Learning Objectives

2-1: Compare and contrast the prediction and creation approaches to entrepreneurship.

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.

2-2: Create a portfolio of five skills essential to building a mindset for The Practice of Entrepreneurship.

The five skills of play, empathy, creativity, experimentation, and reflection support the development of different parts of our entrepreneurial selves.

2-3: Distinguish between entrepreneurship as a method and a process.

The method of entrepreneurship outlines the tools and practices necessary to take action. Entrepreneurship as a process, instead, guides would-be creators along a thorough but static path from inception to exit.

2-4: Illustrate the key components of The Practice of Entrepreneurship.

The Practice of Entrepreneurship is designed so entrepreneurs can embrace and confront uncertainty rather than avoid it. The eight components include the following: identify your desired impact on the world; start with means at hand; describe the idea today; calculate affordable loss; take small action; network and enroll others in your journey; build on what you learn; and reflect and be honest with yourself.

2-5: Assess the role of deliberate practice in achieving mastery. 

Practice doesn’t make perfect; rather, deliberate practice makes perfect. Starting with specific goals, deliberate practice involves consistent, targeted efforts for improvement. Feedback and self-reflection are necessary for meaningful improvement, and repetition is required to achieve lasting results.