I am to write a reflection report on this effectuation module. The instructions go thus

. Reflection (individual) (25%)
The REFLECTION will be about your learning journey in this module. Please note that a reflection is about YOU and YOUR behaviour.
The reflection will include:
- how you applied the theoretical knowledge from the module and guest lectures to your personal development, how you can make yourself
more effective as Tomorrow’s Entrepreneur and
- your personal and professional development as Tomorrow’s Entrepreneur (reflection).
The reflection will be in the form of a paper (Max 2 A4 pages)


The reflection module must show the following: describes min. 3 key takeaways of the module for entrepreneurial development and substantiates why; describes min. 3 relevant key takeaways of the guest lectures; reflects on personal performance
during the module (regarding personal performance (attendance, asking questions, preparation, active participation)), applying the 'reflection template’; reflects on personal progress as entrepreneur, using the traits as displayed in 'Tomorrow’s
Entrepreneurial’ traits



An example is below

Reflec2on on Effectua2on
Introducon
Effectuaon is a decision-making framework used by entrepreneurs to create new ventures. It is based
on the idea that the future is unpredictable and we can create our own future by taking acons.
My reflecons on this module have provided me with enough knowledge to assist me become more
successful as an entrepreneur. Having studied through this module over and over again, i now
understand how easy it is to start up a business idea rather than having the phobia, and not knowing
how to start a thought, that might end up being a great business idea.
Thanks to this module i now have the ideas of puCng so many efforts in my head to implementaon by
following the basic rules and guidelines of how to be a successful entrepreneur discussed deeply in this
module. I’ve discovered that building a successful business involves trying things out and discovering
what works and what doesn’t. The module has given me a ton of useful informaon about how to
develop myself and acvely use the abilies I’ve learned in my own business.
Here are the 5 effectuaon principles
1. Bird-in-Hand Principle: This principle suggests I as an entrepreneur should start with what i have, such
as their skills, knowledge, and network, rather than focusing on what i lack. By leveraging my exisng
resources, I can take acon to create a new venture.
2. Affordable Loss Principle: This principle encourages me to take calculated risks by invesng only what i
can afford to lose. Rather than focusing on potenal gains, entrepreneurs should focus on the downside
risk and make decisions accordingly.
3. Crazy-Quilt Principle: I also learnt on this principle that I should leverage my exisng social networks
and engage in partnerships with others to create new ventures. By building a “crazy quilt” of
relaonships, an entrepreneurs can access resources they might not have had otherwise.
4. Lemonade Principle: This principle suggests that me as an entrepreneur should view setbacks and
surprises as opportunies rather than obstacles. By being flexible and adaptable, entrepreneurs can turn
unexpected events into opportunies to create value.
5. Pilot-in-the-Plane Principle: This principle emphasizes that I am in control of my own desny, and that
I can shape my future by taking acon. Rather than waing for opportunies to come to me, as an
entrepreneur, I should take acon to create my own opportunies.
Effectuaon’s Roadmap:
The roadmap makes my goals and the methods to get there more easily understandable. It comprises of
my desired outcome, the crical steps needed to get there, the bird I’m holding, and the lemons. How do
I start, challenges and where I’m expected to be aWer a while.
Causaon and Effectuaon
It was interesng to learn and comprehend the fundamental differences between the Causaon and
Effectuaon approaches. The Effectuaon approach suggests as an entrepreneur, my focus should be on
the means at hand, which i aim to materialize into one or more goals that weren’t predefined. The
Causaon approach involves focusing on a predefined goal and then aiming to find the means to reach
it.
Causaon mostly deals with planning, similar to following a recipe, defining specified goals and outlining
a strategy for achieving them. It may also involve locang financiers before developing and releasing the
idea.
On the other hand, effectuaon mostly entails acon, starng small and quickly to sell with the means
available, learning from client feedback, and changing your aCtude.
Business Model Canvas
A business model, which explains how an organizaon develops, delivers, and collects value, is
something that every company should have. Knowing my customer categories, value proposions,
channels, customer relaonships, key acvies, key resources, key partners, cost structure, and income
streams allowed me to learn how to properly construct a BMI. It was also crucial for me to comprehend
the viability, desirability, and feasibility of a business model canvas.
A few focal points that I gained from Guest Lecturer:
Praccality, Allure and Suitability: One of the crical important points from this was the way to
appropriately part the BMC into these 3 classificaons which are Possibility (which covers key
accomplices, key exercises and secret weapons), A_racveness (which covers the client’s fragments,
client connecons, incenves and channels and ulmately Reasonability (which are the expense design
and Income Streams).
Planning vs Doing
In the principal example of this module, I found out about Ability to use both hands in business, which is
the capacity to adjust for adapng to the upcoming evolving request, and the ulizaon of both
invesgaon and abuse methods to find success. This was a significant example to me since I see now
that the plan of acon of today isn’t the plan of acon of tomorrow, adjusng to client conduct changes
so your business can make due. Numerous models like Amazon, Airbnb, and Apple opened up another
point of view of business for me since they generally began as something else enrely. What’s more,
they were assembled progressively customized to the requests of their clients.
Individual Execuon
Pondering my own presentaon in this module has been of extraordinary help with working on my way
to deal with beginning my excursion as a business person. I currently comprehend what is generally
ancipated of me to begin with the effectuaon approach in my business. The Effectuaon module was
so fascinang and drawing in that it was challenging for me to miss any class. I was connuously
expecng the following class since I frequently have quesons recorded to impart to my mentor for my
group, so this superior my parcipaon. Something else was the degree of correspondence from the
coach and the way that we have comparave business thoughts helped my dynamic cooperaon in class.
With regards to the upcoming pioneering characterisc, I had the opon to foster my degree of
versality and imaginaon in this module by making an effectuaon guide to foresee each stage at which
my business will pass to arrive at my objecve. This pushed me to consider every opon and honed my
imaginaon. The Effectuaon module likewise helped my relaonal abilies since there were a great
deal of intuive pracces in the class which required speaking with different understudies. Over the long
haul it empowered me to become agreeable enough to try out my business thought in the class, I could
not have possibly believed that I could introduce before individuals easily. Along the line I understood
that my verbal arculaon required improvement, being a bashful individual sort of ruined my
correspondence. I’m learning be_er approaches to have the opon to communicate my thoughts all the
more verbally, one more significant example I got from the module was Organizing which I want to figure
out how to be be_er at.
By and by, I had the opon to accomplish a clearer vision in my business objecve by drawing up the
effectuaon guide, subsequent to understanding that I can begin my thought by venturing out and not
holding up ll everything is sorted out. I think this impacts me since I had a great deal of thoughts
throughout the long term however never chipped away at the majority of them since I didn’t begin the
correct way, presently I know be_er, and it has assisted me with beginning a thought with my birds close
by, well I can gladly say the case is different now since I have had the opon to begin on two thoughts up
unl this point and I accept I’ve had the opon to disnguish a few defects in the BMC which I’m dealing
with now, I realize that this informaon has been all ready to prepare me as a superior business person
represen*ng things to come.


