Abstract This article explains #effectuation theory in plain language while keeping the structure and rigor expected of a scholarly review. Effectuation describes how experienced founders begin not with a fixed goal but with the #means already in their hands — who they are, what they know, and whom they know — and then shape #opportunity through small, repeated action. The article has two aims. The first is teaching: students often meet entrepreneurship as a tidy sequence of

Abstract This article asks a simple question with a long history: why do some firms keep outperforming others in the same market? The standard answer comes from #competitive_advantage theory, which says that a firm wins by being the lowest-cost producer, by offering something buyers see as different and better, or by serving a narrow segment very well. These are Porter's three #generic_strategies of cost leadership, differentiation, and focus. The study reviews this body of w

Keywords: #Porters_Five_Forces #competition #business_strategy #market_structure #rivalry #bargaining_power #threat_of_entry #substitutes #suppliers #buyers #Bourdieu #world_systems #institutional_isomorphism #strategic_management #teaching_strategy Abstract This article explains #Porters_Five_Forces in plain language for students while keeping the rigour expected of a scholarly journal. The framework, first set out by Michael Porter in 1979 and 1980, treats the profitability