Pillar Men

Culture and Society Pillar Men

  Effectuation in Action 1.Principles of effectuation      Effectuation is a way of thinking used by entrepreneurs to navigate through uncertainty and create their future. This technique, developed by Saras Sarasvathy, differs from traditional approach, causal reasoning, which assumes a known future and seeks the optimal means of achieving the preset goals. Instead, effectuation is about maximizing current resources and discovering new opportunities in a dynamic environment. The principles of effectuation: 1.       Bird in Hand : Starts with what we already have, don’t wait for the perfect opportunity, and be fixated to a predefined goal. Rather, we must take action based on what we have (skills, resources, networks) 2.       Affordable Loss:  Focus on what we can afford to lose rather than the potential and attractiveness of a possible gain. This allows experimentation with manageable risk. 3.   ...

 Where Good Ideas Come From 1. Inspiration to Achieve Ideas      In the business world, many people are dying to find good ideas to the extent that they are willing to buy ideas from people. From this we can see that good ideas are hard to find and that it is important that we ourselves have good ideas because we would then be wanted by the market or could even start our own business with that idea. The first characteristic of a great idea is that it needs to be desirable, feasible, and viable (Mendes, 2023). These characteristics of ideas are always effective in guaranteeing the idea is good but trying to create our own idea is the hard part.      Inspiration is one of the major things that will help someone generate ideas because creativity is essential. There are many ways to find inspiration. For example, we can get inspiration by looking at the past, this could mean that we try coming up with an idea to prevent the vase you broke from getting knoc...

  How To Manage Risk As An Entrepreneur   WEEK 3  Case Study Group: Based on FEP-KLTSA Business Challenge     The process of recognizing, evaluating, and mitigating risks to an organization's assets, profits, and operations is known as risk management. These risks can arise from several things, such as unforeseen financial circumstances, legal obligations, technological problems, poor strategic management, mishaps, and natural disasters. Then, Any risk management program's goal should be to protect and increase overall corporate value through prudent risk management, not to completely eradicate all risk. Proactively managing risks instead of reactively means trying to exert as much control over future events as possible. As a result, efficient risk management can lessen a risk's likelihood of happening as well as its possible effects. The tools that we could use in order to do the risk management are: a. Time tracking          Task a...