Lemonade Principle

If you come across lemons, make lemonade! The third principle of effectual reasoning is at the heart of entrepreneurial expertise—the ability to turn the unexpected into the profitable. Expert entrepreneurs learn not only to work with surprises but also to take advantage of them. In most contingency plans, surprises are bad—the worst-case scenarios. But because entrepreneurs do not tie their idea to any theorized or preconceived “market,” anything and everything is potentially a surprise that can lead to a valuable opportunity.

Research Papers :

Causation and Effectuation: Toward a Theoretical Shift From Economic Inevitability to Entrepreneurial Contingency
Effectuation in the Management of Knightian Uncertainty: Evidence From the RealNetworks Case
HelppoAsu aikoo tehdä Metallicat ja valloittaa maailman effektuaalisesti
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
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
Barefoot Wine (in Finnish)
Beauty in Business
Business Activist
Creator of Dollars and Change – The Story of Ashoka
Do You Need To Be A Risk Taker To Be An Entrepreneur?
Entrepreneurship model for biopharma industry
Fair Dinkum
Get your business plan right
Ice Man Cometh – the Story of ICEHOTEL
Identity Chip – The Story of Stacy’s Pita Chips
Manifesto for Effectual Action / Manifesto para a Ação Efetual
Oat Cuisine – the Story of Oatly
Out of Sight – The Story of Unsicht-Bar
Q&A: Darden Professor Cracks the Code of How Great Entrepreneurs Think
Recycling $100 Bills
Something New Under the Sun – The Story of NanoSolar
The code of how great entrepreneurs think
The Lemonade Principle: Staples, Silly Putty, Honda
The Moving Picture Show: One True Media
The Rise of Entrepreneurial Thinking
Winds of Change – the Story of Ecotricity