analytical and critical thinking in entrepreneurship

Critical Thinking Crucial to Entrepreneurship

Apr 18, 2022

The students we serve, sometimes called Generation Next, are typically between 18 and 25 years of age and have grown up with personal computers, cell phones, the internet, text messaging and social media. They are taking their place in a world where the only constant is rapid change.  

Our entrepreneurship programs are focused on developing knowledge and critical thinking skills in an action-based, learn-by-doing setting. We see a new age of diversity coming — more diversity of backgrounds, more women and more younger people.

Characteristics we see in successful entrepreneurs which shape our thinking on programs and initiatives are:

• A sense of curiosity that allows them to continually challenge the status quo, explore different options and innovate
• A willingness to refine and validate their idea to determine whether it has potential
• The ability to adapt and keep moving forward when unexpected events occur
• The decisiveness to make challenging decisions and see them through
• The ability to build a team with complementary talents focused on a common goal
• A high risk tolerance and the ability to balance risk and reward
• Persistence, grit and the ability to deal with and learn from failure
• Critical thinking skills and a long-term focus which allows them to start, grow and sustain a business

In 1899, Charles Dewell, head of the U.S. Patent Office, recommended to President McKinley that the office should be closed because “Everything that can be invented has been invented.” History has proven and will continue to prove that vision to be woefully incorrect. Our take on the future has innovation and an increasingly diverse population of entrepreneurs playing a significant role in providing products and services across a broad range of solutions in health care, data analytics, artificial intelligence, additive manufacturing, digital commerce, ease of use, social media, social and environmental responsibility, location-independent solutions serviced by more remote workers, as well as online learning, just to name a few.  

Our job is to help develop the critical thinking skills to enable Auburn students to lead and excel in these fields and many others.

Lou Bifano Director New Venture Accelerator

VentureWell

Bringing Critical Thinking Into the Entrepreneurship Classroom: Six Techniques

Through the Improving Undergraduate STEM Education (IUSE) workshop series, funded by the National Science Foundation, social scientists collaborated with entrepreneurship educators to bridge the gap between their areas of expertise. The resulting white papers provide research-based insights and classroom techniques for inclusive entrepreneurship educators. This ongoing series currently covers Teamwork , Motivation , and Critical Thinking. Stay tuned for more topics!

“Critical thinking is not only closely intertwined with entrepreneurship, but it is also a meta-skill to master other entrepreneurship skills/abilities.”—Carla Firetto, Abdullah Konak

Successful entrepreneurs not only have to engage in entrepreneurship processes—the knowledge and skills to turn an idea into a business—they also need an entrepreneurial mindset that looks for problems and solutions. Critical thinking is crucial to both of these elements. Throughout the entrepreneurial journey, from customer discovery to idea generation to business model innovation and beyond, critical thinking skills are necessary to engage these complex tasks in a meaningful, useful fashion.

Entrepreneurship education must therefore include critical thinking skills, and fortunately, the messy nature of starting a business is the perfect subject matter for teaching critical thinking.

Carla Firetto and Abdullah Konak have outlined six tools that entrepreneurship educators can use that teach both entrepreneurship and critical thinking.

Download the full white paper “Theoretical Perspectives on Critical Thinking: Implications for Entrepreneurship Education Research and Practice.”

Carla Firetto , assistant professor of Educational Psychology at Arizona State University Abdullah Konak , distinguished professor of Information Sciences and Technology at Pennsylvania State University, Berks

1. Encourage Students To Probe Their Own Decision-Making

Asking questions in a purposeful and intentional manner pushes students to develop their critical thinking skills to figure out answers. Thousands of years after its invention, the Socratic method still works. In particular, ask students to clarify their ideas, probe their own reasoning, and consider different viewpoints as they work through a complex project. In entrepreneurship, being able to identify inconsistencies and question assumptions is essential to the process, and will improve students’ decision-making skills. The questions you ask them become the questions they learn to ask themselves.

