What is "effectuation"

Effectuation \Ef*fec`tu*a"tion\, n. Act of effectuating.

n. An act of effectuating.

n. the act of implementing (providing a practical means for accomplishing something); carrying into effect [syn: implementation]

Effectuation is a way of thinking that serves entrepreneurs in the processes of opportunity identification and new venture creation. Effectuation includes a set of decision-making principles expert entrepreneurs are observed to employ in situations of uncertainty. Situations of uncertainty are situations in which the future is unpredictable, goals are not clearly known and there is no independent environment that serves as the ultimate selection mechanism.