6311 effectuation and brocade

What is the common belief about the failure rate of new ventures within 5 years?

80% of new ventures fail within 5 years.

What does the 'Illusion of Control' refer to in entrepreneurship?

The belief that things worked out as planned, rather than being due to luck.

What factors do entrepreneurs have complete control over according to the lecture?

Your preparations and your responses.

What should one fill their mind with to enhance creativity?

Raw material and pay attention to it.

What is the concept of serendipity in the context of brainstorming?

Letting your subconscious play with ideas until an external stimulus triggers a new arrangement.

What is the key difference between causation and effectuation in entrepreneurship?

Causation is about expected returns and predicting uncertainty, while effectuation focuses on feasible outcomes with affordable losses.

What does 'bricolage' entail in innovation?

The creation of something new from whatever is available, using things in unintended ways.

What are the requirements for successful bricolage practices according to the lecture?

Deep knowledge of resource capabilities, openness to feedback, and a willingness to experiment.

What should entrepreneurs do when exploring new territory?

Stir things up, accept what comes, and maintain openness and humility.

What do 'oblique strategies' refer to as mentioned in the lecture?

An approach to thinking creatively and overcoming blocks by asking unconventional questions.