2. Teach Logic Through Guided Role-Play Activities

Group discussion and debate are the most common ways that reflection and argumentation—asking students to express their thoughts and reactions and also to construct logical arguments—show up in the classroom. But these are highly flexible tools for teaching critical thinking and can be put into practice in many different formats: spoken or written, individually or in groups, led by instructors or led by students, or as self- or peer-assessments. In entrepreneurship classes, consider combining reflection and argumentation with role-playing when you ask students to evaluate one another’s ideas and projects. Try out tools like Bono’s Six Hats and other role playing scenarios to facilitate structured reflection and argumentation. Role-playing can make argumentation or critiques more fun, less confrontational, and easier for students to engage with and learn from.

3. Dig Into Problem- and Project-Based Learning

Active learning is crucial to entrepreneurship education, and it is a powerful tool for teaching critical thinking. As the authors write, “Critical thinking skills can be developed by interacting with and learning about a thought-provoking subject matter without explicitly introducing critical thinking.” When students engage with a hands-on, real-world entrepreneurship project or problem, the complexity of the task demands that they apply critical thinking in order to succeed.

4. Untangle the Complexity of Building a Business with Case Studies

By presenting real-world business scenarios with multiple perspectives and dilemmas, case studies allow students to analyze complex situations. To enhance critical thinking skills, ask students to identify key aspects of the case, consider various viewpoints, and evaluate alternatives and consequences. Push these skills even further by holding discussions that encourage students to reflect on their analytical processes.

5. Offer Experiential Learning Through Virtual Simulations

Simulations and interactive games are increasingly popular in entrepreneurship education for their ability to simulate real-world business scenarios. They offer multiple decision pathways and unexpected events, and they allow students to explore various strategies and see the outcomes of their choices play out. These dynamic, immersive learning environments stimulate critical thinking. Games that involve role-playing and strategic decision-making are particularly effective in fostering critical thinking skills.

6. Connect Students with Mentors To Build Their Skills

Mentors play a key role in experiential learning and entrepreneurship. They help students internalize their experiences by providing guidance, feedback, and constructive criticism, which then enhances problem-solving and decision-making skills. In entrepreneurship education, mentorship is often linked with extracurricular activities like student competitions, incubators, and accelerators. In these settings—or in classroom-based experiential learning projects with mentors—the mentors encourage students to explore new ideas and also provide a reality check through constructive criticism. Mentors help students focus and develop their skills effectively.

7. The Ability To Think Critically

Critical thinking is, of course, not only useful in entrepreneurship. Once learned, the habits of critical thinking can be applied to any endeavor, any problem. Teaching critical thinking is essential to teaching entrepreneurship; successful entrepreneurs will use these skills every day as they face unexpected situations and are called on to make important decisions under imperfect circumstances.

The reverse is also true. Entrepreneurship is a wonderful vehicle for teaching critical thinking. Not every student in an entrepreneurship class will found a company… or three. But every single student will benefit from learning critical thinking and honing their critical thinking skills on this challenging and engaging material.

Dig into the research and get more insights and classroom tools. Download the white paper “Theoretical Perspectives on Critical Thinking: Implications for Entrepreneurship Education Research and Practice.”

This material is based upon work supported by the National Science Foundation under IUSE Grant No. 2220329.

• classroom techniques
• inclusive innovation

Importance of Critical Thinking in Entrepreneurship

We all know that entrepreneurship is a rollercoaster world, where every twist and turn can either be a wild ride or a strategic move. In this whirlwind of decision–making, we all must realize that one skill takes center stage: critical thinking. 

You read that right. This isn’t just some textbook term. It’s what guides you through the busy world of business, helping you make sense of the chaos and find your path to success. And I tell you, if you master this skill, it could be your secret weapon as an entrepreneur. Let’s unravel the importance of critical thinking and how to wield this powerful tool in the entrepreneurial world.

