Founder's Journal How To Find Great Business Ideas Using Effectuation
9 snips
Nov 6, 2023 
Michael Girdley, an entrepreneur with $100 million in annual revenue, discusses effectuation as a lower-risk approach to startups. They explore finding business ideas through understanding problems and leveraging strengths. They also touch on learning from mistakes, creating playbooks, and challenging misconceptions about entrepreneurs.
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Effectuation Process
- Find business ideas by starting with your strengths and marrying them with observations about the world.
- Validate your hypotheses by talking to potential customers, focusing on their problems.
Scale Path Example
- Michael Girdley and his co-founder, Sam, built a CEO peer network called Scale Path.
- They combined Girdley's audience-building and business scaling skills with the observation that small businesses struggle to scale past $3-5 million.
Crazy Quilt Principle
- Effectuation emphasizes building a 'crazy quilt' of a team.
- This team consists of passionate missionaries with complementary skills, fostering shared commitment and enhanced opportunities.