How many principles of expert entrepreneurs does Sarasvathy write about?

Saras Sarasvathy discusses five principles of expert entrepreneurs that are essential for understanding how they think and operate, particularly in uncertain environments. These principles, which derive from her research on entrepreneurial expertise, highlight the distinctive cognitive processes that expert entrepreneurs employ.

The five principles include:

1. Affordable Loss: Focusing on what they can afford to lose rather than seeking to maximize expected returns.
2. Strategic Partnerships: Using collaboration and forming partnerships to create opportunities and leverage resources.
3. Crazy-Quilt: Building a network of stakeholders and co-creating value through collaborative effort.
4. Lemonade: Emphasizing the ability to leverage surprises and setbacks as opportunities for innovation and adaptation.
5. Pilot-in-the-Plane: Believing that they can control the future by taking actionable steps rather than predicting outcomes.

Understanding these principles allows aspiring entrepreneurs to grasp a more realistic approach to entrepreneurship, which often involves navigating uncertainty and using creative problem-solving strategies. Recognizing the importance of these principles can significantly improve entrepreneurial practice and innovation.