In this video, you can watch a short version of the video giving the main idea of why and how we all need to start with what we have, instead of waiting for everything to get perfect.
Creation of firms, products, markets, services, and ideas is a desire to improve the state of the world and the lives of individuals. What mainly known as “Effectuation” is a logic of entrepreneurial expertise. What makes great entrepreneurs aren’t genetic or personality traits, risk-seeking behavior, money, or a unique vision. Effectuation researchers has found that there is a science to entrepreneurship and
Effectuation is an idea born of a unique look at an age old problem – what makes entrepreneurs entrepreneurial? By the late 1990’s this question had been debated for decades by both academic researchers and practitioners of entrepreneurship with little success. The main focus of academic research had been on two theories: 1) that entrepreneurship either a genetic or acquired personality trait or psychological condition (risk seeking) and 2) that entrepreneurs took advantage of opportunities that were created by inefficient market forces, regulation, and scientific breakthroughs. Even if science had supported these theories, they were of no practical use to the entrepreneur who was starting his or her business.
Further, dozens of entrepreneurs publish memoirs and “how-to” books on entrepreneurship every year. These are based on the unique experiences of the individual entrepreneur (which is good) but aren’t a) backed up with science or b) universally applicable.
No one had gotten the truly unique characteristics, habits, and behaviors of the species entrepreneur.