Effectuation, Foolishness, Bricolage

Just how are business models created in entrepreneurial, technology firms?

A group of upcoming people have devised the term effectuation to mean that the entrepreneur is effectual on their environment - influencing and shaping it, rather than simply adapting to it. Effectual entrepreneurs don't even try to forecast, but do. There are connections with the idea of bricolage ... making do with what is available and building upon it.

And foolishness ... how does it help? Well, maybe there is a bit too much emphasis on being rational on building models and developing business plans when in fact the reality is too fluid and uncertain for it to be useful. A bit of unstructured thinking helps keep the firm on the pro active route, influencing its environment and renewing its capabilities, rather than being overtaken by the creosote bush conundrum (another pic of the bush.)

Is it a lot of fluff, or useful contributions to thinking in entrepreneurshp and commercialization?