When launching a new venture, the entrepreneur can either have a (somewhat) precise venture
idea, or a set of competences, skills, resources, and contacts to dwell on. Moving from an either-or
situation to a greater coincidence of ideas and competences is what entrepreneurship education
programmes aim to achieve.
Education and training contribute to the development of the entrepreneur‟s knowledge of what
Sarasvathy (2001) calls the “three categories of means”. Ideally, entrepreneurs should know who they
are, what they know, and whom they know. They should also be aware of their own traits, tastes, and
abilities, and know the knowledge corridors they are in and the social networks they are a part of. For
Sarasvathy the entrepreneur that possesses all three knowledge-means is an effectuation entrepreneur.5
She or he is less likely to use traditional types of market research (such as carefully designed surveys),
but reverts to “seat-of-the-pants marketing” and selling alliances. Instead of long-term planning and
net-present-value analyses, preference is on short term planning. Hierarchical structures based on
power-related procedures are replaced by strong participatory cultures nurturing the entrepreneur‟s
relational capital. Finally, despite the greater likelihood of failure, effectuation entrepreneurs are more
likely to effectively manage failures, to re-start, and to create more successful firms in the long run.
Hence, the idea is to take advantage of three core elements rooted in the individual rather than the
product or the market: Who am I?
•What do I know?
•Who do I know?
When launching a new venture, the entrepreneur can either have a (somewhat) precise ventureidea, or a set of competences, skills, resources, and contacts to dwell on. Moving from an either-orsituation to a greater coincidence of ideas and competences is what entrepreneurship educationprogrammes aim to achieve.Education and training contribute to the development of the entrepreneur‟s knowledge of whatSarasvathy (2001) calls the “three categories of means”. Ideally, entrepreneurs should know who theyare, what they know, and whom they know. They should also be aware of their own traits, tastes, andabilities, and know the knowledge corridors they are in and the social networks they are a part of. ForSarasvathy the entrepreneur that possesses all three knowledge-means is an effectuation entrepreneur.5She or he is less likely to use traditional types of market research (such as carefully designed surveys),but reverts to “seat-of-the-pants marketing” and selling alliances. Instead of long-term planning andnet-present-value analyses, preference is on short term planning. Hierarchical structures based onpower-related procedures are replaced by strong participatory cultures nurturing the entrepreneur‟srelational capital. Finally, despite the greater likelihood of failure, effectuation entrepreneurs are morelikely to effectively manage failures, to re-start, and to create more successful firms in the long run.Hence, the idea is to take advantage of three core elements rooted in the individual rather than theproduct or the market: Who am I?•What do I know?•Who do I know?
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