Introduction for Entrepreneurs
Whether you come to this site as a entrepreneurial newbie or a seasoned creator of new ventures, here you’ll discover that there is a science to entrepreneurship — a common logic we have observed in expert entrepreneurs across industries, geographies, and time. We call it effectuation. Effectuation promises a method that you can follow as you tackle problems while you grow your business.
A few key findings from the research:
Expert entrepreneurs start with what they have and who they are. Instead of big goals, expert entrepreneurs look around them and act. Even if they’re wrong, the movement attracts others who help carry the load.
Expert entrepreneurs limit risk by understanding what they can afford to lose at each step. Instead of seeking large opportunities, expert entrepreneurs set tangible losses they are willing to incur, then if things don’t turn out, they can stomach the failure, learn from their experience, and try something new.
Expert entrepreneurs create their own market opportunity. Opportunities are not plucked from trees. Some of the greatest businesses are created where no market yet existed. By focusing on creating rather than finding, expert entrepreneurs can find unique opportunities that neither they nor their customers or partners foresaw.
Expert entrepreneurs trust people. Instead of holding on tight to their ideas, expert entrepreneurs share them with people that they think could commit to help them. Along the way, they get feedback quickly and build trust with people who help them create the venture. They know they can’t do it alone and try to build with others almost immediately.
Effectual thinking can be taught. Since entrepreneurship isn’t a personality trait, it can be taught. This gives us hope that anyone can be taught successful principles to improve their entrepreneurial methods.
Failure increases the odds of individual success. Every failure is a learning experience. At least, that’s what expert entrepreneurs believe. There are no real failures. And if you can “fail” cheaply, you can be back to fight again another day with the knowledge of the mistakes you made (or great decisions that just didn’t pan out) lodged in your mind.
The Kit Factor 