The module contents are as follows

• Class 1: Effectuation Roadmap 
• Class 2: Effectuation Principles
• Class 3: Business Modelling
• Class 4: Guest speaker 1
• Class 5: Applying effectuation principles to business modelling
• Class 6: Guest speakers 2 & 3 (Carlo Van Noortwijk (Founder of Daily Flowers) and Milan Saes(CEO of Everest square capital))
• Class 7: Go/No-Go run 
• Class 8: Presentations
• Class 9: Presentations

The module also discussed Planning (Prediction) vs Doing (Action)
AMBIDEXTERITY
The ability to be efficient in its management of 
today's business and also adaptable for coping with
tomorrow's changing demand. 
Being able to use both the left and right hand 
equally, ambidexterity requires to use
both exploration and exploitation techniques to be
successful.




Structure for Reflection Report on Effectuation Module 

I. Introduction (50 words)
- Briefly explain what effectuation is and its relevance to entrepreneurship
- State the purpose of the reflection report

II. Key takeaways of the module (500 words)
- Describe at least 3 key principles of effectuation for entrepreneurial development
and why they are important (150 words)
- Explain the Effectuation Roadmap and how it can assist in achieving desired outcomes (100 words)
- Discuss the difference between causation and effectuation approaches (100 words)
- Describe how the Business Model Canvas can be used to develop, deliver and collect value (150 words)

III. Key takeaways of guest lectures (500 words)
- Describe at least 3 relevant key takeaways from the guest lectures (150 words each)
- Discuss how these takeaways can be applied to personal and professional development as
a Tomorrow’s Entrepreneur

