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Saras Sarasvathy
Have you ever wondered what it would be like to be an entrepreneur? To start new ventures, build and grow them, be your own boss, create good jobs for other people, make money, and change the world for the better? Do you dream about becoming an entrepreneur but worry that it may be too difficult, require more resources than you have, or involve too much responsibility? Do you fear you don’t have what it takes, or that you might fail not just once, but over and over again?
Read more
Have you ever wondered what it would be like to be an entrepreneur? To start new ventures, build and grow them, be your own boss, create good jobs for other people, make money, and change the world for the better? Do you dream about becoming an entrepreneur but worry that it may be too difficult, require more resources than you have, or involve too much responsibility? Do you fear you don’t have what it takes, or that you might fail not just once, but over and over again?
Read more
Have you ever wondered what it would be like to be an entrepreneur? To start new ventures, build and grow them, be your own boss, create good jobs for other people, make money, and change the world for the better? Do you dream about becoming an entrepreneur but worry that it may be too difficult, require more resources than you have, or involve too much responsibility? Do you fear you don’t have what it takes, or that you might fail not just once, but over and over again?
In this course, developed at the University of Virginia Darden School of Business and taught by Saras Sarasvathy (Paul M. Hammaker Professor in Business Administration), you will learn how effectual entrepreneurship helps overcome four obstacles people commonly face when they think about becoming an entrepreneur. We will not be going into the nitty gritty details of starting a new venture. Instead, we will explore the lived experiences of entrepreneurs around the world--people who have built for-profit, non-profit, and other kinds of ventures. You will learn from these expert entrepreneurs how to think and act effectually, co-create new possibilities from things already within your control, and tackle uncertainty without having to predict the future.
Register for this course and see more details by visiting:
OpenCourser.com/course/594aa6/effectuation
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What's inside
Syllabus
I Don't Have an Idea
Welcome! In this course, you will see and hear from entrepreneurs and entrepreneurship educators as you explore four obstacles people commonly face when they think about starting a venture. You will learn the lessons that expert entrepreneurs have gained through their experiences building successful ventures. This week, you’ll explore the first obstacle people often face—how to get an idea—and learn about the five principles of effectuation. Then you’ll begin to identify your own bird-in-hand and use that to come up with ventures you could build.
Read more
Syllabus
I Don't Have an Idea
Welcome! In this course, you will see and hear from entrepreneurs and entrepreneurship educators as you explore four obstacles people commonly face when they think about starting a venture. You will learn the lessons that expert entrepreneurs have gained through their experiences building successful ventures. This week, you’ll explore the first obstacle people often face—how to get an idea—and learn about the five principles of effectuation. Then you’ll begin to identify your own bird-in-hand and use that to come up with ventures you could build.
Read more
I Don't Have Resources
Early entrepreneurs often feel that they don’t have enough resources. This week you will learn not only about resources but the beginnings of productive relationships as you explore the next two principles of effectuation. Affordable Loss is about keeping the downside within your control so you are free to push the upside up. YOU get to choose whether and how much you are willing to lose. The Crazy Quilt principle is about bringing on self-selected stakeholders who will help increase your affordable loss and open up new upside possibilities.
I'm Afraid to Fail
The lessons this week will take a deep dive into understanding entrepreneurial success and failure. Then through the Lemonade and Pilot-in-the-Plane principles, you will learn how to effectually manage and even leverage failures and co-create success.
I Don't Know What to Do
In situations of uncertainty, the five principles of effectuation can be applied individually, all together, or mixed and matched in various ways. You can even combine them with causal approaches. By looking at the early histories of most enduring ventures, we can see the principles coming together into an iterative process: an effectual cycle. You’ll end the course with a strong understanding of what expert entrepreneurs do as they start ventures.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Learners who want to start ventures but lack the funding or expertise
Those interested in understanding effectual entrepreneurship
Teaches concepts from the Paul M. Hammaker Professor in Business Administration at the University of Virginia's Darden School of Business
Relevant to learners wanting to start new ventures or build existing ones
Provides practical advice from experienced entrepreneurs on how to manage uncertainty, failures, and successes
Presents real-world examples of successful entrepreneurial ventures
Save this course
Save Effectuation: Lessons From Expert Entrepreneurs to your list so you can find it easily later:
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Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Effectuation: Lessons From Expert Entrepreneurs with these
activities:
Review the lean startup
Show steps
This book provides practical guidance on how to build a successful startup using the lean methodology. It will help you understand the principles of effectuation and how to apply them to your own ventures.
