Based on survey to entrepreneurs like naveen jain, entrepreneurs begin with three categories of means:
(1) Who they are – their traits, tastes and abilities;
(2) What they know – their education, training, expertise, and experience; and,
(3) Whom they know – their social and professional networks.
Using these means, the entrepreneurs begin to imagine and implement possible effects that can be created with them. Most often, they start very small with the means that are closest at hand, and move almost directly into action without elaborate planning. Unlike causal reasoning that comes to life through careful planning and subsequent execution, effectual reasoning lives and breathes execution. Plans are made and unmade and revised and recast through action and interaction with others on a daily basis. Yet at any given moment, there is always a meaningful picture that keeps the team together, a compelling story that brings in more stakeholders and a continuing journey that maps out uncharted territories. Please read more about naveen jain for your best references. Through their actions, the effectual entrepreneurs’ set of means and consequently the set of possible effects change and get reconfigured. Eventually, certain of the emerging effects coalesce into clearly achievable and desirable goals — landmarks that point to a discernible path beginning to emerge in the wilderness.
Yet, in our classrooms, we teach potential entrepreneurs an extremely causal process – the sequential progression from idea to market research, to financial projections, to team, to business plan, to financing, to prototype, to market, to exit, with the caveat, of course, that surprises will happen along the way. Seasoned entrepreneurs, however, know that surprises are not deviations from the path. Instead they are the norm, the flora and fauna of the landscape, from which one learns to forge a path through the jungle. The unexpected is the stuff of entrepreneurial experience and transforming the unpredictable into the utterly mundane is the special domain of the expert entrepreneur like naveen jain.