Understanding the Critical Thinking Advantage

Critical thinking in entrepreneurship  is the systematic process of conceptualizing, applying, analyzing, synthesizing, and evaluating information. With this information, entrepreneurs can reach answers or conclusions that are the best for their businesses and teams. It involves questioning and challenging assumptions, identifying biases, and understanding multiple perspectives.

This intellectual discipline, when practiced consistently, can help entrepreneurs reach their goals faster. Without it, many find themselves struggling to overcome the same type of problems and obstacles. That is why critical thinking is one of the most  important skills an entrepreneur  can work to build. This valuable attribute enhances the entrepreneur’s ability to interpret, infer, explain, and make reasoned judgments. By engaging in critical thinking, individuals can make well-informed decisions, solve problems effectively, and foster a deeper understanding of complex issues.

Critical thinking is not just something you learned in school; it can be your secret weapon to succeed in business. Whether it’s devising a marketing strategy, navigating a crisis, or hiring the right talent, critical thinking is the secret sauce that transforms your challenges into triumphs. 

As an entrepreneur myself, when I think about critical thinking, it’s about looking beyond the surface, questioning assumptions, and making informed decisions that propel your business forward.

Questioning Assumptions

Before you dive headfirst into making a huge decision, take a step back. I recommend you question your assumptions. Are you just winging it? Are you making choices on preconceived notions or are they based on actual data and insights? 

Let’s say you assume your target market prefers one feature over another – challenge that assumption you have. How can you do this? Use surveys, maximize customer feedback, or do market research to uncover these truths. 

When you question your own assumptions and those of others, you help uncover the often-unseen foundations upon which beliefs and decisions are built. Assumptions can be limiting. These limits can shape our understanding and perspective without us even realizing it. 

By actively questioning them, we can identify potential biases or unfounded beliefs that may skew our reasoning. This process not only leads to more accurate and objective conclusions but also encourages a deeper level of thinking. All of which, can help us drive our businesses forward in a more dynamic way.

Instead of assuming your customers want more features, utilize surveys that shed light on their priorities, preferences, and main pain points that your product can help solve.

Analyzing Information

Let’s be real. We all know that data is like gold in the world of business. But, and that’s a huge BUT, it only becomes valuable when and if you know how to mine it. Agree?

Critical thinking truly involves analyzing information with a magnifying glass. Whether it’s financial reports, marketing trends, or customer behavior, you must dissect the data to extract meaningful insights that can help you make informed decisions as an entrepreneur. 

Learning how to analyze information teaches us to think independently. It helps entrepreneurs understand exactly what they want to do and gives them the confidence to take steps forward. Dive into your sales data to identify recurring patterns. Are there specific products or services that are consistently performing well? Use this information to refine your offers.

Considering Alternative Perspectives

We all know that having tunnel vision is not great, especially if you’re an entrepreneur. Why? Because it can become a silent killer.  Critical thinking encourages   you to consider alternative perspectives. 

Invite diverse voices to the decision-making table – whether it’s your mentors, advisors, partners, or team. Embracing and being open to different viewpoints can illuminate blind spots and lead to well-rounded decisions. When planning a marketing campaign, seek input from team members with various backgrounds. Their perspectives can offer unique insights into your target audience.

Decision-Making with Precision

A good leader knows how to make informed decisions. And we all can agree that the  decision-making process  is the heartbeat of any business. 

Critical thinking enables you to transform gut feelings into strategic decisions. So instead of relying solely on intuition, you gather relevant data, weigh pros and cons, and envision the potential outcomes before making huge decisions and taking the plunge. 

 If you’re contemplating entering a new market, conduct a thorough market analysis. Evaluate key factors like competition, consumer behavior and preferences, and economic conditions before deciding. Trust me, this will help.

Remember that critical thinking is more than just about making decisions; it’s about making the right ones that propel your business forward. Encourage diverse perspectives, welcome healthy debate, and invest in continuous learning.

