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