ECON 1 Lecture Notes - Lecture 21: Initial Public Offering, Competitor Analysis, Private Placement
Document Summary
Entrepreneurs learn a distinctive style & logic in decision making effectual logic (effectuation) The more experienced the more likely to use this logic in the start-up phase. 8. 4 non-predictive control: the overall logic of effectuation. Entrepreneurs tend co-create future with people in a project. To the extend you can control the future you don"t need to control it . 8. 4. 1 three types of uncertainty: known distribution with unknown draw, unknown distribution with an unknown draw, unknowable distribution. Entrepreneurs control future from (jointly) available information invest only what they can lose. Effectual entrepreneurs begin with their own means (who they are) may or may not bridge a gap in market. Do not wait for funding building a venture led to finance sources. Focused on doing the doable freed from need to develop a great idea . Do not try to forcast profits examine what they can lose (time, money, effort, etc. )