Problem-Solving Agility

We are aware that every entrepreneur, big or small, faces challenges. Truth be told, it’s an unavoidable part of the journey. 

Critical thinking equips you with problem-solving agility. So that instead of viewing problems are roadblocks, you see them as opportunities to improve, innovate, and become better. Break down complex issues into smaller, more manageable components so that you can tackle them one by one. 

If you encounter a sudden drop in sales, don’t panic.  Utilize critical thinking   to identify potential causes, analyze marketing conditions, and develop targeted strategies to address the issue. 

My take on all of this as an entrepreneur is that we all must learn how to navigate the business arena with finesse. It’s not a walk in the park, but it’s feasible. Running a business is akin to being the captain of a ship in uncharted waters. Critical thinking is your compass, guiding you through the complexities and uncertainties. 

As you navigate entrepreneurship, let critical thinking be the wind in your sails, propelling you toward success. After all, in the art of business, it’s not just about what you do; it’s about how you think.

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Team Writer: Victoria is an award-winning international communications manager with over 13 years of experience in strategic campaigns, brand storytelling, and building stakeholder relationships across diverse industries and regions. She is known to challenge norms and capitalize on brand storytelling opportunities. She is an avid writer, a frustrated chef, and a passionate advocate for diversity and inclusion.

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Is critical thinking a future skill for business success: science mapping and literature review

Central European Management Journal

ISSN : 2658-0845

Article publication date: 17 May 2023

Issue publication date: 30 May 2023

This article aims to review critical thinking (CT) as a future skill in business.

Design/methodology/approach

The study employed two research methods: science mapping analysis based on bibliometric keyword co-occurrence data and systematic literature review following PRISMA guidelines. The application of two distinctive research methods meant that we could obtain a broad picture thematic overview as well as a detailed, fine-grained insight into the content of CT business research.

Research in CT in business studies is dominated by themes related to education, university and learning that far outweigh CT business application, which focuses on three research axes. These are specific business functions (e.g. accounting, marketing, human resources and identifying business opportunities), certain skills used in business (e.g. decision-making and creativity) and other business-related topics (including ethics, stakeholder relations and individual employee performance).

Practical implications

The article identifies new research gaps related to the link between CT and business performance, a firm’s ability to innovate and company characteristics. Moreover, the article highlights that CT positively influences business decision-making under the influence of cognitive biases and heuristics.

Originality/value

The article provides the first literature review on CT in business research. It uses a novel method of science mapping analysis to show unbiased algorithmic-based insight into the structure of the research, followed by a systematic literature review.

• Critical thinking
• Science mapping
• Systematic literature review
• Future skill

Skrzek-Lubasińska, M. and Malik, R. (2023), "Is critical thinking a future skill for business success: science mapping and literature review", Central European Management Journal , Vol. 31 No. 1, pp. 48-63. https://doi.org/10.1108/CEMJ-09-2021-0110

Emerald Publishing Limited

Copyright © 2023, Małgorzata Skrzek-Lubasińska and Radosław Malik

Published in Central European Management Journal . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

The social and economic shifts in the contemporary world put strong pressure on labor markets, including progress in AI applications ( Vrontis et al. , 2021 ), migration ( Mak, Roberts, & Zimmerman, 2021 ), climate change ( Berrang-Ford et al. , 2021 ) and rising life expectancy ( Schneider & Langen, 2021 ) identified as crucial drivers of the change ( Balliester & Elsheikhi, 2018 ; Malik & Janowska, 2018 ). It is predicted that 65% of children entering education today will work in jobs that do not yet exist ( WEF, 2016 ). In times of constant change, replenishing knowledge and skills is essential to remain competitive ( OECD, 2017b ). Therefore, the crucial problem is to recognize competencies that will be required by business and will provide employees with a competitive advantage in the future ( Visvizi, Lytras, & Daniela, 2018 ). A review of analyses regarding key future competencies shows the growing importance attached to the competence of critical thinking (CT) ( Palacios-Huerta, 2013 ; EC, 2016 ; Bakhshi, Downing, Osborne, & Schneider, 2017 ; Janowska & Skrzek-Lubasińska, 2019 ; Visvizi, Jussila, Lytras, & Ijäs, 2020 ).

