Clustering of American Universities Based on Academics and Surroundings
In the United States, millions of high school students are faced with the task of applying to universities and may experience difficulty as they attempt to figure out which universities are a good…
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Use the Effectuation Map to Iterate Your Business Model
Applying effectual thinking in the search for a business model
TL;DR This post shows how to use the Effectuation Map to iterate your business model. Effectuation is a business model search heuristic. An iteration starts by setting your immediate next-step goals based on the current means at hand. Your business model is driven by these goals. The results from running your business will then change the available means. This triggers the next effectuation cycle in the search for a viable business model. A link to download the latest version of the Effectuation Map is at the end of this post.
Effectual thinking uses the relative certainty of your current means as a starting point for navigating the ambiguous search space of possible goals.
The Effectuation Map was introduced as a plug-in tool for the Business Model Canvas (similar to the Value Proposition Canvas). It assists in brainstorming, communicating, and documenting how you can leverage your current means.
The previous post showed how this plug-in was designed by adding layers of detail to the Business Model Canvas. However, business goals and strategy are needed to bridge the gap between your means and a market. These were not explicitly shown in Version 1 of the map:
Highlighting the need to add goals & strategy (source: J. van Saders)The updated Effectuation Map (Version 2) adds blocks for the Business Goal and Strategy…
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