Entrepreneurs in a Start-Up Support Program Meet „Bird-in-Hand“

In: Business and Management

Submitted By faschingbauer
Words 3887
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Entrepreneurs in a Start-Up Support Program meet „Bird-in-Hand“ Impressions, Findings and Conclusions from an Experiment Author: Michael Faschingbauer, August 2008

In fall 2007, I set out to test effectuation principles and dynamic process in a publicly founded start-up-program in Austria. The results where compiled into the MBA master thesis Entrepreneurship with Effectuation: Testing an Innovative Approach to Business Start-UpSupport (Faschingbauer 2008). In this paper, I would like to present the outcomes after introducing the effectual “Bird-in-Hand” principle to a group of seven novice entrepreneurs in the process of their start-up preparation. 1 Abstract of my master thesis The support structures for business start-ups in Austria are based on causal assumptions about how one should start a business. One starts with the recognition of an opportunity, which needs to be concretized and developed through analysis and planning. According to the effectuation framework by Saras D. Sarasvathy (Sarasvathy 2008), expert entrepreneurs choose a radically different way. Effectuators allow goal ambiguity, they prefer partnerships and alliances to competitive strategies, make use of risk reducing schemes and opt for controlling the future instead of relying on predicting it. In my thesis, the learnable and teachable elements of effectuation were practically tested in a training scheme with entrepreneurs during start-up preparation. It was shown that effectuation training can directly influence the entrepreneurs’ thinking and acting. There where apparent effects in the diversity and the variety of their goals, the establishment of partnerships, precommitments with other stakeholders, risk-reducing behavior based on their affordable loss and in their attitude towards the question how one should start a business. The results have implications regarding the way in which…...

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