Mastery Experience

1. Determinants of Entrepreneurial Competence Entrepreneurial Competence Social Experience Mastery Experience Vicarious Experience Source: Erikson (2003)

2. Learning Experience Mastery • Mastery – based on self-confidence through experiencing success. Repeated accomplishments increase an individual’s capability. This reinforces self-efficacy and contributes to higher aspirations and future performance.

3. Learning Experience - Vicarious • Vicarious experience – Observational learning through role models. Role models affect self-efficacy through a social comparison process because people judge their capabilities in comparison to others. • Therefore the selection of the role model by the entrepreneur is very important.

4. Learning Experience: Social • Social Experience - social persuasion can increase the belief that people possess the capabilities to achieve what they seek. • Positive encouragement at all levels – you can do it, we are all behind you, society values entrepreneurs etc. Scottish Enterprise, Ent. Exchange etc..

5. Types of Knowledge • Tacit Knowledge This is implicit, unsystematic, and rarely documented. Much of the transfer of tacit knowledge is through encounters with people -often unplanned chance encounters • Explicit Knowledge is formal, systematic, typically documented and thus more easily communicated either face to face or in various forms of media.

6. Tacit and Explicit Knowledge • Mentor passes on either tacit or explicit knowledge. How tacit is most of it? Is it lost with the sole mentee? Therefore a process should be set in motion where the mentee formally passes on tacit knowledge (mentor role) to others in the business and there is an element of explicit knowledge in the whole process.

7. Knowledge Interaction Process In mentoring the challenge might be to have a high quality learning experience based on the following processes 1.Socialisation - a process of sharing tacit knowledge i.e. the experience and insights of the mentor to the mentee. 2. Externalisation - articulating tacit knowledge into explicit knowledge through using narratives, metaphors, story building.

8. Knowledge Interaction Process • 3. Combination - helping the mentee link into bodies of explicit knowledge; documents, models, computer networks, formal training. • 4. Internalisation - company champion(s) mentee sharing their new explicit knowledge internally as tacit knowledge at meetings. Could become more effective as explicit knowledge if circulated as a report or placed on the company Intranet.

9. Core Competencies Core competencies are not found in an individual, a department, business function or even a single business unit, they are integrative, cutting across departments, functions and business units.

10. Knowledge Pyramids Strategic Vision Unique IP Vision Wisdom Expert Opinion Unique IP Wisdom Intel. Expert Opinion Info. Intelligence Data Information Data Hearsay By Value By Volume

11. Distribution of Competencies of Firms - The Inverted Triangle Company Strengths Threshold Capabilities Team Proficiencies Competitive Advantage Sustainable Competitive Advantage Core competencies and Capabilities All Firms Most New Ventures Most firms at some time Few Firms Few Firms

12. Characteristics of an Entrepreneurial Venture (Timmons, 2002) Goal orientated Visionary Motivated to grow Opportunistic Proactive Innovative Flexible Prepared to take risks Tolerant of failure Informal / Collegial Enjoyable fun place Responsive to feedback

13. New Themes in Leadership Less Emphasis OnMore Emphasis On Planning Vision/Mission Allocation of Responsibility Infusing Vision Controlling Motivating /Inspiring Power Retention Empowerment Creating Compliance Creating Commitment Contractural Stimulating Effort Detachment Interest in Others Reactive to Environment Proactive