Entrepreneurial way of working must necessarily differ from a corporate. Big organisation do market research, find opportunity, allocate funds, employees and other resources, set the target and the managers plan consisting of specific steps to achieve the goal. This is called causation. On the other hand, Entrepreneurs have… an idea. An idea, himself and limited funds. That is how it starts. And when they try to make something of it, the process is called entrepreneurial effectuation. Entrepreneurs must start with who they are and what they have. The ideal scenario is that they will develop their business continually as they find resources and make some money to fund it. So, the idea must be reduced to something doable, that can change according to customers preferences and market development. The market is ever-changing and the flexibility to react to the news – good or bad – and change is the significant advantage for small businesses.
Our company adopted the processes of entrepreneurial effectuation unconsciously of the pure necessity in a desperate attempt to grow. Funded by the partners, families and friend, we came up with a product, the ingeniously creative partners designed it, a prototype was made, plans improved and then we went and spent all the money on materials for production. It was an exciting and scary time.
In the next level, we realised, we cannot manufacture the products ourself because of time constraints. A manufacturing site was contacted, conditions and price negotiated, agreement signed. Now we are waiting for the products, eager to have them and to satisfy all the waiting customers. It is an outgoing process, mixed of worries, changing plans and happiness. It will be interesting to see what happens next.