The numbers behind Effectuation- How do we show progress in the Entrepreneurial College?
By: Sara Whiffen, Insights Ignited
Consider evaluating your effectual activities in three primary buckets:
- Actions -- Things I did
- Activities – How others got involved
- Impact – What the outcomes were
Use Qualitative Tracking:
Marketing as a discipline has faced similar challenges (Brand awareness, Customer loyalty, Customer Relationships).
What can we learn from them?
1. Process: Define; Measure; Report; Refine
2. What’s the effectual equivalent of Customer Relationships, Stakeholders, Presales?·
Are there other ideas? Try tracking mindset change
Try framing Qualitative Measurement using the 5 Principles of Effectuation:
1. Bird in Hand- Did you discover / use any previously slack assets? Identify things borrowed / recycled rather than purchased.
2. Affordable Loss- How did you manage to a minimal investment until you saw the idea take root?
3. Crazy Quilt- What actions have you taken to nurture co-creative relationships? What ways did you foster for people to create connections? How was a diverse population exposed to your process, so as to increase resources and co-creation opportunities? What did your stakeholders bring to the project? Have you made any new relationships? Engaged any new stakeholders? Who and what do they bring to the project?
4. Lemonade- What did you put in place to remain flexible and take advantage of opportunities as they arise? Did you make any changes to the plan based on new information / partners / resources?
5. Pilot in Plane- What positive externalities did you receive from this worldview? Are people on your team thinking effectually? Do they feel more confident /optimistic / more in control?
Let’s not forget the Quantitative tracking:
1. Bird in Hand- How were costs reduced by using existing resources?
2. Affordable Loss- Manage to a “spending” or “investment” budget of no more than…$x.
3. Crazy Quilt- Stakeholders – how many are participating? Are any of these new to your group? Note: This is not about getting the most. But about growing awareness of the co-creation principle through consideration. How many stakeholders invested more this time than previously? How many stakeholders brought new voices to the table? Percentage increase in number of stakeholders. Number of new areas entered with partners. Number of students engaged. Number of community members engaged.
4. Lemonade- Dollars saved due to unanticipated acts. Positive outcomes due to unanticipated acts
5. Pilot in Plane- Percentage of time you / your team spend “effectuating”. Percentage decrease in costs to experiment. Percentage of new ideas tried. Number of failures (If you’re not failing, you’re not trying – and you’re not learning). Percentage of people impacted / reached by the new idea (remember to define “impacted” at beginning of project). Use these to set a baseline and then look for changes over time.
We Measure and Track- But then what?
- Integrate with existing reporting.
- Create a separate effectual dashboard or highlights report.
- Tell your stories.
- See successes – reward them
- Acknowledge failures – learn from them
- Resistance? Bring the discussion to what you’re really trying to accomplish and allow the input to shape future iterations.