TOPIC 5 - Effectuation (TP070151)

 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 planning according to the market resources and data.

 Are the effectual approach and the traditional (causal) approach mutually exclusive?

  No, they may co-exist. They do not have to be total opposite because they can work well together at different stages of the business journey (Morales,2020). Effectuation is ideal for person who just start out a business. However, as things goes further by time, the old method might make more sense. It's about using the right approach at the right time to keep progressing (Neostarter,2022).

Does effectuation mean: “not planning”?

  Effectuation does not mean "not planning". Instead, it emphasis on a adaptable scheduling (Morales, 2020). I can set my goals but I'm also willing to adjust the goals based on how things change. It's all about how to open to feedback and adapt based on the circumstances.

Are Effectuation and Lean Startup compatible?

  Effectuation and Lean Startup is compatible. Lean Startup focus more on fast experimentation, learning from what it works and constantly refining product (Ries,2011, as cited in Van,2014). When things are unpredictable, effectuation allows one to make good decision. When two are combine together, one have strong balance of trying new things and think strategically.



REFERENCE:

Neostarter. (2022, March 3). FIVE QUESTIONS ABOUT EFFECTUATION - NEOSTARTER - medium. Medium. https://neostarter.medium.com/five-questions-about-effectuation-a093552044c8

Morales, C. (2020, April 28). Effectuation in five questions. https://www.linkedin.com/pulse/effectuation-five-questions-dr-carlos-morales

Van Der Linden, D. (2014). The Lean Startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. Hogeschool-rotterdam. https://www.academia.edu/6418358/The_Lean_Startup_How_Today_s_Entrepreneurs_Use_Continuous_Innovation_to_Create_Radically_Successful_Businesses

EDITED BY: PATRICK WOO SOON TAT (TP070151)

Comments

Post a Comment

Popular posts from this blog

TOPIC 2 - How to adapt the society 5.0 and its development , including learning and developing some essential entrepreneurial skills? (TP071168)

Image
  Society 5.0 is commonly known as Super Smart Society and data are collected from the "real world" and are processed by computers.  By applying the results to a real-world situation, it helps to envision a human-centered society by integrating cyberspace and physical space. Society 5.0 relies heavily on the advancement of technology, such as artificial intelligence, big data, and the Internet of Things (IoT) to develop by becoming more sustainable. Now let's focus on how to adapt to society 5.0 through learning and developing some entrepreneurial skills. First, it's crucial to develop skills such as critical thinking (empathy, creativity, and adaptability) as Society 5.0 values human-centric solutions. Technology and society evolve rapidly day by day, and adaptability is a must to respond well to changes in a business environment. entrepreneurs need to engage in continuous education through online courses, workshops, and seminars in order to gain insight that is driv...
Read more

TOPIC 8 - GrabFood (Group)

Image
  What is Grab Food (Owen) Tsang Da Xin (TP071168) Grab Food, which is an online application for food and delivery service. Grabfood was underGrab Holdings Inc., which is commonly known as Grab. It is a multinational company, foundedand started business in 2012 by Anthony Tan and Tan Hooi Ling. In the beginning, it started asMy Teksi application based in Kuala Lumpur and it expanded as Grab Teksi in 2013. It has sinceexpanded into other services, following the 8super app9 model. Finally, in 2014, it moved itsheadquarters to Singapore and renamed it Grab. Grab now not only serves transportation servicesbut also includes food delivery, courier, and payment services. Therefore, Grab started to expandtheir business and added the Grabfood service in 2018 in order to provide customers with a fastand easy food delivery service to spoil the foodies in their customers (Food.grab 2021). GrabFood offers a food delivery service and a digital payment service through the Grab mobileapps. Grab Fo...
Read more

TOPIC 2 - How to adapt the society 5.0 and its development,include learning and developing some essential entrepreneurial skills?

Image
H ow to adapt the society 5.0 and its development, include learning and developing some essential entrepreneurial skills? Society 5.0 is a vision for the next stage of societal evolution, mixing technological developments such as artificial intelligence, the Internet of Things (IoT), big data, and robotics to create a humanized society. To adapt to and develop under Society 5.0, individuals and organizations have to support innovation, entrepreneurship, and continual learning. Here's an outline for adapting to Society 5.0 and developing crucial entrepreneurship skills: Understand the Principles of Society 5.0. Inform yourself about the concepts and goals of Society 5.0. This includes focusing social issues, improving quality of life, and promoting sustainability through technology innovation. Continuous learning and adaptability : Society 5.0 is distinguished by rapid technical breakthroughs. Adopt a mindset of continuous learning and adaptation to keep up with the changes. Stay u...
Read more