How the lack of immediate feedback effects entrepreneurial learning and what is it mean to be learning in entrepreneurship ??
The study concluded the domain-specific nature of the deliberate practice.
• Games: practice made for a 26% 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