View
The Lean Startup: How Today's Entrepreneurs Use...
on Amazon
Show steps
-
Read the book The Lean Startup.
-
Take notes on the key concepts of the lean methodology.
-
Identify ways to apply the lean methodology to your own ventures.
Follow a tutorial on how to build a website
Show steps
Building a website is a great way to learn about the principles of effectuation. This will give you a chance to see how these principles can be applied to a real-world project.
Browse courses on
Web Development
Show steps
-
Find a tutorial on how to build a website.
-
Follow the tutorial step-by-step.
-
Publish your website.
Attend a workshop on entrepreneurship
Show steps
Attending a workshop on entrepreneurship will give you a chance to learn from experienced entrepreneurs and learn about the principles of effectuation.
Browse courses on
Entrepreneurship
Show steps
-
Find a workshop on entrepreneurship.
-
Register for the workshop.
-
Attend the workshop.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice the five principles of effectuation
Show steps
Practicing the five principles of effectuation will help you to internalize these principles and become more effective at applying them to your own ventures.
Browse courses on
Effectuation
Show steps
-
Identify a problem that you are passionate about solving.
-
Develop a solution to the problem.
-
Test your solution.
Create a business plan
Show steps
Creating a business plan will help you to think through the key aspects of your venture and identify potential challenges and opportunities.
Browse courses on
Business Planning
Show steps
-
Develop a strategy to achieve your goals.
-
Identify the key goals of your venture.
-
Create a financial plan.
Write a blog post about your entrepreneurial journey
Show steps
Blogging about your entrepreneurial journey will give you a chance to reflect on your experiences and identify key principles that helped you succeed.
Browse courses on
Entrepreneurship
Show steps
-
Identify the key milestones in your entrepreneurial journey.
-
Write a blog post about each milestone, focusing on the challenges you faced and the lessons you learned.
-
Share your blog posts with others.
Start a small business
Show steps
Starting a small business is a great way to apply the principles of effectuation. This will help you test your ideas and get hands-on experience in building a venture.
Browse courses on
Entrepreneurship
Show steps
-
Identify a problem that you are passionate about solving.
-
Develop a solution to the problem.
-
Start a business to sell your solution.
Mentor other entrepreneurs
Show steps
Mentoring other entrepreneurs will give you a chance to share your knowledge and experience with others.
Browse courses on
Mentoring
Show steps
-
Find other entrepreneurs who are interested in your mentorship.
-
Meet with your mentees regularly.
-
Provide guidance and support to your mentees.
Review the lean startup
Show steps
This book provides practical guidance on how to build a successful startup using the lean methodology. It will help you understand the principles of effectuation and how to apply them to your own ventures.
View
The Lean Startup: How Today's Entrepreneurs Use...
on Amazon
Show steps
Show steps
Show steps
- Read the book The Lean Startup.
- Take notes on the key concepts of the lean methodology.
- Identify ways to apply the lean methodology to your own ventures.
Follow a tutorial on how to build a website
Show steps
Building a website is a great way to learn about the principles of effectuation. This will give you a chance to see how these principles can be applied to a real-world project.
Browse courses on
Web Development
Show steps
Show steps
Show steps
- Find a tutorial on how to build a website.
- Follow the tutorial step-by-step.
- Publish your website.
Attend a workshop on entrepreneurship
Show steps
Attending a workshop on entrepreneurship will give you a chance to learn from experienced entrepreneurs and learn about the principles of effectuation.
Browse courses on
Entrepreneurship
Show steps
Show steps
Show steps
- Find a workshop on entrepreneurship.
- Register for the workshop.
- Attend the workshop.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice the five principles of effectuation
Show steps
Practicing the five principles of effectuation will help you to internalize these principles and become more effective at applying them to your own ventures.
Browse courses on
Effectuation
Show steps
Show steps
Show steps
- Identify a problem that you are passionate about solving.
- Develop a solution to the problem.
- Test your solution.
