A study on the possibility of “Effectuation” in developing competitive strategy

Abstract

Recently, in research of entrepreneurship, much attention has been paid to the new approach, which trying to formulate an excellent entrepreneur's decision-making principle. As one of them, there is the concept of "effectuation" that Saras Sarasvathy advocated. In this paper, first, it explain the "effectuation" and sorting out an issue of competitive strategic theory and consider the possibility of "effectuation" in this field. As the result, this paper pointed out that it is important point that how to balance or fuse “Correspond to Knight's the third uncertainty” and "special solutions embedded in specific contexts"