What are the principal themes researched in CT-related studies in business literature?

What is the insight gained from the key articles about the application of CT in business?

The article consists of five sections. After the Introduction above, we will discuss the importance of CT as a fundamental future skill in business and its key dimensions so as to demonstrate the rationale for the presented study. Next, we will elaborate on the two research methods applied in the study, along with research limitations. The following section presents the study findings, and the article closes with a discussion and conclusions.

2. Critical thinking as a future skill

According to the European Council, the key skills that will create resilience against changes in the labor market and will be particularly valuable are CT, creativity, communication and collaboration ( EC, 2016 ). These skills are also recognized by other researchers, and they are dubbed the 4Cs ( Lamri, 2018 ). A World Economic Forum Report ( WEF, 2020 ) lists CT among the top 10 skills of 2025, including such skills as active learning, creativity, leadership, social influence and technology use. The OECD (2017a) places CT in the group of key cognitive skills. In a European Commission Report, Gonzalez Vazquez et al. (2019) call CT a meta-cognitive skill.

CT skills are often combined with problem-solving ( Edmond, 2017 ) as a bundled set of skills that highlights the practical and applicational edge of CT ( Heckman, 2008 ; Cunningham & Villaseñor, 2016 ; Sousa & Wilks, 2018 ). However, in the OECD Employment Outlook 2020, the two skills are separated, and CT alongside complex problem-solving is recognized as a transversal skill ( OECD, 2020 ). In an attempt to define this distinction further, Lamri (2018) states that CT enables solving problems using available knowledge, known facts and available data and logic.

the ability to develop and the ability for lifelong learning ( OECD, 2017b );

the ability to think strategically and apply rules to new situations to solve problems ( OECD, 2017b );

the skill of CT enabling individuals to proactively and effectively deal with non-routine challenges ( OECD, 2015 );

the ability to undertake analysis and synthesis (to go through large amounts of available information, evaluate it and make judgments; OECD, 2017b );

the ability to use logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems as well as assess one’s own performance, others’ performance, or the performance of organizations to make improvements or take corrective action ( WEF, 2020 );

the ability to identify and select information due to access to almost unlimited information resources ( Lamri, 2018 );

the ability to analyze and evaluate arguments according to their soundness and credibility, respond to arguments and reach conclusions through deduction based on certain information ( Tiruneh, Verburgh, & Elen, 2014 ).

As the line between the concepts of skills and abilities remains debated, and opinions vary in their views on CT attributes, we adopted the following operational definition of CT for the purpose of our study: CT in business means the skills to identify and select information, undertake their analysis and synthesis, and utilize them to solve business problems by proactively and effectively dealing with non-routine challenges to achieve strategic goals . Thus, when analyzing CT in business, we adopted a skill-based definition instead of a general one to provide a more focused analysis.

Most agree that CT is of vital and amplifying importance for business success, and its features are “hard to measure, but essential to the success of individuals and firms” ( OECD, 2017a , p. 9). This calls for a review of the current state of the art so as to build an indispensable foundation for future research. Moreover, due to the complexity of the matter, we believe it is advisable to apply both novel and more conventional research methods to achieve more sophisticated insight.

3. Materials and methods

This article employed two methods to address the research questions. To answer the first research question, we used a science mapping analysis based on bibliometric keyword co-occurrence data. Moreover, a systematic literature review with the support of PRISMA guidelines was applied to address the second research question.

