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Effectual Thinking: A Key Ingredient for Success in Business and Beyond
Effectual thinking implies the necessity of understanding the resources a person currently has at hand. Those resources may be different, from the finances an aspiring entrepreneur possesses to specific skills they have managed to acquire throughout their life. Effectual logic calls for analyzing the given means, or controlled resources, and imagining a multitude of successful outcomes for the future. Duening et al. (2012) suggest a metaphor of making a dinner for a better understanding of effectual thinking: rather than setting a goal of making an Italian dinner, effectual logic suggests looking through the kitchen first to figure out what food is present. Making dinner, in this case, represents entrepreneurship, while the thought process of looking for available ingredients represents locating controlled resources.
Causal thinking is the opposite of effectual because it calls for having a specific goal in mind. That, in turn, leads to figuring out what resources are necessary to make the goal a reality. Causal logic makes an entrepreneurs primary objective attempting to acquire those resources (Duening et al., 2012).
The early stages of starting a new venture call for effectual thinking. Both effectual and causal thinking can be practical. However, at the very beginning of any business, there is much uncertainty, and sticking to a plan might prove to be challenging. Having plans fall apart can be a painful experience, especially if the resources one has gathered to fulfill their predetermined goal go to waste. Due to that, it is more important to be resourceful and adaptive, and thinking effectually calls for that.
Effectual thinking is often referred to as entrepreneurial, but it is also applicable in many other spheres of life. For example, it may be crucial to think effectually while figuring out what a person wants to do with their higher education. Causal thinking, in this case, would mean attempting to acquire a degree without considering the persons abilities, inclinations, and interests. That can be caused by social pressure and lead to disappointment and frustration later on. However, effectual thinking regarding this specific case would require analyzing various aspects of their personality and experience to determine what future profession might fit them better.
Reference
Duening, T., Shepherd, M., & Czaplewski, A. (2012). How entrepreneurs think: Why effectuation and effectual logic may be the key to successful enterprise entrepreneurship. International Journal of Innovation Science, 4(4), 205-216.
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