Understanding effectual decision

This case focuses on the effectual decision-making processes of an individual entrepreneur. It examines a proposed acquisition by Hart Biologicals, a small biotechnology company based in the Northeast England. Alby Pattison, the Managing Director, is currently considering an acquisition with a ‘symbiotic’ business. The firm is working in the same area as Hart Biologicals (haematology) but is not a competitor. Alby considers that the acquisition would help the company grow more rapidly and add to its current portfolio of products. The case considers how effectual decision-making is employed by the entrepreneur to identify, evaluate and pursue new opportunities. This concept is explored in the context of the current dilemma of Hart Biologicals proposed acquisition. Finally, the case also considers the impact of the acquisition on the performance and behaviour of a family firm