BUSN7005 Contemporary Issues in Accounting: Strategic Partnerships

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BUSN7005 Contemporary Issues in Accounting

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Does all this mean, though, that we are once again resorting to tales by the campfire? It turns out that all these stories have some common principles of reasoning that invert their counterparts in causal reasoning. Moreover,these principles tie together into a coherent logic that demonstrates that this is indeed a convincing alternative to causal rationality:
• While causal reasoning focuses on expected return, effectual reasoning emphasizes affordable loss;
• While causal reasoning depends upon competitive analyses, effectual reasoning is built upon strategic partnerships; and,
• While causal reasoning urges the exploitation of pre- existing knowledge and prediction, effectual reasoning stresses the
leveraging of contingencies. The affordable loss principle While managers are taught to analyze the market and choose target segments with the highest potential return, entrepreneurs tend to find ways to reach the market with minimum expenditure of resources such as time, effort,and money. In the extreme case, the affordable loss principle translates into the zero resources
to market principle. Several of the expert entrepreneurs I studied insisted that they would not do any traditional market research, but would take the product to the nearest possible potential customer even before it was built.

The strategic partnerships principle Another key principle of effectual reasoning is the focus on building partnerships rather than on doing a systematic competitive analysis. Since entrepreneurs tend to start the process without assuming the existence of a predetermined market for their idea, detailed competitive analyses do not seem to make any sense to them at the startup phase. As one of the subjects explained, “At one time in our company, I ordered people not to think about competitors. Just do your job. Think only of your work.” 2 Instead entrepreneurs focus on building partnerships right from the start. In fact, the ideal beginning for a successful startup seemed to be the induction of customers into strategic partnerships. Again, to hear it from the 2 He went on to add, “Now that isn’t entirely possible, we do a lot of competitive research now.”

At the time of the study, his company was a 3 Billion dollar company. The evidence shows that as an entrepreneurial company grows beyond a critical size, effectual reasoning has to be supplemented with and even replaced at times by causal modes of
thinking.

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