To effectuate is to engage in a specific type of entrepreneurial
action. It has special importance for situations where the future
is truly unknowable or human agency is of primary importance. In
this new and updated edition of the bestselling Effectuation, Saras
Sarasvathy explores the theory and techniques of non-predictive
control for creating new firms, markets and economic opportunities.
Using empirical and theoretical work done in collaboration with
Nobel Laureate Herbert A. Simon, the author employs methods from
cognitive science and behavioral economics to develop the notion of
entrepreneurial expertise and effectuation. Supportive empirical
evidence is provided by the author's study of 27 entrepreneurs as
well as other independent studies. The book then traces the
consequences of effectuation for business management, economics and
social philosophy. The author finds that effectuators generate
constraint-satisfying solutions rather than searching for optimal
ones, make rather than find opportunities, and in a deep sense,
convert 'as-if' propositions into 'even-if' ones. The way they
accomplish this is the central discussion of the book. Students and
scholars of entrepreneurship will find this path-breaking research
of great value. The book's conclusions will also be of interest to
those in the fields of behavioral and evolutionary economics,
cognitive science and management. Praise for the first edition:
'The concept of effectuation is as subtle as it is profound. On the
one hand, it challenges long held beliefs about the nature of cause
and effect in social science. On the other hand, it generates a
host of new insights about social phenomena. This concept is
particularly well suited to analyzing entrepreneurial behavior -
behaviors undertaken in settings where the relationship between
cause and effect is understood, at best, very poorly.' - Jay B.
Barney, The Ohio State University, US 'Things rarely turn out as we
expected or intended. Neither rational choice between well-defined
prospects nor commitment to a vision, which can be realised by will
power or persuasion, offers a credible representation of much human
activity - even the activities of entrepreneurs. But although
uncertainty (or unknowledge) is inescapable it may be productively
managed. If we understand our present circumstances and some of its
possibilities, build constructive relationships with others, and be
ready to adjust both our objectives and the means of achieving them
in order to take advantage of new contingencies, then we can at
least participate in shaping our own future. By taking this
perspective Saras Sarasvathy makes entrepreneurship a natural human
activity, expressing the limitations and potential of human
motivation and human intelligence.' - Brian J. Loasby, University
of Stirling, UK 'In Effectuation Saras Sarasvathy presents a
carefully researched and reasoned view of entrepreneurial behavior
that both challenges and extends prevailing wisdom in the field.
There is little doubt that these ideas will serve as an important
foundation for anyone desirous of stimulating positive action in
the world. With Effectuation we are equipped to provide a
generation of students and managers with the methods to make and
find opportunities that create value. . . everywhere.' - Leonard A.
Schlesinger, President, Babson College, US
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