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Entrepreneurs: Effectual Thinking

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1. Why is it important for entrepreneurs to think effectually when trying to develop a business from scratch?
2. Why is It important for entrepreneurs to think effectually in other words "outside the box" to help differentiate themselves from potential competition?

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Solution Summary

Effectual thinking for entrepreneurs is discussed in a structured manner in this response. The related references are also provided.

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1. When entrepreneurs try to develop a business from scratch, they need to think effectually because since the future is unpredictable, instead of developing a fixed plan with specific goals they should strive to use the resources available to them. When entrepreneurs are influential they are creative and produce or deliver something new to the market. The entrepreneur using effectual thinking will commence with what means are available, focus on the risk of loss, and form partnerships(1). Also, the entrepreneur should endeavor ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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