ENTR200 Lecture Notes - Lecture 12: Takers, Spaced
Document Summary
Entrepreneurs decide what they"re affordable risk is and the take it in hopes to expand it. Bankers pick a target return and then work to reduce risk. 4x4 matrix strategies with respect to prediction and control instert matrix photo. Do trends create opportunities or opportunities create trends: entrepreneurs live in effectuation, rarely have a high level of control or prediction. Not like the rest of us: effectual thinkers simply developed expertise in making opportunities in uncertain environments, develop workable and winning strategies for uncertainty. Saying yes allows for improvisation, saying no stops everything. Saying yes and builds on what you did. Remember quilt activity, analogous to his brick on brick example. Games set a group of rules and you are free to improvise within them. Improvisation vs. action is just like entrepreneurship vs. Blue sky ideas (just possible) forward-looking, novel, different. Most people: take grounded ideas and tweak up (wrong)
