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ENTREPRENEURPRESENTATION ON CASUAL & EFFECTUAL         REASONING,[object Object],[object Object],[object Object]
Causal reasoning,[object Object],[object Object]
Causal rationality begins with a pre-determined goal & a given set of means & seeks to identify the optimal – fastest, cheapest, most efficient, etc – alternatives to achieve the given goal.
The make-or-buy decision in production, or choosing the target market with highest potential return in marketing or picking a portfolio with lowest risk in finance, or even hiring the best person for the job in HR mgt are all examples of causal reasoning. ,[object Object]
Causal vs. effectual reasoning,[object Object],  Causal thinkers are like great generals seeking to conquer the world – Genghis Khan, conquering two third of the known land,[object Object],Effectual thinkers are like explorers setting out on voyage in to uncharted waters – Columbusdiscovering the new world.,[object Object]
CONTD…..,[object Object],    It is relevant to mention here that the same person can use both causal & effectual reasoning at different times depending on what the circumstances call for. In fact, best entrepreneurs are capable of both & do use them most optimally. ,[object Object],   They, however, prefer effectual reasoning over causal reasoning in early stages of new venture. While causal reasoning may or may not involve creative thinking, effectual reasoning is inherently creative. ,[object Object]
Managerial Thinking – Causal Reasoning,[object Object],Distinguishing Characteristics,[object Object],Selecting between given means to achieve pre-determined goal,[object Object],M1,[object Object],M2,[object Object],M3,[object Object],M4,[object Object],M5,[object Object],M6,[object Object],GOAL,[object Object],Given Means,[object Object],Strategic Thinking – Creative Causal Reasoning,[object Object],Distinguishing Characteristics,[object Object],Generating new means to achieve pre-determined goal,[object Object],M1,[object Object],M2,[object Object],M3,[object Object],M4,[object Object],M5,[object Object],M6,[object Object],GOAL,[object Object],New Means are generated,[object Object]
Entrepreneurial Thinking – Effectual Reasoning,[object Object],Distinguishing Characteristics,[object Object],Imagining possible new ends using given set of means,[object Object],Imagined Ends,[object Object],Given Means,[object Object],E1,[object Object],E2,[object Object],E3,[object Object],E4,[object Object],E5,[object Object],E6,[object Object],M1,[object Object],M2,[object Object],M4,[object Object],M3,[object Object],M6,[object Object],M5,[object Object]
Effectual Reasoning: The Process,[object Object],All entrepreneurs begin with three categories of means,,[object Object],(i)    Who they are – their traits, choices, tastes & abilities; ,[object Object],(ii)   What they know – their education, training, expertise & experience; ,[object Object],(iii)  Whom they know – their social & professional network. ,[object Object],[object Object]
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 & subsequent execution, effectual reasoning lives & breaths execution. ,[object Object]
Eventually, certain of emerging effects coalesce into clearly achievable & desirable goals – landmarks that point to a discernible path beginning to emerge in the wilderness.
Traditional management teaches potential entrepreneurship an extremely causal process – the sequential progression from idea to market research, to financial projections, to team, to business planning, to financing, to prototype, to market & of course surprises will happen along the way.
Experienced entrepreneurs know that surprises are not deviation from path. Instead these are the norms, from which one learns to forge a path. ,[object Object]
Effectual Reasoning: The Principles,[object Object],Effectual reasoning is indeed a convincing & logical alternative to causal rationality: -,[object Object],While causal reasoning focuses on expected return, effectual reasoning emphasizes affordable loss.,[object Object],While causal reasoning depends upon competitive analysis, Effectual reasoning is built upon strategic partnership.,[object Object],While causal reasoning urges the exploitation of pre-existing knowledge & prediction, Effectual reasoning stresses the leveraging the contingencies. ,[object Object]
Affordable Loss Principle,[object Object],[object Object]
In finding the first customer in near vicinity, whether with in their geographic vicinity, with in their social network or with in their area of professional expertise, entrepreneurs do not tie themselves to any theorized or pre conceived market.
Instead they open themselves to surprises as to which market or markets they will eventually end up building their business in or even which new market they will end up creating. ,[object Object]
[object Object]
Whereas, an entrepreneur would target key companies & create one to one understanding with them; the challenge then is really to pick the partners & package oneself early before going full steam.
In fact, the strategic partnership principle dove-tails very well with the affordable loss principle to bring the entrepreneur’s idea to market at really low cost.
Furthermore, pre-commitments from key stakeholders help reduce uncertainty in early stages of creating the enterprise.

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Entrepreneur

  • 1.
  • 2.
  • 3. Causal rationality begins with a pre-determined goal & a given set of means & seeks to identify the optimal – fastest, cheapest, most efficient, etc – alternatives to achieve the given goal.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10. Most often they start very small with the means that are closest at hand and move almost directly into action without elaborate planning.
  • 11.
  • 12. Eventually, certain of emerging effects coalesce into clearly achievable & desirable goals – landmarks that point to a discernible path beginning to emerge in the wilderness.
  • 13. Traditional management teaches potential entrepreneurship an extremely causal process – the sequential progression from idea to market research, to financial projections, to team, to business planning, to financing, to prototype, to market & of course surprises will happen along the way.
  • 14.
  • 15.
  • 16.
  • 17. In finding the first customer in near vicinity, whether with in their geographic vicinity, with in their social network or with in their area of professional expertise, entrepreneurs do not tie themselves to any theorized or pre conceived market.
  • 18.
  • 19.
  • 20. Whereas, an entrepreneur would target key companies & create one to one understanding with them; the challenge then is really to pick the partners & package oneself early before going full steam.
  • 21. In fact, the strategic partnership principle dove-tails very well with the affordable loss principle to bring the entrepreneur’s idea to market at really low cost.
  • 22. Furthermore, pre-commitments from key stakeholders help reduce uncertainty in early stages of creating the enterprise.
  • 23.
  • 24.
  • 25. Their structure, culture, core competence & endurance are all the result of particular people striving to forge & fulfill particular aspirations through interaction with space, time & technologies they live in.
  • 26.
  • 27. Causal reasoning is based on the logic – to the extent that we can predict the future, we can control it. This is the reason both academics & practitioners in business spend enormous time, resources & energy on developing predictive models.
  • 28. Effectual reasoning on the other hand is based on logic – to the extent we can control the future, we do not need to predict it.
  • 29. How does one control an unpredictable future? Let’s analyze it – where does future come from? Is it largely the continuation of the past & present?
  • 30.
  • 31.
  • 32. Experienced professionals in entrepreneurial arena maintain that finding & leading right people is the key to creating an enduring venture.
  • 33. Entrepreneurs know that such right people are not the one in the job market; rather the right people are the one who need emotional ownership in the goals & objectives of the Endeavour.
  • 34.
  • 35.