IV. Personal performance during the module (300 words)
- Reflect on personal performance in terms of attendance, asking questions, preparation and
active participation (100 words each)
- Apply the ‘reflection template’ in assessing personal performance and discuss areas for
improvement

V. Personal progress as entrepreneur using ‘Tomorrow’s Entrepreneur’ traits (500 words)
- Describe personal progress in terms of the traits displayed in ‘Tomorrow’s Entrepreneur’
- Reflect on how the effectuation module has helped in developing these traits and
identify areas for further improvement
- Apply the concepts and principles learned in the module in assessing personal progress
and future plans as a Tomorrow’s Entrepreneur

VI. Conclusion (50 words)
- Summarize the key points discussed in the reflection report
- Highlight the importance of continued learning and development as a Tomorrow’s
Entrepreneur

I have written the following

Introduction:

Entrepreneurship is an ever-evolving field that requires innovative thinking and adaptability to succeed in today’s competitive market. The Effectuation Module seeks to equip entrepreneurs with the decision-making tools needed to create successful ventures in an unpredictable future. This reflection report presents an analysis of my key takeaways from the Effectuation Module, focusing on my 
 personal development and how I can make myself more effective as Tomorrow’s Entrepreneurs.

Key Takeaways of the Module:

The Effectuation Module is an essential framework for entrepreneurs to create new ventures based on innovative thinking and adaptability. Here are the key takeaways of the module.

The first principle of effectuation is the “Bird-in-Hand” principle, which emphasizes the importance of using the resources that exist, such as skills, knowledge, and network, to create a new venture. The foundation of this principle is the idea that it’s easier to start with what is at hand rather than focusing on what is not available. Entrepreneurs need to leverage their existing resources to take action and create ventures rather than waiting for something that might not exist.

The second principle, the “Affordable Loss” principle, is based on the idea that entrepreneurs should take calculated risks by investing only what they can afford to lose. The focus of this principle is on downside risk, and entrepreneurs should make decisions based on this rather than potential gains. By taking affordable losses, entrepreneurs can minimize the risk of losing everything and failing.

The third principle, the “Crazy-Quilt” principle, is all about leveraging existing social networks to create new ventures. This principle encourages entrepreneurs to work with others to tap into their resources, such as knowledge and expertise, and insights. The idea is to build a “crazy quilt” of relationships to access resources that might not have been available before. The more diverse the resources, the better the chances of success.

The fourth principle, the “Lemonade” principle, encourages entrepreneurs to view setbacks and surprises as opportunities rather than obstacles. The focus of this principle is on being flexible and adaptable, always perceiving opportunities to create value from the setbacks. Entrepreneurs must continuously focus on moving forward and leveraging every experience to their advantage.

The fifth principle, the “Pilot-in-the-Plane” principle, emphasizes the control that entrepreneurs have over their future. Entrepreneurs can shape their future by taking action and not waiting for opportunities to come their way. Entrepreneurs must take control of their destiny and create their opportunities by being proactive and focused.

The roadmap provided in the module is also an essential take away. The roadmap makes it easier for entrepreneurs to understand the critical steps needed to reach a desired outcome, the bird the entrepreneur is holding, and the lemons. By breaking down the process of creating a new venture into manageable steps, entrepreneurs can become more focused and efficient.

Another key takeaway is the difference between causation and effectuation approaches. The causation approach focuses on planning and defined goals, whereas the effectuation approach focuses on taking action, starting small, and learning from experience. An entrepreneur who uses effectuation gives more importance to experimentation and experience rather than planning, which is an essential characteristic of successful entrepreneurs.

The module also emphasizes the importance of the Business Model Canvas for developing, delivering, and collecting value. Entrepreneurs should apply the Business Model Canvas to identify customer categories, value propositions, channels, customer relationships, key activities, key resources, key partners, cost structure, and income streams. This process is crucial for optimizing resources, identifying gaps, and improving current business models.

As part of the Effectuation module, a critical aspect of entrepreneurial development is being able to use both hands equally, or ambidexterity. Ambidexterity is the ability to be efficient in managing today’s business while being adaptable for coping with tomorrow’s changing demands. It requires both exploration and exploitation techniques to be successful and is a crucial trait for successful entrepreneurs.


As detailed and comprehensive as possible and in not less than 700 words, generate the “Key takeaways of guest lectures” section in a way worthy of post-doctoral honours