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Effectuation

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  Alfiansyah Clark - TP075566 Figure 1 : Effectuation Image  (Hillabush, 2019) Can effectuation also be used in companies? Or is it useful only for entrepreneurship? To start off, what is effectuation? Effectuation is way of thinking and decision-making used by entrepreneurs. It focuses on creating opportunities and solving problems by using the resources that are available to you, as opposed to making predictions and planning for the future. The mindset is “The future is unpredictable” so instead of trying to plan for the future, you instead focus on what is available to you at the current moment. (Mortensen, 2021) Effectuation is a versatile mindset that can also be applied to companies. Scenarios where there is high levels of uncertainty or the  future is unknowable is common, or there are simply too many variables to account for the predictive rationality approach does not work. (Dargham, 2021)  In corporations effectual thinking can be effective in the deve...
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How To Generate More Good Ideas

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Alfiansyah Clark - TP075566 Figure 1 : Good Ideas Picture  (Eifler, 2017) In the ever-changing world of entrepreneurship, ideas serve as the foundation for innovation. They are the sparks that ignite the flame, the seeds from which ventures sprout from. In order for an idea to be good, it needs to have a variety of factors such as executability, uniqueness, market fit etc. (Amin, 2019) From my perspective, ideas all stem from asking questions. Questions are a sort of starting line in the creation of an idea. “How can we market our new earphones at the Olympics for the least amount of money?” is a likely example of a question posed by beats by Dre marketers which lead to the controversial yet effective marketing campaign during the London 2012 Olympics where they provided free headphones to all athletes despite the Olympic games already having exclusive deals with other brands.  (Billboard Staff, 2012) .  A good question allows for information and goals to be broken down i...
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Mindsets

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Why is culture important?  Do you think Facebook overpaid for WhatsApp? Why?  What are some of the problems bringing in new investors?   Badr Abduldaim - TP074644 &  Abdulhadi Muhammad - TP077039 figure 2 :Pinterest  ( Emily Eyster) Why is Culture Important? To start of, what is culture?  Culture is the way of living and how people interact with each other in a particular region. It’s the definition of how people celebrate events, shop, eat and even how they sleep, to be specific it is the way that traditions affect their lives. Culture serves as the essence of a thriving community, manifesting in various forms such as storytelling, commemoration of history, entertainment, and envisioning what lies ahead. Through our creative endeavors, we shape our identities and gain insight into diverse perspectives. Ontarians engage with culture in numerous roles, including as spectators, practitioners, enthusiasts, contributors, and supporters  (WolfBrown, 201...
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