The keynote will summarize 20 years of research into the lessons that entrepreneurs learn from both failures and successes in starting and running enduring ventures. Using methods from expertise studies in cognitive science and behavioral economics, Saras Sarasvathy’s research identified five principles of effectual as opposed to causal thinking that apply to a variety of venture building tasks ranging from marketing and finance, to multiple areas of management. The principles and logic of effectuation are useful for decisions and actions when the future is uncertain, goals are ambiguous and it is not clear what constitutes relevant information for taking action.