Effectuation (Elements in Business Strategy) - Softcover

Sarasvathy, Saras

Softcover

ISBN 10: 1009108352 ISBN 13: 9781009108355

Publisher: Cambridge University Press, 2024

Synopsis

Effectuation has become the basis for educating entrepreneurs and managers. Derived from cognitive and behavioral economic studies of expert entrepreneurs, effectuation shows how to cocreate value in highly uncertain situations. The framework of effectuation consists in techniques that minimize the use of predictive information and ways to turn control itself into strategy. In doing so, the effectual process opens up radically new ways to rethink a variety of fundamental concepts in all the social sciences. This ranges from risk and return to markets and governments in economics; attitudes toward ends and means in psychology; opportunism and altruism in social psychology; and even success and failure in strategic management. Effectuation theory inverts several older approaches in what Herbert Simon referred to as the 'sciences of the artificial'. These inversions suggest an entrepreneurial method based on non-predictive control that complements the predictive control techniques of the scientific method.

Edition details

• Publisher: Cambridge University Press
• Publication date: 2024
• Language: English
• ISBN 10: 1009108352
• ISBN 13: 9781009108355
• Binding: Paperback
• Number of pages: 78