Shark Bee

1. Can effectuation also be used in companies? Or is it useful only for entrepreneurship?   Yes, effectuation not only useful for entrepreneurship but also in companies. First of all, you need to understand that efffectuation is a concept of doing business where people take risk to seek a potential market in a highly unknownable environment. (Morales, 2020) In simple words, it is a strategy for any parties that make a business plan without knowing the current market demand, and this is usual in the business world which we called it as supply create demand. Every company needs effectuation mindset to avoid the business being replace or decrease. For example, the invention of touchscreen smartphone in 2007 by Apple has cause Nokia company that don't want to jump out from its comfort zone and remain old button-based mobile phone, gradually exiting the industry. (Kaur, 2023) Therefore, based on this case study, the effectual reasoning is crucial for company to survive and mantain big m...

                                                           Problem definition (pin points from user survey and interviews) - Wicked problems in modern cities are complex and there are multifaceted issues often due to interconnectedness with other problems in the contexts of social, economic and political. Based on user surveys and interviews that I can find. First, there is congestion of public transport (insufficient coverage of bus and metro services, poor timetable, and over-reliance on personal vehicles), and second is environmental pollution, as citizens express growing concern over air and water quality and lack of green spaces. This is due to industrial activities, traffic congestion, and inadequate regulatory framework. Public safety and crime, where there are rising crime rates/drug-related activities and a perceived lack of polic...

 Patrick: Culture is all the ways of life, including its arts, beliefs and institutions which are passed down from generation to generation. It has been described as "the way of life for an entire society." It includes codes of manners, dress, language, religion , ritual and art ( What Is Culture? , n.d.).  Cultural are important in many ways. It shapes community identity. It allows people to feel more connected and comfortable on their past and give them confidence from where they came from. These experiences allows them to feel important and think that they are part of something bigger (Claire, 2024). For instance, people wearing traditional or special clothes during a festival or local events for people to share about their past. Up next, it promotes mutual understanding too. By learning other people's culture, we would be more aware about our words and deeds while communicating with each other to avoid any conflict. In addition, we could collaborate together and avoid...

BY:TSANG DA XIN (TP071168)  Can effectuation also be used in companies? Or is it useful only for entrepreneurship? -  Based on my research, effectuation is not just used in companies but also applicable to other sectors. First of all, the definition of effectuation means an idea with a sense of purpose - the desire to improve the state of the world and the lives of individuals. Companies of different sectors can apply this principle by utilizing their current assets, skills, and networks to solve problems.  What is the key difference between effect uation and other approaches in entrepreneurship?  -  The main key difference is the way they approach risk. For effectuation , they mainly use the affordable loss principle. Entrepreneurs only risk what they can afford to lose at each step while on the other hand for casual reasoning, they often utilize expected returns to earn profits by calculating the potential profits and the likelihood of success.  Are the ...

  Can effectuation also be used in companies? Or is it useful only for entrepreneurship? Effectuation is a way of thinking and decision making that is based on how entrepreneurs is able to create future opportunities by taking action with resources at hand. Effectuation is not limited only for entrepreneurship and can be used in companies too even though its mainly applicable for entrepreneurs instead of companies. However, there is still merit to it such as getting to optimize resources by leveraging their resources at hand to create new opportunities and value for the company. They can start building and expand their business without relying on external resources to build from the ground up. It is also helpful due to the fact that is promotes an agile mindset, because by having quick decision grants the flexibility and ability to adapt in dynamic environments. What is the key difference between effectuation and other approaches in entrepreneurship? Effectuation emphasize on agile...

 Can effectuation also be used in companies? Or is it useful only for entrepreneurship?   Effectuation can be used in companies too. Effectuation is a good way for decision making in situations that are filled with many uncertainties. High uncertainty is common for entrepreneurs but it doesn't mean that companies wouldn't face it too (Neostarter,2022). Radical innovation is a great example for this scenario. When companies want to invest in new technology, there are no data for them to rely on for possible demands because they are not exist in the market yet (Neostarter,2022). What is the key difference between effectuation and other approaches in entrepreneurship?   The key difference between effectuation and other approaches is based on the person's mindset, how he/she think about goals(causes) and means(effects) (Neostarter,2022).  Entrepreneurs could leverage and embrace those uncertainty by working with means while other approaches focuses more on predictive pla...

  Actually idea originate from various sources, but not every idea is a good idea, a good idea brings good impact. Due to this statement, I would say good idea mostly come from the sharing and contribution of professional agencies or organization in the market. There is a terms that can explain this process which we called it as "technology transfer".  Technology transfer is defined as movement of work structure, technical knowledge, inventions or trade secret from a parties to another. (TWI, 2023) Thus, it is very obvious that organization that receive this information can gain new insight on how to expand their business. For example, Malaysia currently have 13% of the global market in semiconductor mainly in packaging, assembly and testing due to the technology transfer process by technology company like NVIDIA, INTEL and AMD. ( E南洋, 2023)  This shown that people that working with these big tech company have gain the idea, then practically use their business model to un...

