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Neck , Christopher P. Neck and Emma L. Pub date:. The Practice of Entrepreneurship applies to novices and experts regardless of experience levels. Entrepreneurship as a method consists of steps to complete, whereas entrepreneurship as a process involves phases of learning.
Entrepreneurship as a method is creative, whereas entrepreneurship as a process is predictive. Approaching entrepreneurship as a method is similar to following recipe directions. The Practice of Entrepreneurship emphasizes planning over action.
The practice of entrepreneurship is inclusive i. Entrepreneurship is rarely about just money or profit. A higher sense of intuition is associated with entrepreneurs who have consistently used deliberate practice over a number of years. Calculating affordable loss and taking small actions are both components of The Practice of Entrepreneurship.
Researchers found that medical students who used deliberate practice when studying were able to make more proficient use of their time, energy, and resources. Expert entrepreneurs who engage in deliberate practice are generally more skilled at understanding the meaning of complex patterns. Reflection is the least important entrepreneurial skill.
The Practice of Entrepreneurship is about competition rather than collaboration and co-creation. In the entrepreneurial context, risk is absolute. Essay 1. Compare and contrast prediction and creation. Ans: The two main perspectives on entrepreneurship are the predictive logic, the older and more traditional view; and the creation logic, which has been developed through recent advances in the field. Prediction is the opposite of creation.
Whereas prediction thinking is used in situations of certainty, the creation view is used when the future is unpredictable. Prediction involves big planning, waiting until you get what you need, expected returns, linear process, optimization, avoiding failure at all costs, competition, and the knowable. Prediction believes to the extent we can predict the future, we can.
Creation involves small actions, starting with what you have, acceptable loss, iteration, experimentation, embracing and levering failure, collaboration, and the unknowable. List and describe the five entrepreneurial skills essential for building an entrepreneurial mindset.
Ans: The skill of play frees the imagination, opens up minds to opportunities, and helps us be innovative as entrepreneurs. The skill of experimentation encourages us to take action, ask questions, validate assumptions, and take nothing for granted. The skill of empathy involves understanding the emotions, circumstances, intentions, thoughts, and needs of others.
The skill of creativity requires a general openness to the world and relates to unleashing our creativity ability to create and find opportunities and solve problems. The skill of reflection helps us make sense of our experience practicing other skills and codify our learning from practice.
Discuss different types of reflection and explain how the skill of reflection relates to the other entrepreneurial skills. Ans: Narrative reflection: describe what happened Emotional reflection: focus on how you felt and managed your emotions Perceptive reflection: focus on your perceptions and reactions as well as those of others Analytical reflection: think about the skills and knowledge you gained and if any of it relates to what you have heard before Critical reflection: consider the part you played, the approach you took, what else could have been done The skill of reflection helps make sense of all of the other actions required of play, empathy, creativity, and experimentation.
It helps codify our learning from practicing the four other skills. Taking the time out to reflect is also an action, and it can be the most. Reflection makes us aware of feelings of discomfort, helps us to critically analyze our own feelings and the knowledge we possess, provides us with new perspectives, and allows us to evaluate outcomes and draw conclusions.
Describe how you would use the traditional steps of the entrepreneurship process to start a new business. Describe the benefits of the method approach. Ans: It applies to novices and experts regardless of experience levels.
It is inclusive; it includes any organization at any stage of business. It requires continuous practice with a focus on doing then learning. It is designed for an unpredictable environment. Describe the powerful assurances of the practice of entrepreneurship.
For those things you can do, you will. For those things you cannot do, you will try. You will try more times because at the early stage, trying is a low cost option. You will fail sooner enabling better, higher-quality information to be included in future tries. You will likely begin experimenting with many new ideas simultaneously.
Illustrate the key components of the practice of entrepreneurship. Develop your impact statement. Ans: Include means at hand. Include your affordable loss. Include network and enrollment of others. Describe the components of deliberate practice. Ans: Requires high levels of focus, attention and concentration Strengthens performance by identifying weaknesses and improving them Is consistent and maintained for long periods of time Must be repeated to produce lasting results Requires continuous feedback on outcomes Involves self-observation and self-reflection after practice sessions are completed Learning Objective: 2.
Laurent Josien Neck takes research and translates it into practical examples. This is a textbook that entrepreneurs will read. Ryan Kauth A book on entrepreneurship that is updated, current and relevant to the boomers, gen X, gen Y and the Millennials.
It is a playbook, not a dry textbook. Readers can change their lives, perspectives and business models with this work. Paula A.
Ram Kesavan Professors and students serious about entrepreneurship as a practice will choose this text. Susan Berston This is a good solid basic book that could be helpful to students as they become serious about entrepreneurship.
This book isnt full of fluff that isnt useful. It is a book that provides students the opportunity to develop skills that will be useful as they begin to develop as entrepreneurs.
Nancy Kucinski A solid, practical approach to entrepreneurship where the authors challenge students to think rather than just memorize for the exams. Timmons Professor of Entrepreneurial Studies. She has taught entrepreneurship at the undergraduate, MBA and executive levels. She is Faculty Director of The Babson Collaborative, a global institutional membership organization for colleges and universities seeking to increase their capability and capacity in entrepreneurship education.
Additionally, Neck is Faculty Director of Babsons Symposia for Entrepreneurship Educators SEE programs designed to further develop faculty from around the world in the of art and craft of teaching entrepreneurship and building entrepreneurship programs. Through her leadership she has directly trained over 2, educators around the world.
An award-winning teacher, Neck has been recognized for teaching excellence at Babson for undergraduate, graduate, and executive education. Most recently in The Schulze Foundation awarded her Entrepreneurship Educator of the Year for pushing the frontier of entrepreneurship education in higher educatio.
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