Learning from entrepreneurial behaviour, helps toward understanding the entrepreneurship process
We suggest more entrepreneurial stories of both entrepreneurship success and failure need telling because these contain invaluable pragmatic lessons. It is possible to learn from different experiences but also from stories. Generally, individual stories remind others about their ability to overcome challenges. Atkinson (1998) asserts a stories feature, pattern and tenacity are the inborn psychologically design that each person possesses through unique experiences, and each time these personal truths are communicated, the powerful experiences enrich both the teller and listeners.
Entrepreneurial practice and research evidences suggest entrepreneurs learn from both their successes and mistakes (Beeka, 2015). Schwartz et al. (2010) finds the world is ‘a radically uncertain place’ and ability to meaningfully calculate expected utility can be flawed even for competent decision-makers. Thus, any attempt at maximising utility acknowledges uncertainties and information gaps. Hence, given the real-world more people should understand it is possible to learn from mistakes and not be afraid to make decisions, because each failure potentially provides learning and future knowledge.
Furthermore, learning from entrepreneurship behaviour, helps toward understanding the entrepreneurship process. There are two levels to gaining entrepreneurship competence, internal soft skills and (mentality/attitude, task-related traits, and leadership) and external hard skills (physical mechanics of opportunity development e.g. sales and marketing, planning, management and leadership etc). The incorporation of lessons from the business process in different environments (communities, countries) identifies contextual improvements to the type and quality of entrepreneurial support. Therefore, entrepreneurship is a skilled process and it is possible to learn from existing entrepreneurs.
Entrepreneurship is a mindset and a learning experience.