Customer Development and Effectuation
Effectuation and customer development are two contemporary theories to guide nascent entrepreneurs through the conceptualization and refinement of a business model. They operate on different levels: the former offers a worldview on how successful entrepreneurs think, whereas the latter provides step by step tactical instructions for generating and testing hypotheses. This article summarizes these two approaches, along with recent textbooks within each approach, to provide an integrated syllabus for an undergraduate course as an introduction to entrepreneurship.