Effectual Entrepreneurship

Module Provider: Leadership, Organisations and Behaviour
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2016/7

Summary module description:
This module examines the subject of Effectuation and its application to the "entrepreneurial method." Effectuation is a logic of thinking used by expert entrepreneurs to build successful ventures.

Effectuation is an 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.

Effectuation is a logic of entrepreneurial expertise. What makes great entrepreneurs isn't genetic or personality traits, risk-seeking behaviour, money, or unique vision. Effectuation research has found that there is a science to entrepreneurship and that great entrepreneurs across industries, geographies, and time use a common logic, or thinking process, to solve entrepreneurial problems. Effectuation is a logic of entrepreneurial expertise that both novice and experienced entrepreneurs can use in the highly unpredictable start-up phase of a venture to reduce failure costs for the entrepreneur.
Aims:
The aim of the modules is to develop students' awareness and understanding of the effectual principles and contrast this to more traditional practices. This will involve an appreciation of the context in which successful entrepreneurs operate, the behaviours they demonstrate and the strategies that they have developed in order to survive by using both theory and case studies.

Assessable learning outcomes:
By the end of the module, students should be able
? To elucidate, critique and apply the logic of effectual thinking, as discovered and defined through scientific research and used by expert entrepreneurs to build successful ventures.

To appraise the effectiveness of the Effectual Principles when applied in an intrepreneurial context.

To express and analyse the differences between the Effectual Principles applied by expert entrepreneurs and traditionally accepted business management practices.
Additional outcomes:
Students will acquire entrepreneurial skills that will be applicable in many business contexts whether or not they propose to develop an entrepreneurial career. For students wishing to take this path they will have the opportunity to develop their ideas in a tangible way.

Outline content:
1. Where do good ideas come from- Start with your means
2. Don't Have Enough Money
- Affordable loss
3. I Don't Know How to Take the Plunge
4. I'm Human: I'm Afraid of Failing
5. The Bird-in-Hand Principle: Start With What You Have
6. The Affordable Loss Principle: Risk Little, Fail Cheap
7. The Crazy Quilt Principle: Form Partnerships
8. The Lemonade Principle: Leverage Surprise
9. Business Plans and Business Models: make Pitches
10. When a Venture Grows Up
11. Entrepreneurship as a Technology for Social Change

Brief description of teaching and learning methods:
This module is interactive. Sessions are comprised of a combination of formal lectures and interactive group work.
Using ?Effectual Entrepreneurship? (ISBN 978-0415586443) by Stuart Read, Saras Sarasvathy, Nick Dew, Robert Wiltbank, Anne-Valérie Ohlsson as a base text book.

Contact hours:
Lecture 20
Tutorials 4
Guided independent study 176
Total hours by term 200

Summative Assessment Methods:
Set exercise 100

Other information on summative assessment:
The "Set Exercise" will be composed of two essays, each of approx. 2,500 words. The first essay will be due in week 7 based upon the content of weeks 1-5 and worth 40%. Essay 2 will be due in week 10 and worth 60%.

Formative assessment methods:
work which provides opportunities to improve performance (e.g. through feedback provided) but which does not necessarily always contribute towards the overall module mark.

Length of examination:
no exam on this module

Requirements for a pass:
40%

Reassessment arrangements:
Reassessment by coursework.