3.1 Science mapping analysis

Science mapping is a graphic representation of knowledge areas ( Small, 1990 ). It uses automated algorithmic systems to analyze keywords to provide unbiased insight into the research subject based on the frequency at which two keywords appear together ( Su & Lee, 2010 ). We utilized the SciMAT software to gain insight into the interaction between article keywords in the analyzed pool to generate a list of key themes ( Santana & Cobo, 2020 ). Each theme was characterized by two dimensions: centrality and density ( Callon, Courtial, & Laville, 1991 ). Centrality represents the extent of an interaction between the theme in question and all other themes. Therefore, centrality provides an insight into the strength of the thematic network’s external ties (ties with other themes). Consequently, centrality is considered to be the degree of the theme’s importance in the research area. Density explores the internal strength of the theme, namely the strength of links between the number of co-occurring keywords that are part of the theme (ties inside the theme). Density is considered a degree of theme development. The higher the density, the more concentrated the research on the theme ( Santana & Cobo, 2020 ). SciMAT allocates themes based on their centrality and density into a strategic diagram. The strategic diagram is divided into quadrants representing four types of themes: motor, basic, specialized and emerging themes ( Gutiérrez-Salcedo, Martínez, Moral-Muñoz, Herrera-Viedma, & Cobo, 2018 ). The strategic diagram template is presented in Figure 1 .

Motor themes have a high level of centrality and density, so they are considered well-developed and important for the research area. Thus, motor themes are viewed as a major contribution to the research area. Basic themes are characterized by high centrality and low density. Therefore, they are considered important but not key contributions to the research area. Specialized themes represent themes with low centrality and high density, so they are internally well-developed but not strongly linked to other themes. Hence, they make a limited but focused contribution to the research area. Emerging themes have a low degree of centrality and density, which illustrates their relatively insignificant internal and external development. Each theme is represented on the diagram by a sphere. The sphere size can refer to various bibliometric indicators, while in our study it indicated the number of articles with the keyword used as a label of the sphere. The label of the sphere is the keyword with the highest occurrence frequency in a network of articles in the theme ( Santana & Cobo, 2020 ).

Science mapping analysis is a new kind of bibliometric analysis, but it has already been applied in the field of business and economic research. The same method – including SciMAT software and the use of strategic diagram analysis – was applied to research into a significant array of topics, including gig-economy ( Malik, Visvizi, & Skrzek-Lubasińska, 2021 ), the future of work ( Santana & Cobo, 2020 ), big data ( López-Robles, Rodríguez-Salvador, Gamboa-Rosales, Ramirez-Rosales, & Cobo, 2019 ) and creativity in business economics ( Castillo-Vergara, Alvarez-Marin, & Placencio-Hidalgo, 2018 ).

In this research, bibliometric data was obtained through the Web of Science (WoS) database, while the sample used in this study was limited to published articles. The sample for our study comprised 1074 WoS-indexed articles published between 1992 and 06.2021 These texts covered a total of 3419 unique keywords, and these keywords – together with their co-occurrence – were subjected to the algorithmic analysis with the SciMAT software. Then, we searched in the articles selected for the analysis for keywords “critical thinking” in all fields. The query scope was limited to articles in the field of business study.

3.2 Systematic literature review

To answer the research questions, we analyzed the existing scientific research and conducted a systematic literature review. To ensure the robustness of the review results and safeguard the consistency of the process, we followed the latest guidelines ( Page et al. , 2021 ) for Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA; Moher et al. , 2015 ). Therefore, we developed a review protocol describing the article selection criteria, search strategy, data extraction and data analysis procedures. The key part of the data analysis procedure followed a three-step process, which comprised identification, screening for eligibility and inclusion of other texts.

In the initial phase, article selection criteria were established. To ensure a broad scope of the search and cover diversified insight from various sources for this systematic review – including research articles, public intuition papers and commercial reports – our search strategy used the Google Scholars database as the primary source of information. We noticed that not all texts included in this database undergo the same rigorous scientific verification procedure as in WoS. However, the texts in our research were validated and analyzed by the authors in a course of further PRISMA steps to ensure the high quality of data input. Moreover, regarding a more focused scope of systematic literature review compared to science mapping analysis, more conservative criteria were adopted in the next steps of the review process.

