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Vol 8 (4 Issues in 2014)
Edited by: Jay Barney, Mike Wright, Rajshree Agarwal and G. T. Lumpkin
Print ISSN: 1932-4391 Online ISSN: 1932-443X
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March 29, 2010
Stillwater, OK

Practice Doesn’t Make Perfect, but It Comes Fairly Close

 

 

 

 

We are not all blessed with the brains, beauty, luck, and capital that we associate with highly successful business people or entrepreneurs. Although most new business ventures fail, a few prosper and grow rapidly. A new article from the Strategic Entrepreneurship Journal demystifies this game of success, and shows that exceptional performance is not necessarily the direct result of special talent, experience, or sheer luck.

Instead, it derives from engaging in sustained, intense, and deliberate practice in a particular area of expertise, in order to improve performance and cognitive thinking levels. Lead author Dr. Robert A. Baron says, “The same principles that apply to starting a new venture, such as self-regulatory mechanisms, and delaying gratification for a more long-term goal, apply to the process of getting in shape athletically. Through a sustained, intense effort someone can build the strength of their body or their business.”

The authors show that across many fields of expertise most people work only “hard enough” to achieve a level of performance that is deemed “acceptable” by themselves and others, with no further gains. Through the principle of deliberate practice most anyone, the authors claim, can rise above this plateau to true excellence.

Entrepreneurs can acquire new capacities that can assist them in starting or running a new venture, or allow them to adapt to unforeseen circumstances, such as a drop in the economy, or PR crisis. These capacities include an ability to zero in on the most important information in a given situation, and more easily access valuable information stored in the long-term memory, or by increasing the capacity of short-term working memory. These factors also help secure a positive outcome: preparation, repetition, self-observation, self-reflection, and continuous feedback on results. These efforts lead to a healthy self-efficacy, or an individual’s confidence in their ability and what is known as mature intuition.

This study is published in the March 2010 issue of Strategic Entrepreneurship Journal. Media who wish to receive a PDF of this article may contact scholarlynews@wiley.com.

To view an abstract of this article please click here.

Article:
"How entrepreneurs acquire the capacity to excel: insights from research on expert performance." Robert A. Baron; Rebecca A. Henry. Strategic Entrepreneurship Journal ; Published Online: March 8, 2010 (DOI: 10.1002/sej.82).