Create a business plan
Show steps
Creating a business plan will help you to think through the key aspects of your venture and identify potential challenges and opportunities.
Browse courses on
Business Planning
Show steps
Show steps
Show steps
- Develop a strategy to achieve your goals.
- Identify the key goals of your venture.
- Create a financial plan.
Write a blog post about your entrepreneurial journey
Show steps
Blogging about your entrepreneurial journey will give you a chance to reflect on your experiences and identify key principles that helped you succeed.
Browse courses on
Entrepreneurship
Show steps
Show steps
Show steps
- Identify the key milestones in your entrepreneurial journey.
- Write a blog post about each milestone, focusing on the challenges you faced and the lessons you learned.
- Share your blog posts with others.
Start a small business
Show steps
Starting a small business is a great way to apply the principles of effectuation. This will help you test your ideas and get hands-on experience in building a venture.
Browse courses on
Entrepreneurship
Show steps
Show steps
Show steps
- Identify a problem that you are passionate about solving.
- Develop a solution to the problem.
- Start a business to sell your solution.
Mentor other entrepreneurs
Show steps
Mentoring other entrepreneurs will give you a chance to share your knowledge and experience with others.
Browse courses on
Mentoring
Show steps
Show steps
Show steps
- Find other entrepreneurs who are interested in your mentorship.
- Meet with your mentees regularly.
- Provide guidance and support to your mentees.
Career center
Learners who complete Effectuation: Lessons From Expert Entrepreneurs will develop knowledge and skills
that may be useful to these careers:
Entrepreneur
Entrepreneur
Entrepreneurs start and run their own businesses. As an Effectuation Expert, you can use your skills to identify opportunities, develop business plans, and launch successful ventures. This course will provide you with the foundation you need to be successful as an Entrepreneur.
Strategy Consultant
Strategy Consultant
Strategy Consultants help organizations develop and implement strategies. As an Effectuation Expert, you can use your skills to analyze industry trends, assess competitive landscapes, and develop strategic plans. This course will provide you with the skills and knowledge you need to be successful in this role.
Venture Capitalist
Venture Capitalist
Venture Capitalists invest in early-stage companies. As an Effectuation Expert, you can use your skills to identify promising investment opportunities, conduct due diligence, and manage venture capital funds. This course will provide you with the skills and knowledge you need to be successful in this role.
Business Consultant
Business Consultant
Business Consultants help organizations improve their performance. As an Effectuation Expert, you can help these organizations overcome challenges and achieve their goals by identifying opportunities, developing strategies, and implementing solutions. This course will provide you with the skills and knowledge you need to be successful in this role.
Nonprofit Manager
Nonprofit Manager
Nonprofit Managers manage and oversee nonprofit organizations. As an Effectuation Expert, you can use your skills to develop strategic plans, raise funds, and manage staff and volunteers. This course will provide you with the skills and knowledge you need to be successful in this role.
Product Manager
Product Manager
Product Managers develop and manage products. As an Effectuation Expert, you can use your skills to identify market opportunities, develop product specifications, and launch successful products. This course will provide you with the skills and knowledge you need to be successful in this role.
Risk Manager
Risk Manager
Risk Managers help organizations identify, assess, and manage risks. As an Effectuation Expert, you can use your skills to develop risk management plans, implement risk mitigation strategies, and advise executives on risk-related decisions. This course will provide you with the skills and knowledge you need to be successful in this role.
Project Manager
Project Manager
Project Managers plan, execute, and close projects. As an Effectuation Expert, you can use your skills to manage risk, communicate with stakeholders, and ensure that projects are completed on time and within budget. This course will provide you with the skills and knowledge you need to be successful in this role.
Investment Banker
Investment Banker
Investment Bankers help businesses and governments raise capital. As an Effectuation Expert, you can use your skills to develop and execute financial strategies, analyze investment opportunities, and advise clients on mergers and acquisitions. This course will provide you with the skills and knowledge you need to be successful in this role.
Marketing Manager
Marketing Manager
Marketing Managers develop and execute marketing campaigns to promote products and services. As an Effectuation Expert, you can use your skills to identify target markets, develop marketing strategies, and measure the effectiveness of marketing campaigns. This course will provide you with the skills and knowledge you need to be successful in this role.
