During this session, we explored the concept of effectuation, an entrepreneurial theory developed by professor Sarasvathy in the late 1990’s. Instead of asking “What should I do?”, effectuation starts with “What do I already have?” and builds opportunities through experimentation, collaboration, and action.
From introduction to reflection
After a brief introduction to the concept, participants were invited to contribute their thoughts anonymously on digital sticky notes using a sailboat retrospective. The sailboat offered four questions:
- Sun: What do people already have?
- Wind: What helps them move forward?
- Anchor: What slows or restricts action?
- Rock: What future obstacles should be anticipated?
You already have more than you think
The retrospective highlights a strong alignment with effectuation thinking. Participants identified that students already have valuable resources, including existing skills, theoretical knowledge, passion, motivation, and peer networks. These form the “bird-in-hand” means from which entrepreneurial action can begin.
Progress is enabled through mentorship, innovation hubs, business incubators, supportive educators, access to information, and support from universities, industry, communities, and peers. Participants also emphasized opportunities to test ideas in real-world contexts, reflecting effectuation’s focus on experimentation and learning through action.
“They are not taught to recognise what they have”
Several barriers were identified that limit students’ ability to act on opportunities. These include fear of failure, lack of confidence, staying focused, difficulty recognising existing resources, inadequate capital, digital inequalities, and educational systems that do not always account for diverse student circumstances. Participants suggested that students are often encouraged to search for the “right idea” rather than build from what they already know and can do.
Looking ahead, participants highlighted risks associated with implementation rather than ideation. Concerns included insufficient funding opportunities, intellectual property issues, legal complexities, inconsistent execution, and the challenge of moving from a good idea to a viable business plan. These comments suggest that students need support not only in generating ideas but also in sustaining and scaling them.
What did we learn?
The sailboat retrospective painted a hopeful picture. Participants saw students as resourceful, motivated, and capable. For educators, the findings offer an important reminder. If entrepreneurship is viewed through an effectuation lens, the task is not simply to teach students how to write business plans or launch companies. It is to help them identify what they already have, connect with others, experiment with possibilities, and develop confidence in navigating uncertainty.
That journey may not follow a straight course, but as our sailboat retrospective demonstrated, students already possess many of the resources they need to begin.
Practical effectuation takeaways
- Shift the focus from finding opportunities to recognizing existing resources.
- Strengthen real-world experimentation and network-building.
- Create learning environments that normalize uncertainty and failure.
Read more about the UNIICo-create project here: https://www.tuni.fi/fi/tamk/tutkimus-kehitys-ja-innovaatiot/uniico-createuniversity-industry-co-creation-build
Photo by Daniel Stenholm on Unsplash
How AI was used
Copilot was used to support the analysis and writing of this blog post. Copilot helped cluster the anonymous sticky-note contributions into themes, identify recurring patterns, and draft an initial summary. The interpretation of the findings, connections to effectuation theory, and final editing were completed by the authors.
Authors
Elina Botha, PhD, Principal Lecturer, TAMK
Pia Keiski, PhD, Principal Researcher, TAMK
