Gosia Glińska
Making decisions in an uncertain world is hard, according to University of Virginia professor Darden. Sarath SarasvatiNow, you can learn from entrepreneurial experts how to move forward to build the future you want. Hidden Brain In the podcast “Innovation 2.0: The Birth of Big Ideas,” Sarasvati shares the five habits of seasoned entrepreneurs that she discovered while studying how entrepreneurs think and make decisions in the early stages of launching a new venture. She calls these habits the “Five Principles.” Entry into force.
In conversation with Hidden Brain host Shankar Vedantam, Sarasvathy explains that effectuation is a logic of entrepreneurial expertise that eschews prediction in favor of nonpredictive control.
“Effective thinking is a way of minimizing predictive information when making decisions under great uncertainty,” Sarasvathy says. “The way to minimize predictive information is to constantly divide the world into what is in your control and what is not. You ignore what is outside your control and continually use what you can control to shape and co-create the future, ultimately creating new impacts on the world.”
One of the habits of a seasoned entrepreneur is The bird in the hand principleLike the founders of Airbnb, who started with a spare room and an air mattress, or the inventor of Post-it Notes, who turned a flimsy glue into a highly profitable product line for 3M, you don’t need a big idea to start off with. Instead, you can start with a resource already under your control: a bird.
Whether you’re a new or seasoned entrepreneur, manager, or someone who wants to learn how to handle growing uncertainty in the world, tune into the April 29th episode of the Hidden Brain podcast to learn the five habits of seasoned entrepreneurs: The Bird in Your Hand, Acceptable Loss, Lemonade, Crazy Quilt, and the Airplane Pilot Principle.
Want to hear more from Professor Saraswati?
Join us on May 17th from 12:00pm-1:00pm for a Q&A webinar hosted by Darden’s Batten Institute. Feel free to ask any questions you have. Register here.
About the University of Virginia Darden School of Business
Darden School of Business at the University of Virginia prepares 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 lay the foundation for lifelong career advancement and impact. Known for teaching excellence, Darden’s top-ranked faculty inspires and shapes contemporary business leadership around the world through research, thought leadership and business publishing. Darden has campuses in Charlottesville, Virginia and the Washington, DC area and a global community that includes 18,000 alumni in 90 countries. Darden was founded in 1955 within the University of Virginia, a top-ranked public university founded in Charlottesville, Virginia in 1819 by Thomas Jefferson.
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