EM1M

The Basics of Venturing - Effectuation in Action Can effectuation also be used in companies? Or is it useful only for entrepreneurship? (Alvin Ting Sing Ngie TP070429 / Braxton) Yes, effectuation can be used in companies. Companies can effectively use effectuation to promote innovation, promote internal entrepreneurship, manage risks and establish strategic alliances. Companies can start with existing resources by using effectuation and focus on affordable losses to achieve more effective exploration of new markets and development of new products. This allows the company to conduct small-scale experiments and iterative development. The company can use the effectuation to reduce the risk of large initial investments and also allow the company to quickly adapt to customer needs and market trends. During market crises, effectuation can help companies manage their risks by focusing existing resources on controllable aspects, thus avoiding large and uncertain investments. In addition, ef...

 Week 4 How and where to get good ideas HOW: 1) Research and reading (Braxton Choo Ying Shun TP079069) Research and reading are fundamental tools for creating good ideas. By immersing ourselves into diverse sources of information, we can significantly expand our knowledge base, which is essential for creative thinking. Reading books, articles, and research papers provides exposure to a wide array of perspectives, ideas, and new insights. The process of continuous learning helps us stay abreast of the latest trends, breakthroughs, and methodologies in their field. Moreover, thorough research allows for a deeper understanding of complex topics. It encourages critical thinking and the ability to draw connections between seemingly unrelated concepts (Legitwriting, 2023). This analytical approach is crucial for idea generation, as it enables the synthesis of new solutions from existing information. In addition, reading widely across different genres and subjects can lead to interdiscipl...

   Good concepts and tools for risk management & How entrepreneurs manage risks Risk is an unavoidable part of all business operation and there are many ways to cope with it. In this matters, entrepreneurs will have different ways to elevate or minimize the affect of incoming risks and make sure objective of the business do not go out of the track from the business plan. Concepts : Risks Management(Matthew qua jin chuan TP079471) Integrating risk into decision making One of the good concepts of risks management is integrating risks into decision making. An example of not considering risk as we make a decision is, Matthew hearing that his friend has gained a lot of money from online trading. Therefore, he as well wanting to gain money tried it but he did not study the risk or how to trade. Matthew blindly traded and has lost all of the money he traded. This is an example of not considering risk before making a decision. There are a few ways to integrate risks into decision ...