How the lack of immediate feedback effects entrepreneurial learning and what is it mean to be learning in entrepreneurship ??
What are the similarities and differences between pattern recognition in sports and entrepreneurship ? What about emergent patterns which are unknown ? How is the lack of immediate feedback affect entrepreneurial learning ? https://t.co/fnBdptfccn— Kiran Johny (@johnywrites) September 20, 2018
In a new Princeton meta-analysis of 88 studies on deliberate practice, researchers Brooke Macnamara, David Hambrick, and Frederick L. Oswald found that practice accounted for just a 12% difference in performance in various domains.
The study concluded the domain-specific nature of the deliberate practice.
• Games: practice made for a 26% difference.
• Music: 21% difference.
• Sports: 18% difference.
• Education: 4% difference.
• Professions: 1% difference.
The pattern here is clearly “regularity of environment” without massive variabilities. Regularities will result in conditions conducive to skill development.
According to Nobel winning behavioral economist( psychologist) Daniel Kahneman “Acquisition of skills requires a regular environment, an adequate opportunity to practice, and rapid and unequivocal feedback about the correctness of thoughts and actions.”
The more stable the conditions are, the more easy and effective deliberate practice will be.
But in situations like Entrepreneurial ventures, the conditions and environment will change very fast. It is also dependent on massive amount of unpredictable variability of macro factors like government policy, climate, investors, competitors, etc.