals and organizations, including corporations and governments, that often work under conditions of Knightian uncertainty but may not recognize or acknowledge this (if only because they don't know what to do in such situations). This book provides lessons and ideas that can help every individual and organization to be more effective.

Steven K. Gold
Senior Partner for Entrepreneurship, Franklin W. Olin College of Engineering
Author of Entrepreneur's Notebook: Practical Advice for Starting a New Business Venture

0Comment 8 people found this helpful. Was this review helpful to you?YesNo

An important work

ByJimFalkineron January 2, 2013

Format: PaperbackVerified Purchase

Effectuation: Elements of Entrepreneurial Expertise is, in my opinion, an important contribution to our understanding of what Mihalyi Csikszentmihalyi held was humanity's high purpose, that is to create.

Effectual thinking was identified by Dr. Saras Sarasvathy when she interviewed highly successful entrepreneurs for her doctoral dissertation, but she clearly states that this way of thinking can be applied far more widely than simply in commercial enterprise.

While I do teach young people about creativity and innovation, I am not a scholar but more of a practitioner. Nor am I a psychologist, so reading this book is challenging in places yet was well worth my effort.

As you probably see from the five-star rating, I recommend this book highly, especially if you want to learn much about how humans can innovate and change lives for the better. I predict that if any reader is an effectual thinker the book will speak to her or him on a personal level.

Jim Falkiner
The Mark E. Johnston Professor of Entrepreneurial Studies
Manchester University, Indiana, US

0Comment 3 people found this helpful. Was this review helpful to you?YesNo

ByBillon November 16, 2009

Format: Paperback

This book not only clearly summarizes research on expert entrepreneurs and effectual logics, but also lays the foundations for whole new areas of inquiry in business.

A must read for researchers, entrepreneurs and innovators alike.

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SpaceShipOne is first example and a bad one

It is a very dense book, and I admit I have not finished reading it. But, what a horrible start. The book starts with a recap of the SpaceShipOne flights of 2004.Read more

Published on November 18, 2013 by John Callister

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