Elements of Entrepreneurial Expertise

New Horizons in Entrepreneurship series

Saras D. Sarasvathy

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.

Appendix 1: Research instruments

Saras D. Sarasvathy

Subjects: business and management, entrepreneurship


Appendix 1 INTRODUCTION Research instrument In the following experiment, you will solve ten decision problems. These problems arise in the context of building a new company for an imaginary product. A detailed description of the product follows this introduction. Although the product is imaginary, it is technically feasible and financially viable. The data for the problems have been obtained through realistic market research – the kind of market research used in developing a real-world business plan. So far, the entrepreneurs who participated in this study found the project both interesting and feasible. Before you start on the product description and the problems, I do need one act of creative imagination on your part. I request you to put yourself in the role of the lead entrepreneur in building this company – i.e. you have very little money of your own to start this company, but you have about five years’ relevant working experience in the area. DESCRIPTION OF THE PRODUCT You have created a computer game of entrepreneurship. You believe you can combine this game with some educational material and profiles of successful entrepreneurs to make an excellent teaching tool for entrepreneurship. Your inspiration for the product came from several reports in the newspapers and magazines about increasing demand for entrepreneurship education; and the fact that a curriculum involving entrepreneurship even at the junior high or high school level induces students to learn not only businessrelated topics but math and science and communication skills as well. The game part of the...

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