Effectual Entrepreneurship, Third Edition
Practically Speaking
Partners’ Affordable Loss
A bunch of friends each investing a small amount made a big difference and enabled this shop to take off.
Entrepreneur: Marius Tudosiei
Entity: Bacania Veche
Country: Romania
Pages 199-200 in
Chapter 12 The Affordable Loss Principle: Invest Little, Learn a Lot (pp. 192-206)
"It would be fair to say that Marius Tudosiei had more aspirations than tangible resources. Growing up in the northern part of Romania, his childhood was spent in and around a big kitchen, where traditional food was cooked using fresh and natural ingredients.
But when Marius arrived in the capital city of Bucharest, the availability of such artisanal cuisine was very limited. So, in 2009, Marius quit his job in the media industry to build "something dedicated to good food"—though he had no idea what that something might ultimately look like, and no capital to fund the project.
Aspiration to Action
Marius started with what was available and free. He built a social media page and asked his friends to tell him about food and about what his business should be. Soon, he had 1,000 friends advising him to open a restaurant. But he said no. Not enough money, not enough expertise. Instead, he decided to offer his friends good food from his small network of suppliers—opening a small and highly specialized grocery store as a means of distribution."
Under Construction: Join Us in Co-Creation!

Video Resources
References & Links
- How Starbucks Became An $80B Business—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=XUBeH7VQaFY&t=50s
- Howard Schultz. (n.d.-a). Schultz Family Foundation. Retrieved April 20, 2025, from https://schultzfamilyfoundation.org/team-member/howard-schultz/
- Howard Schultz. (n.d.-b). Forbes. Retrieved April 20, 2025, from https://www.forbes.com/profile/howard-schultz/
- Howard Schultz. (2025). In Wikipedia. https://en.wikipedia.org/w/index.php?title=Howard_Schultz&oldid=1285405168
- Howard Schultz: An Overview of the Entrepreneur’s Career - 2025. (n.d.-c). MasterClass. Retrieved April 20, 2025, from https://www.masterclass.com/articles/howard-schultz-life-and-career
- hpeiper. (2018, September 4). Schultz to young entrepreneurs: ‘It can happen for you’. Starbucks Stories EMEA. https://stories.starbucks.com/emea/stories/2018/bocconni-university/
- Starbucks CEO Howard Schultz: How to Be Strategic Thinkers | Inc. - YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=Q5Djl9_Xc3w
- Starbucks’ CEO Talks Business—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=83yInyY1KLs&t=152s
- Starbucks’s Howard Schultz: From Coffee Entrepreneur to Three-Time CEO. (n.d.). WSJ. Retrieved April 20, 2025, from https://www.wsj.com/story/starbuckss-howard-schultz-from-coffee-entrepreneur-to-three-time-ceo-439768fc
- Taylor, K. (2017, December 13). From Brooklyn to Billionaire: The Story of How Howard Schultz Transformed Starbucks Into an $84 Billion Business. Inc. https://www.inc.com/business-insider/howard-schultz-chairman-former-ceo-starbucks-successful-billionaire-coffee.html
- The Man Behind Starbucks Reveals How He Changed the World—YouTube. (n.d.). Retrieved April 20, 2025, from https://www.youtube.com/watch?v=LnA7n9qSB7E&t=255s
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