How LinkedIn and the Effectuation principles can help you as an Entrepreneur

'This article is the first post as part of a series created to share the knowledge acquired as part of my studies at Innovation & Entrepreneurship at Business Academy Aarhus as well as to self-motivate me to write more often.”

Have you ever heard the expression‘A bird in the hand (is worth two in the bush)’? This proverb is said ‘when you recognise that you should not risk losing what you have by trying to get something you think might be better.’ (Cambridge Dictionary) The proverb is a common popular say and it is well spread around the globe. The concept in itself can be tracked back as far as 6th Century BC in the Proverbs of Ahiqar.

But why am I talking about proverbs here? Let me add some context to this brief introduction.

At the Business Academy Aarhus during our Innovation lectures back in August we were first introduced to the Effectuation Principles 'a logic of thinking, discovered through scientific research, used by expert entrepreneurs to build successful ventures.'

Before this first introduction lecture to Effectuation, I didn't even know about the existence of the word effectuation, nor I knew anything about the set of principles that would be unveiled during that day. During that introduction the part that caught my immediate attention was the principle of the Bird-in-Hand (BIH for short) a concept that was created as a proverb and that Effectuation described as follows:

‘When expert entrepreneurs set out to build a new venture, they start with their means: who I am, what I know, and whom I know. Then, the entrepreneurs imagine possibilities that originate from their means.’ ( effectuation.org, 2011)

While I was listening to the definition and taking notes, I couldn’t stop thinking to myself that the Effectuation principles, starting by the BIH and LinkedIn, merge when it comes to personal branding and networking. Those principles are even more tangible at the core of the LinkedIn value proposition.

" We enable professionals to build and manage their identities; create and leverage their professional networks; and gain the knowledge they need to be more successful in their careers, across multiple screens and devices” Jeff Weiner

One can argue that LinkedIn disrupted social media, not to mention the Talent Acquisition industry over the past 5 years. At the same time Effectuation have transformed mindsets from an Entrepreneurial perspective since their principles were published back in 2011.

When Reid Hoffman and his co-founders started to talk about the possibility of LinkedIn they were, to a high extent, using effectuation principles to build and grow what is today the biggest global professional network. They were using their means, their network and their own personas to build a hugely profitable business. In other words, practicing effectuation is valid and applicable to every Entrepreneur when it comes to initiate a venture.

Later that week I had a discussion with one of my ex colleagues at LinkedIn about how LinkedIn and the BIH questions are embedded in the Linkedin consumer product and we agreed on the following:

1. Who I am (Personal Branding): This is described in your LinkedIn profile summary, the area where you define in a few paragraphs where you come from, what is your background, what are your career goals and what you feel passionate about. 
2. What I know (Experience & Background): Back to your LinkedIn profile those would be the areas where you list your education, previous work experience, publications, projects you have participated or delivered, etc.
3. Whom I know (Connect, Engage, Discuss): Your network of colleagues, classmates, friends and family. The key element of the LinkedIN ecosystem are and will always be, their members and their capacity to connect to create economic opportunity. A quality network will define the path to your success.

In conclusion, LinkedIn and the Effectuation framework have synergies and both tools can benefit not only to an expert entrepreneur, rather, they can benefit everybody that is seeking a better job, thinking about a new venture or perhaps starting their professional journey as students.

Whatever stage you are in your career you could and should make the most out of the set of tools, principles and the platform. 

What did I learn about the Effectuation principles?

“You cannot open a book without learning something.” ― Confucius

Often times we stop ourselves to think how can we improve the world that surround us just by blaming our lack of resources (sic). The effectuation methodology taught me to think the other way around, to reverse engineer the lack of means.

Simplifying. Find opportunities around you, match them to your skills, your network and who you are and start to work!

Yes, it is hard, Rome wasn't built in a day. Yes, sometimes the project or opportunity that you find is not your idealised business idea, but essentially the project/venture/opportunity in front of you sometimes choose you, and some times will be of your choice, in any case, it should match whatever means you have in hand.

Thanks for reading, hope it was somewhat useful and good luck out there. More about effectuation in the next couple of weeks!

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Bird In the Hand Screenshot credit by: Effectuation.org.