Operations Manager
Operations Manager
Operations Managers oversee the day-to-day operations of businesses. As an Effectuation Expert, you can use your skills to improve efficiency, reduce costs, and ensure that businesses run smoothly. This course will provide you with the skills and knowledge you need to be successful in this role.
Financial Analyst
Financial Analyst
Financial Analysts help businesses and individuals understand and manage their finances. As an Effectuation Expert, you can use your skills to analyze financial data, develop investment strategies, and make recommendations to clients. This course will provide you with the skills and knowledge you need to be successful in this role.
Technology Consultant
Technology Consultant
Technology Consultants help organizations implement and use technology. As an Effectuation Expert, you can use your skills to assess technology needs, develop technology solutions, and manage technology projects. This course will provide you with the skills and knowledge you need to be successful in this role.
Sales Manager
Sales Manager
Sales Managers lead and motivate sales teams. As an Effectuation Expert, you can use your skills to develop sales strategies, manage sales pipelines, and close deals. This course will provide you with the skills and knowledge you need to be successful in this role.
Writer
Writer
Writers create written content for a variety of purposes, including marketing, journalism, and creative writing. As an Effectuation Expert, you can use your skills to write persuasive copy, develop marketing materials, and create engaging stories. This course may be helpful in developing your writing skills and understanding the principles of effective communication.
For more career information including salaries, visit:
OpenCourser.com/course/594aa6/effectuation
Reading list
We've selected 15 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Effectuation: Lessons From Expert Entrepreneurs.
Provides a theoretical framework for understanding the effectual entrepreneurship process and valuable resource for researchers and practitioners alike.
Provides a practical guide to the Lean Startup methodology, which popular approach to entrepreneurship that emphasizes experimentation and iteration.
Provides a framework for understanding the challenges that established firms face when trying to innovate, and it valuable resource for entrepreneurs who want to avoid the pitfalls of incumbency.
Provides a practical guide to the challenges that startup founders face, and it valuable resource for entrepreneurs who want to increase their chances of success.
Save
Provides a framework for developing and evaluating effective business strategies, and it valuable resource for entrepreneurs who want to create a sustainable and successful business.
Provides a candid and practical guide to the challenges of building a successful business, and it valuable resource for entrepreneurs who want to learn from the experiences of others.
Provides a contrarian perspective on entrepreneurship and innovation, and it valuable resource for entrepreneurs who want to think differently about their businesses.
Save
Provides a practical guide to acquiring customers for startups, and it valuable resource for entrepreneurs who want to build a successful business.
Provides a practical guide to starting and running a successful business, and it valuable resource for entrepreneurs who want to learn from the experiences of others.
Save
Provides a collection of case studies from successful startups, and it valuable resource for entrepreneurs who want to learn from the experiences of others.
Provides a comprehensive overview of the basics of business, and it valuable resource for entrepreneurs who want to learn the fundamentals of business.
Save
Provides a practical guide to starting a business with limited resources, and it valuable resource for entrepreneurs who want to get started with a low-cost business.
Save
Provides a personal finance perspective on entrepreneurship and investing, and it valuable resource for entrepreneurs who want to learn about the financial aspects of running a business.
Save
Provides a lifestyle perspective on entrepreneurship and freedom, and it valuable resource for entrepreneurs who want to learn about the lifestyle benefits of running a business.
Provides a controversial perspective on entrepreneurship and wealth creation, and it valuable resource for entrepreneurs who want to learn about the mindset and strategies of successful entrepreneurs.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/594aa6/effectuation
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Effort
4 weeks of study, 3 hours per week, 3 hours for a peer-reviewed assignment
Level
Introductory
Via
Coursera
Institution
University of Virginia
Instructor
Saras Sarasvathy
Language
English
Transcripts
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Good to know
Learners who want to start ventures but lack the funding or expertise
Those interested in understanding effectual entrepreneurship
Teaches concepts from the Paul M. Hammaker Professor in Business Administration at the University of Virginia's Darden School of Business
Relevant to learners wanting to start new ventures or build existing ones
Provides practical advice from experienced entrepreneurs on how to manage uncertainty, failures, and successes
Presents real-world examples of successful entrepreneurial ventures
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