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entrep mind > principle of effectuation > Flashcards

principle of effectuation Flashcards

1
Q

way of thinking and decision-making that is based on the idea that entrepreneurs create their future by taking action and making things happen.

A

EFFECTUATION

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2
Q

idea with a sense of purpose – a desire to improve the state of the world and the lives of individuals by enabling the creation of firms, products, markets, services, and ideas.

A

EFFECTUATION

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2
Q

way of thinking that is focused on creating opportunities and solving problems by using the resources that are available to you, rather than making predictions and trying to plan for the future.

A

EFFECTUATION

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3
Q

When expert entrepreneurs seek to build a new venture, they start with their means.

A

Bird In Hand Principle

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4
Q

Expert entrepreneurs turn this logic on its head—they think in terms of _____________ rather than expected returns.

A

Affordable Loss Principle

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5
Q

They decide what they are willing to lose rather than what they expect to make.

A

Affordable Loss Principle

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6
Q

Instead of calculating upfront how much money they will need to launch their project and investing time, effort, and energy in raising that money, the effectual entrepreneur tries to estimate the downside and examines what she is willing to lose.

A

Affordable Loss Principle

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7
Q

the focus on building partnerships rather than beating competitors.

A

Crazy Quilt Principle

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8
Q

the ability to turn the unexpected into the profitable.

A

Lemonade Principle

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9
Q

Having a desire for control over your life

A

Pilot in the Plane Principle

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10
Q

Control enables entrepreneurs to work on things they think are important, set their own schedules and work with whom they want.

A

Pilot in the Plane Principle

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11
Q

It is a logic and process that can be used as the firm develops in the “0-60mph” (early startup) phase of growth.

A

Effectuation

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12
Q

The entrepreneur’s means provide the starting point. The action begins in earnest when the entrepreneur begins interacting with people.

A

Effectual Cycle

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13
Q

Sometimes the starting point of that interaction is an idea, a provisional goal the entrepreneur uses to initiate the interaction.

A

Effectual Cycle

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14
Q

Sometimes the interaction is specifically initiated in the terms of “what can we do?” as the entrepreneur determines possibilities together with the person she interacts with.

A

Effectual Cycle

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15
Q

Filipino Chinese business tycoon and entrepreneur

A

Henry Sy Sr.

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16
Q

most famous for founding the SM Malls, the Philippines’ largest group of malls

A

Henry Sy Sr.

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17
Q

owns numerous companies in the areas of real estate, banking, education, mining, retailing, and hospitality, resulting in him being recognized as the wealthiest person in the Philippines, with an estimated personal wealth of 13 billion dollars.

A

Henry Sy Sr.

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18
Q

“Father of Philippine Retailing” due to owning the largest group of malls in the country.

A

Henry Sy Sr.

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19
Q

Henry Sy’s life principles or united nations sustainable development goal?
Strive to be a leader in your chosen field.

A

Henry Sy’s life principles

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20
Q

Henry Sy’s life principles or United Nations sustainable development goal?
Be a person of integrity

A

Henry Sy’s life principles

21
Q

Henry Sy’s life principles or united nations sustainable development goal?
Have a long term vision and strategy

A

Henry Sy’s life principles

22
Q

Henry Sy’s life principles or united nations sustainable development goal?
Focusing means concentrating and prioritizing.

A

Henry Sy’s life principles

23
Q

Henry Sy’s life principles or united nations sustainable development goal?
Have great passion to achieve.

A

Henry Sy’s life principles

24
Q

Henry Sy’s life principles or united nations sustainable development goal?
Work hard.

A

Henry Sy’s life principles

24
Q

Henry Sy’s life principles or united nations sustainable development goal?
Be patient and persevere.

A

Henry Sy’s life principles

25
Q

Henry Sy’s life principles or united nations sustainable development goal?
Recognize opportunity.

A

Henry Sy’s life principles

26
Q

Henry Sy’s life principles or united nations sustainable development goal?
Be optimistic.

A

Henry Sy’s life principles

27
Q

Henry Sy’s life principles or united nations sustainable development goal?
Be confident.

A

Henry Sy’s life principles

27
Q

Henry Sy’s life principles or united nations sustainable development goal?
Build your organization.

A

Henry Sy’s life principles

28
Q

Henry Sy’s life principles or united nations sustainable development goal?
Make it your mission to provide employment.

A

Henry Sy’s life principles

29
Q

Henry Sy’s life principles or united nations sustainable development goal?
Social responsibility is important.

A

Henry Sy’s life principles

30
Q

Meaning of SDGs?

A

Sustainable Development Goals

30
Q

They recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.

A

Sustainable Development Goals

31
Q

Henry Sy’s life principles or United Nations sustainable development goal?
No poverty

A

United Nations Sustainable Development goal

32
Q

Henry Sy’s life principles or United Nations sustainable development goal?
good health and well-being

A

United Nations Sustainable Development goal

33
Q

Henry Sy’s life principles or United Nations sustainable development goal?
quality education

A

United Nations Sustainable Development goal

34
Q

Henry Sy’s life principles or United Nations sustainable development goal?
gender equality

A

United Nations Sustainable Development goal

35
Q

Henry Sy’s life principles or United Nations sustainable development goal?
clean water and sanitation

A

United Nations Sustainable Development goal?
affordable and clean energy

36
Q

Henry Sy’s life principles or United Nations sustainable development goal?
affordable and clean energy

A

United Nations Sustainable Development goal

37
Q

Henry Sy’s life principles or United Nations sustainable development goal?
decent work and economic growth

A

United Nations Sustainable Development goal

38
Q

Henry Sy’s life principles or United Nations sustainable development goal?
reduce inequalities

A

United Nations Sustainable Development goal

39
Q

Henry Sy’s life principles or United Nations sustainable development goal?
industry, innovation and infrastructure

A

United Nations Sustainable Development goal

40
Q

Henry Sy’s life principles or United Nations sustainable development goal?
sustainable cities and communities

A

United Nations Sustainable Development goal

41
Q

Henry Sy’s life principles or United Nations sustainable development goal?
responsible consumption and production

A

United Nations Sustainable Development goal

42
Q

Henry Sy’s life principles or United Nations sustainable development goal?
climate action

A

United Nations Sustainable Development goal

43
Q

Henry Sy’s life principles or United Nations sustainable development goal?
life below water

A

United Nations Sustainable Development goal

44
Q

Henry Sy’s life principles or United Nations sustainable development goal?
life on land

A

United Nations Sustainable Development goal

45
Q

Henry Sy’s life principles or United Nations sustainable development goal?
peace, justice and strong institutions

A

United Nations Sustainable Development goal

46
Q

Henry Sy’s life principles or United Nations sustainable development goal?
partnership for the goal

A

United Nations Sustainable Development goal

47
Q

Un sustainable development goals
sm group of companies

A
  1. We provide inclusive economic opportunities
  2. we facilitate development
    3.we promote environmental sustainability
  3. we create positive community impact
  4. we drive sustainable growth

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