Bird In Hand Principle

When expert entrepreneurs seek to build a new venture, they start with their means. These means can be grouped into three categories:

  • Who I am—my traits, tastes, and abilities
  • What I know—my education, training, expertise, and experience
  • Who I know—my social and professional networks.

Using a combination of these means, the entrepreneur begins to imagine possibilities and take action. Most often, she starts very small with the closest means and moves almost directly into implementation without elaborate planning (fire, aim versus aim, fire). With each action, possible outcomes are reconfigured. Eventually, certain emerging effects coalesce into clearly achievable and desirable goals—landmarks begin to appear on the blank map. The end goals are the combined result of the imagination and aspirations of the entrepreneur and the people she has interacted with during the process.

Research Papers :

Affordable Loss: Behavioral Economic Aspects of the Plunge Decision
Configurations of effectuation, causation, and bricolage: implications for firm growth paths
Enhancing the understanding of processes and outcomes of innovation – the contribution of effectuation to S-D logic
HelppoAsu aikoo tehdä Metallicat ja valloittaa maailman effektuaalisesti
Learning from failures in business model innovation: solving decision‐making logic conficts through intrapreneurial efectuation
Metallicalta oppia suomalaiselle elinkeinoelämälle – Kuinka raivataan tie autotallista maailman huipulle ja luodaan uudet markkinat
Offical Response to Arend et al: Co-Creating Effectual Entrepreneurship Research
Siding with the Angels – Business Angel Investing: Promising Outcomes and Effective Strategies
Unreasonable Assumptions in ASB
What Makes Entrepreneurs Entrepreneurial?
Why Metallica changed music world – Effectuation perspective

Articles :

3M: 7 Pillars of Innovation
9 Dragons: A Profit from Waste
A Healthy Message
As revenues crash, startups learn to adapt products, services
Barefoot Wine (in Finnish)
Beauty in Business
Browning-Ferris (BFI): How to Learn to Let Go
Business Activist
Business Cycle – Terracycle
Creator of Dollars and Change – The Story of Ashoka
Cube Route to Riches: the Story of Rubik Cube
Delivering Entrepreneurship
Destination Unknown – The Story of Couchsurfing
Do You Need To Be A Risk Taker To Be An Entrepreneur?
Eco-Envelopes: Many Happy Returns
Empowerment Through Ideas: Teaching Effectuation in Pakistan
Entrepreneur Journey
Entrepreneurial Advice
Entrepreneurship model for biopharma industry
Fair Dinkum
Forgetful Entrepreneur
Founder in First Gear
From Cash to Trash: the Story of Plas2Fuel
Get your business plan right
Ice Man Cometh – the Story of ICEHOTEL
Identity Chip – The Story of Stacy’s Pita Chips
Like Anyone Else
Like Science, even entrepreneurship should be taught at the school level: Darden Prof Saras D Sarasvathy
Making Waves: the Story of WaveBob
Manifesto for Effectual Action / Manifesto para a Ação Efetual
Out of Sight – The Story of Unsicht-Bar
Picture Perfect
Power Shock – The Story of Levant Power
Profit with a Purpose – The Story of Vestergaard Frandsen
Psychological Entrepreneurship
Q&A: Darden Professor Cracks the Code of How Great Entrepreneurs Think
Recycling $100 Bills
Social Success Made Simple
Sprint Finishes – how Guidewire organizes for innovation
Swedish Economic Forum Report of Entrepreneurship Education
Testing the Waters: the Story of Aquastasis
The code of how great entrepreneurs think
The Entrepreneur’s Hand on the Wheel
The Little Entrepreneur
The Moving Picture Show: One True Media
The Price of Social Innovation
The Rise of Entrepreneurial Thinking
The Story of Gardener’s Eden
The Story of OneWorld Health
USAID Reports on Effectuation in Youth Entrepreneurship Programs
Winds of Change – the Story of Ecotricity