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.

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.

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.