The most valuable skill of a successful entrepreneur … isn’t “vision” or “passion” or a steadfast insistence on destroying every barrier between yourself and some prize you’re obsessed with. Rather, it’s the ability to adopt an unconventional approach to learning: an improvisational flexibility not merely about which route to take towards some predetermined objective, but also a willingness to change the destination itself. This is a flexibility that might be squelched by rigid focus on any one goal.
One foundation of effectuation is the “bird in hand” principle: “Start with your means. Don’t wait for the perfect opportunity. Start taking action, based on what you have readily available: what you are, what you know and who you know.” A second is the “principle of affordable loss”: Don’t be guided by thoughts of how wonderful the rewards might be if you were spectacularly successful at any given next step. Instead — and there are distinct echoes, here, of the Stoic focus on the worst-case scenario — ask how big the loss would be if you failed. So long as it would be tolerable, that’s all you need to know. Take that next step, and see what happens. [link]