 Government For me, I have chosen the government. The government can get a bunch of good ideas through creativity, leveraging diverse perspectives and evaluation. There are many different ways to generate good ideas and here are the breakdowns. First of all, the government should encourage and promote collaboration across various departments, agencies, and sectors. Since there are different backgrounds, experiences, and expertise this helps to enhance more innovative ideas. Not only that, government should focus on investing in research and development. Allocating resources to research and development (R&D) can drive innovation and generate more new ideas. The government can also establish some funding mechanisms, grants, and partnerships that are solely aimed at addressing societal challenges and advancing technology. To elaborate even further, the government can leverage technology and data analytics to speed up the process of generating and evaluating ideas. This allows the ...

Before we dive deeper, we need to have clear understanding of what risk is. Risk is defined as a possibility where the things is deviating from your expectation. Thus, finding ways to prevent it happen is essential and that is what we need to figure out now, the risk management. However, what kind of risk management is considered as effective and useful? A good concept and tools for risk management must able to do identification, mitigation, action planning and performance Metrics. ( Andy Marker, 2021) It must also beginneer friendly and easy to use, especially for newcomers in business world to ease them in understanding the necessary process of risk management. Therefore, I will suggest Monday.com and SWOT concept as they are effective in handling complexity of risk management and more approachable for newbies. As a successful risk manager or entrepreneur, we need to suspend risk and avoid it. The only way we can predict risks is study the current trends and changes to gain new insig...

 In my opinion, good idea come from creativity and innovation. Creativity is one of the factor that can't  be neglected. It's all about thinking out of the box. Developing art like booths or experiences that make attendees feel like they're part of something special by adding an element of creativity inside. Up next, customer insight is also crucial for where the good idea come from. Understanding customer's needs, what they like is essential. One could chat with customers, ask them some questions and do some surveys to figure out what makes them tick and that's the key where good idea coming out. In addition, team collaboration and brainstorming is also important. Conduct a brainstorming session with team members allows different ideas to pop out for trade show activities, promotion and booth improvement. By collecting different ideas from the team, we could generate more creative ideas that might not have occurred by one person.  We can generate more good ideas by...

  As an entrepreneur, I think is crucial to understand the types of risk in entrepreneurship that can affect your business operations first. There are a few different types of risks which include operational, financial, legal, market, and more risks. Understanding and analyzing different types of risk will help the entrepreneur to prioritize and focus on their risk management efforts more effectively. Once risks are identified, entrepreneurs can implement a risk management plan. A risk management plan is basically a systematic tool to identify, assess, and control risks to evaluate the likelihood and impact of potential risks in the business. A well-thought risk assessment plan minimizes the risk of harm to the business while maximizing the chances of success through mitigating them effectively. There are several ways where entrepreneurs can conduct risk assessment, for example, SWOT analysis, brainstorming sessions, and decision trees by considering both internal and external fact...

  Discuss where the good idea come from. How to generate more good ideas? I think one of the best ways to get good idea is through brainstorming. Although brainstorming prioritize quantity over quality, but through process of elimination, we can filter out and select the best idea to implement. Not only that, we can also get ideas and opinions from different perspectives where we usually are not aware of. This is why enterprise and schools encourage teams meeting and discussion because that is where we usually get the good ideas. In the process we can encourage socializing among student or employees as well. Brainstorming provides agility and it is particularly valuable in dynamic environments where quick adaptation and innovation are essential for success. The other way of generating good ideas is through experimenting and testing new ideas. Constantly using the same ideas will most of the time produce the same results. It is through experimenting and testing new ideas that leads ...

 What do you understand the concept and tools for risk management? How to manage risk as an entrepreneur? There are some concepts that we have to keep it in mind when managing risk. The most important concept is to know how to identify and assess risk. Getting to identify potential risk earlier may give us a advantage to handle the issue that might come later that affects our business. The market and regulatory changes happens quickly so we need to assess and prioritize which risk to handle first in order to minimize our losses. With the rise of Artificial Intelligence, there are a lot of AI which can analyze large data models in real time and provide us the best insights to inform us about the best decision. With these concepts and tools in mind, how do we really manage risk as an entrepreneur. One thing that i can think of is having a backup plan in case things go the way we don't expect. Having an emergency fund is also important and signing up for insurance could help protect o...

As an entrepreneur, the first step in managing risks is risk identification. I would conduct an assessment of potential risks that could affect my business including market volatility, competition and financial instability. Next, I would also get insights of my business's potential risk by engaging with stakeholders such as customers, employees and suppliers. Besides that, I would also use some techniques like SWOT analysis to identify and manage risks. The second step is risk assessment. I would assess the potential impact of identified risks in my business and use tools such as assessment matrices or scenario analysis. I would consider 2 elements which is internal and external that may increase risk. For instance, operational processes, market circumstances and economic trends. I would prioritize risks based on their level of threat that will affect my business. Up next is risk mitigation. I will find ways to reduce the impact of risks in my business. It may involve expanding my ...