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Common sense key to
entrepreneurial success
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Practical intelligence, or common sense,
is key to success in business, according to a new study that highlights the
importance of hands-on experience and learning by doing.
Researchers from American University in Washington D.C. and the University of
Maryland found that entrepreneurs who learn from experience and experiment have
an edge over those who acquire knowledge through reading and observation.
"Entrepreneurs, especially during the early stages of their start-ups, have to
think on their feet," said Professor Barbara Bird, of American University's
Kogod School of Business, whose findings will be published in the Personnel
Psychology journal.
"They have to make the best decisions possible in the least amount of time. They
need to act. Practical intelligence empowers them to act quickly and
confidently."
In their study Bird and her team focused on the printing and graphics industry
because it includes new companies as well as already established ones.
To compare levels of practical intelligence, the researchers asked 283
entrepreneurs to rank 10 types of decisions in order of importance in specific
business scenarios. They then compared the answers to responses from 22
established CEOs in the printing industry who had started their own businesses.
Read the full article from Sify
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