Effectuation: Elements of Entrepreneurial Expertise (New Horizons in Entrepreneurship series)
Saras D. Sarasvathy
Organisational design logic.
★★★★☆
Effectuation is by far one of my favourite logics/theories of entrepreneurship and the book was a delightful read. It is a must read for anyone interested in entrepreneurship or considering starting his/her own for-profit or non-profit organisation.
Effectuation is a microfoundational design logic that guides entrepreneurs to create possible effects based on what they currently have available, what they can afford to lose, how they can leverage surprises and contingencies, and who is willing to make a pre-commitment to jointly create the effect. The effectual approach starts with a set of available means that are used to create possible effects in a contingent and collaborative fashion.