Source: Catalyst House
Keri Salls posted to her blog about cool research project published by Saras Sarasvathy, a Professor at the University of Virginia, captures distinctions between entrepreneurs & corporate executives in how they think.
In her article in the new issue of Inc Magazine, Leigh Buchanan says, “Saras Sarasvathy concluded that master entrepreneurs rely on what she calls effectual reasoning. Brilliant improvisers, the entrepreneurs don’t start out with concrete goals. Instead, they constantly assess how to use their personal strengths and whatever resources they have at hand to develop goals on the fly, while creatively reacting to contingencies.”
Entrepreneurs are known for possibility thinking. They “Do the doable, then push it”.
Here’s Buchanan’s nugget about goals:
“That is not to say entrepreneurs don’t have goals, only that those goals are broad and—like luggage—may shift during flight. Rather than meticulously segment customers according to potential return, they itch to get to market as quickly and cheaply as possible, a principle Sarasvathy calls affordable loss.”