Six elements from the analysis of the entrepreneurial process - Start with means, not [Objective. - who they were: start with what you think you are - what they know: start with what you know. - whom they know: make someone you know (a partner) a customer - Expected profit not tolerable loss
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The first customer becomes a partner and the partner becomes a customer.
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Ignore competition and emphasize partnerships.
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Spinning out, not finding a market
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Unexpected results, not objectives found in advance.
- Drucker’s idea that Unexpected Success is Innovation Opportunities is the same as Drucker’s idea that Unexpected Success is [Innovation Opportunities
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effectuation p.42
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It is emphasized that this is the opposite of textbook [coaxialization
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After all, isn’t this being on the wrong side of (e.g. an attack) a theory widely taught in MBAs?
- When it was the high road and not systematized, gaining MBA-like knowledge led to success.
- Widespread knowledge has increased competition as those with the same knowledge make the same decisions.
- So it became beneficial to reverse the process.
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