Written by Gosia Glinska
It’s hard to make decisions in an uncertain world. According to Professor Darden of UVA Saras Sarasvathy, we can learn from expert entrepreneurs how to move forward to build the future you want. In the latest episode of hidden brain In the podcast “Innovation 2.0: How Big Ideas Are Born,” Sarasvathy shares five things he discovered while researching how seasoned entrepreneurs think and make decisions in the early stages of starting a new business. We share two habits. She named these habits the “Five Principles.” effective.
In a conversation with Hidden Brain host Shankar Vedantam, Sarasvathy explains that effectuation is the logic of entrepreneurial expertise that eschews prediction in favor of non-predictive control. doing.
“Effective thinking is how you minimize predictive information while making decisions under great uncertainty,” Sarasvathy says. And the way to minimize predictive information is always to divide the world into things that are within your control and things that are outside of your control. You ignore what is outside your control and continually use what is within your control to shape and co-create your future. And in the end, it will create a new effect on the world. ”
One of the habits of a seasoned entrepreneur is Bird in Hand Principle. Like the founder of Airbnb, who started with a spare bedroom and an air mattress, or the inventor of the Post-It note, who turned an adhesive that didn’t stick well into his profitable product line for 3M, he idea. Instead, you can start with a resource already within your control: your bird.
Whether you’re a beginner, a seasoned entrepreneur, a manager, or someone who wants to learn how to deal with the growing uncertainty in our world, check out the April 29 episode of the podcast Hidden Brain to learn how seasoned entrepreneurs Learn the 5 habits of Bird in Hand, Affordable Loss, Lemonade, Crazy Quilt, and Airplane Pilot.
Want to hear more from Professor Sarasvathy?
Join us on May 17th from 12:00pm to 1:00pm for a Q&A webinar hosted by Darden’s Batten Institute and bring your questions. Register here.
About the University of Virginia Darden School of Business
The University of Virginia Darden School of Business develops responsible global leaders through unparalleled, transformative learning experiences. Darden’s graduate degree programs (MBA, MSBA, Ph.D.) and executive education and lifelong learning programs offered by the Darden School Foundation set the stage for lifelong career advancement and impact. Known for teaching excellence, Darden’s top faculty inspire and shape modern business leadership around the world through research, thought leadership, and business publishing. Darden has grounds in Charlottesville, Virginia, and the Washington, DC area, and a global community that includes her 18,000 alumni from 90 countries. Darden University is a top public university founded in Charlottesville, Virginia in 1819 by Thomas Jefferson, his 1955 addition to the University of Virginia.
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