ENT 241 - Chapter Two
Deliberate Practice
- A method of carrying out carefully focused efforts to improve current performance - High level of focus, attention and concentration - Involves setting goals beforehand - Involves self-observations and self-reflection after practice sessions are completed
Why Deliberately Practice?
- It helps people 'learn how to learn' - Enhances perception, pattern recognition, and analytical skills - No need to feel daunted - you can begin with transferable skills
Ways to Practice Reflection
- Narrative - Emotional - Perceptive - Analytical - Evaluation - Critical
5 Most Important Skill of Entrepreneurship
- Play - Empathy - Creativity - Experimentation - Reflection
2 Main Perspectives
- Predictive Approach - Creation Approach - No longer about a path of starting and growing a business using a linear step-by-step process
Method Approach
-Applies to everyone, regardless of experience -Is inclusive; it fits in any organization at any stage of business -Requires continuous practice with a focus on doing -Creative - action focus -Collaborative
Using the practice to achieve ongoing success: tips from Baekgaard and Miller
-Concentrate on what you do best -Don't be satisfied with the status quo - innovate and practice continuous improvement -Choose the right people to work with: vendors, bankers, and employees -Networking is important; it's important when people like you and you like them -Don't be afraid to take risks -Take one day at a time -Follow you passion and have fun
The practice of Entrepreneurship
-Emphasize smart, EARLY action over planning -Do what you can; try what you cant -Try early - low cost experiment, monetarily and otherwise -Fail sooner -Constantly learning and iterating
Processes Approach
-Steps to complete -Linear -Predictive -Planning focus -Expected return
Processes Vs. Method
-The process approach involves planning and prediction - AVIODING FAILURE -The method approach involves trial and error, requiring iterative learning, practicing, and reflecting -Instructions v. "I'll figure it out" Entrepreneurship is rarely or never linear or predictable
According to Chris Quiocho, your idea is what percentage of success?
1%
8 Components of Practicing Entrepreneurship
1. Reflect on your desired impact on the world 2. Start with means at hand 3. Describe affordable loss 4. Calculate the idea today 5. Take small action 6. Network and enroll others 7. Build on what you learn 8. Reflect and be honest with yourself
Which of the following is true about using deliberate practice to achieve mastery?
Achieving high levels of performance requires carrying out focused efforts to improve current performance.
EXPERIMENTATION
Acting in order to learn Collecting real-world information Testing new concepts Asking questions Validating assumptions Based on action, not research
When the founders of Vera Bradley accidentally ordered the wrong size zippers, but chose to design a new bag to work with the larger zipper, they were engaged in which component for building an entrepreneurial mindset?
Build on what you learn
PLAY
Frees the imagination Opens up our minds to opportunities Helps us become more innovative What do you associate with play? - Nobody tells you what to do or how to play
Which of the following is a recommended tactic to help potential entrepreneurs implement the creation approach?
Get out and meet people and build relationships which can lead to all sorts of opportunities
REFLECTION
Helps critically analyze our feelings and knowledge Provides new perspectives Gives you a chance to evaluate outcomes Creates the ability to draw conclusions
Perceptive
How you view yourself and others; other points of view
Critical
Identifying what you did, didn't do, could have done differently, questions you have.
Which of the following is accurate about deliberate practice?
It involves setting goals beforehand.
Which of the following is true about the method approach to entrepreneurship?
It is action-based and requires practice.
Share your ideas and get others involved in your entrepreneurial journey, increasing your resource and knowledge base. Doing so is part of which component of the practice of entrepreneurship?
Network and enroll others in your journey
What is someone who believes they have the capability to start a business called?
Potential Entrepreneur
Which is not one of the most important skills in entrepreneurship?
Profit
CREATIVITY
Requires openness to the world Entrepreneurs create opportunities instead of looking for them Taking action under conditions of uncertainty
Which of the following is true about deliberate practice?
Researchers found that over time, students who used deliberate practice were able to make more proficient use of their time, energy, and resources.
Which of the five core skills of entrepreneurship is central to the others, because it helps make sense of all the actions required of the other four skills?
Skill of reflection
Which component of the practice of entrepreneurship are you engaged in when you answer the following questions: Who am I? What do I know? Whom do I know?
Start with means at hand
EMPATHY
Understanding the emotion, circumstances, intentions, thoughts, and needs of others Allows you to connect with potential stakeholders Can help identify unmet needs
Predictive Approach
Views entrepreneurship as a linear process where steps are followed and outcomes are predictable - Works best in times of certainty - Knowledgeable - Avoid Failure *****
Creation Approach
Views entrepreneurship as a method that requires practice - Trial and error - Theory of effectuations - Unknowable -Start with WHAT YOU HAVE ****
Analytical
What skills and knowledge did you gain
Creation Logic
a form of thinking that is used when the future is unpredictable
Predictive logic
a form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are ideally predictable
The ______ approach aligns with the theory of effectuation.
creation
Being open to the world and having the ability to try new things to find opportunities and solve problems is involved in the skill of ______.
creativity
Narrative
describing what took place
Emotional
how to experience made you feel and how you managed those emotions
Entrepreneurship is less an aptitude than it is a craft in that ______ and ______ are critical to entrepreneurial success.
learning; persistence
The ______ approach to entrepreneurship involves a body of skills or "practices" that together comprise a toolkit for entrepreneurial action.
method
Because entrepreneurs benefit from creative exercises, problem-solving, and learning from trial and error, learning simulations are a type of activity that helps develop the skill of ______.
play
Evaluation
positive or negative what went well or poorly
Theory of Effectuation
the idea that the future is unpredictable yet controllable and entrepreneurs can "effect" the future
Entrepreneurship research has shown that entrepreneurs have patterns of ______.
thinking