In the videos below, Saras Sarasvathy, protege of Nobel Prize Winner Herb Simon, Ted talks about the Entrepreneurial Method – how entrepreneurs actually work!
There are some theories that we may have about entrepreneurs and what makes them successful. Maybe they were geniuses and /or great risk takers. Maybe they had a unique talent. Maybe it was their upbringing, family background or their genes.
These reasons may have been true for some but what Saras Sarasvathy discovered in her research was that most entrepreneurs, knowingly or unknowingly, applied the same method which she calls the Entrepreneurial Method.
Many people think that entrepreneurship cannot be taught in schools. Just as centuries ago many thought that science cannot be taught in schools. They viewed scientist then the way we view entrepreneurs now. Being a scientist then was for the chosen and unique few.
But the formalization of the Scientific Method enabled science to be taught in schools. Of course, just because science can be taught does not mean that everyone will become a great scientist. But the number of scientists exploded. Science was not magic!
Saras believes the same holds true for the Entrepreneurial Method. That expert entrepreneurs follow a process which can be taught.
And this method is very useful in dealing with unpredictable environment of an entrepreneurial enterprise.
And I think it is also relevant for larger organisations who are not entrepreneurs, in the traditional sense of the word, but who need to navigate a turbulent and unpredictable environment.
Enjoy the video and we will discuss it over the next few posts!
Try to identify the steps and principles of the Entrepreneurial Method – which she also calls Effectuation.
We will need it to start any online business.