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Effectuation: Lessons From Expert Entrepreneurs

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Effectuation: Lessons From Expert Entrepreneurs

Instructor: Saras Sarasvathy

3,538 already enrolled

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4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

What you'll learn

Lessons from expert entrepreneurs
A deep understanding of uncertainty
Real-life examples of new venture creation

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

12 assignments¹

AI Graded see disclaimer

Taught in English

91%

of learners achieved a positive career outcome

See how employees at top companies are mastering in-demand skills

Learn more about Coursera for Business

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There are 4 modules in this course

Have you ever wondered what it would be like to be an entrepreneur? To start new ventures, build and grow them, be your own boss, create good jobs for other people, make money, and change the world for the better? Do you dream about becoming an entrepreneur but worry that it may be too difficult, require more resources than you have, or involve too much responsibility? Do you fear you don’t have what it takes, or that you might fail not just once, but over and over again?

In this course, developed at the University of Virginia Darden School of Business and taught by Saras Sarasvathy (Paul M. Hammaker Professor in Business Administration), you will learn how effectual entrepreneurship helps overcome four obstacles people commonly face when they think about becoming an entrepreneur. We will not be going into the nitty gritty details of starting a new venture. Instead, we will explore the lived experiences of entrepreneurs around the world--people who have built for-profit, non-profit, and other kinds of ventures. You will learn from these expert entrepreneurs how to think and act effectually, co-create new possibilities from things already within your control, and tackle uncertainty without having to predict the future.

Module details

Welcome! In this course, you will see and hear from entrepreneurs and entrepreneurship educators as you explore four obstacles people commonly face when they think about starting a venture. You will learn the lessons that expert entrepreneurs have gained through their experiences building successful ventures. This week, you’ll explore the first obstacle people often face—how to get an idea—and learn about the five principles of effectuation. Then you’ll begin to identify your own bird-in-hand and use that to come up with ventures you could build.

What's included

10 videos4 readings3 assignments2 discussion prompts2 plugins

10 videosTotal 39 minutes

Welcome to Effectuation: Lessons from Expert Entrepreneurs2 minutes
Course Introduction7 minutes
Introduction to Week 11 minute
Introduction to Effectuation8 minutes
Principles of Effectuation3 minutes
Week 1 Story7 minutes
Bird-in-Hand Principle5 minutes
Means Driven vs. Goal Driven4 minutes
Week 1 Action Assignment3 minutes
Week 1 Conclusion1 minute

4 readingsTotal 26 minutes

Course Overview & Requirements5 minutes
Opportunities for Further Study5 minutes
Resource | The Five Principles of Effectuation1 minute
Week 1 Action Assignment Checklist15 minutes

3 assignmentsTotal 90 minutes

Lesson 1: Practice Quiz30 minutes
Lesson 2: Practice Quiz30 minutes
Week 1: Final Quiz30 minutes

2 discussion promptsTotal 20 minutes

Meet Your Fellow Entrepreneurs!10 minutes
Week 1 Discussion10 minutes

2 pluginsTotal 4 minutes

Video from Aarhus University | Claus Meyer: Compare Entrepreneurship with Cooking2 minutes
Video from BT Panorama | Nobody Knows Anything: Marc Randolph, Co-founder Netflix2 minutes

Early entrepreneurs often feel that they don’t have enough resources. This week you will learn not only about resources but the beginnings of productive relationships as you explore the next two principles of effectuation. Affordable Loss is about keeping the downside within your control so you are free to push the upside up. YOU get to choose whether and how much you are willing to lose. The Crazy Quilt principle is about bringing on self-selected stakeholders who will help increase your affordable loss and open up new upside possibilities.

What's included

9 videos2 readings3 assignments2 discussion prompts1 plugin

9 videosTotal 44 minutes

Introduction to Week 22 minutes
Affordable Loss Principle9 minutes
Affordable Loss and Opportunity Cost4 minutes
Where Do Ventures NOT Get Their Funding?5 minutes
Crazy Quilt Principle6 minutes
The Effectual Ask9 minutes
Week 2 Story6 minutes
Week 2 Action Assignment2 minutes
Week 2 Conclusion2 minutes

2 readingsTotal 45 minutes

Art of the Effectual Ask30 minutes
Week 2 Action Assignment Checklist15 minutes

3 assignmentsTotal 90 minutes

Lesson 1: Practice Quiz30 minutes
Lesson 2: Practice Quiz30 minutes
Week 2: Final Quiz30 minutes

2 discussion promptsTotal 20 minutes

Week 2 Discussion10 minutes
Week 2 Action Assignment10 minutes

1 pluginTotal 2 minutes

Video from WSJ.com |Richard Branson on Affordable Loss2 minutes

The lessons this week will take a deep dive into understanding entrepreneurial success and failure. Then through the Lemonade and Pilot-in-the-Plane principles, you will learn how to effectually manage and even leverage failures and co-create success.

What's included

8 videos2 readings3 assignments1 discussion prompt2 plugins

8 videosTotal 38 minutes

Introduction to Week 32 minutes
Daymond John: Sleepless Nights5 minutes
Lemonade Principle7 minutes
Where Do Ventures Get Funding and What Are Their Failure Rates?5 minutes
Pilot-in-the-Plane Principle7 minutes
Week 3 Story7 minutes
Week 3 Action Assignment3 minutes
Week 3 Conclusion2 minutes

2 readingsTotal 20 minutes

Mark Cuban on How Important Luck and Timing Is to Being Successful5 minutes
Week 3 Action Assignment15 minutes

3 assignmentsTotal 90 minutes

Lesson 1: Practice Quiz30 minutes
Lesson 2: Practice Quiz30 minutes
Week 3: Final Quiz30 minutes

1 discussion promptTotal 10 minutes

Week 3 Discussion10 minutes

2 pluginsTotal 13 minutes

Video from Big Think | The Entrepreneur in Us All5 minutes
Video from Women Deliver | Power Talks - Jacqueline Novogratz8 minutes

In situations of uncertainty, the five principles of effectuation can be applied individually, all together, or mixed and matched in various ways. You can even combine them with causal approaches. By looking at the early histories of most enduring ventures, we can see the principles coming together into an iterative process: an effectual cycle. You’ll end the course with a strong understanding of what expert entrepreneurs do as they start ventures.