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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Knowing What to Do and Doing What You Know

Effectuation as a Form of Entrepreneurial Expertise

Stuart Read and Saras D. Sarasvathy
The Journal of Private Equity Winter 2005, 9 (1) 45-62; DOI: https://doi.org/10.3905/jpe.2005.605370
Stuart Read
A Professor of Marketing at IMD, CH-1001 Lausanne, Switzerland. stuart.read@imd.ch
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  • For correspondence: stuart.read@imd.ch
Saras D. Sarasvathy
An Associate Professor of Business Administration in The Darden Graduate School of Business Administration, University of Virginia, Charlottesville, VA. sarasvathys@darden.virginia.edu
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  • For correspondence: sarasvathys@darden.virginia.edu
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Abstract

Entrepreneurship has traditionally been studied either as a set of psychological characteristics or as a residual of environmental structures such as social networks. In line with more recent process views, the authors propose the study of entrepreneurship as a form of expertise—a set of skills, models, and processes that can be acquired with time and deliberate practice. This article delineates the domain of entrepreneurial expertise and demarcates the role of deliberate practice within it, demonstrates the efficacy of effectuation as a theory about entrepreneurial expertise, and develops testable propositions about effectual action in the development of entrepreneurial expertise and firm growth.

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The Journal of Private Equity
Vol. 9, Issue 1
Winter 2005
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Knowing What to Do and Doing What You Know
Stuart Read, Saras D. Sarasvathy
The Journal of Private Equity Nov 2005, 9 (1) 45-62; DOI: 10.3905/jpe.2005.605370

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Knowing What to Do and Doing What You Know
Stuart Read, Saras D. Sarasvathy
The Journal of Private Equity Nov 2005, 9 (1) 45-62; DOI: 10.3905/jpe.2005.605370
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