In the search strategy and extraction phases, the initial step of the review was performed on July 13, 2021, when articles with the phrase “critical thinking” and the word “business” in the title of the article were selected from the Google Scholar database. To fine-tune the results to the use of CT in business, we applied the exclusion criterium. In this step, the texts related to CT in business education were removed from the scope of our search by excluding texts with the following words in the title: “school,” “course,” “student,” “teaching,” “learning,” “curriculum,” and “education.” We did not use any additional inclusion criterium for our search. We found that 256 articles meet the original criteria and directed them to the data analysis phase for identification. By applying the exclusion criterium related to CT in business education, 212 articles were removed from the scope of our search while six texts were inaccessible. Consequently, a total of 38 articles remained in our database with potentially important insight into the application of CT in business.

However, the screening of the texts for eligibility further limited the number of articles to 15, because 23 texts provided no valuable insight into CT in business, usually because the term “critical thinking” was used in these texts in a different context, mostly to show that the authors thoroughly scrutinize their research subject. In the group of 23 excluded texts, 16 texts were excluded due to insufficient focus (e.g. CT used in colloquial meaning or in a context unrelated to the research field) and seven texts were excluded on the grounds of limited scientific rigor (e.g. lack of peer review process).

Six texts were included in the research based on references from primary studies. As a result, the insight from 21 texts is presented in the next section of this article. The selection process is summarized in Figure 2 .

3.3 Limitations

This study used multiple research methods to address research limitations. However, this study was not devoid of embedded limitations related to applied research methods and other limitations related to the scope of the study. Three limitations are highlighted and discussed in this part of the text.

First, science mapping as a method of analysis assumes that the content of the texts is adequately represented by the keywords provided by the articles’ authors. In this view, the outcome quality relies on input data quality. Input quality cannot be monitored during research that employs this method. Nevertheless, to address this limitation, other research methods can be deployed, and in the case of this research, science mapping analysis was followed by a systematic literature review.

Second, the findings of science mapping and systematic review depend on the choice of language of the scrutinized texts and the selection of databases. Despite the dominance of the English language in scientific literature, the exclusion of non-English articles adversely still affected the quality of this study.

Third, the use of specific databases and queries raises questions of inclusion, exclusion and bias. This study used the WoS database for science mapping and Google Scholar for the systematic literature review. Science mapping requires a list of keywords as article attributes. As Google Scholar does not have the keyword function, it cannot be used for this purpose. On the other hand, we preferred Google Scholar as it has a broader scope than WoS, which maximized the scope of the systematic literature review. However, the use of other databases such as Scopus would have further enhanced the study quality.

4. Findings

Application of the two distinctive research methods to analyze CT in business provided a detailed assessment of the research subject and allowed for capturing both overviews of the research landscape through science mapping and the more fine-grained insight through systematic literature review.

4.1 Science mapping

The science mapping analysis of the bibliometric data with the support of SciMAT software – based on keyword co-occurrence – allowed us to generate the following strategic diagram for CT studies presented in Figure 3 .

Eleven themes were identified and mapped in CT research. The size of the theme sphere was proportional to the document number covered by the theme, while their allocation in the diagram was a derivative of theme centrality (importance in the research) and density (degree of development in the research). CT science mapping analysis using a strategic diagram allowed us to identify three motor themes (university, skills and creativity), three basic themes (education, experimental learning and perspective), three specialized themes (personality, assessment and impact) and two emerging themes (ethics and perceptions).

The results indicated that the research on CT in business literature was dominated by themes related to education and learning, mostly tertiary. This vein was represented by one motor theme with the highest density and centrality, namely “university,” and two basic themes: “education” and “experimental learning.” The second important perspective used in CT research in business studies was related to CT as a skill, along with its connection with other skills and attributes of personality. This stream of literature was identified based on two motor themes – “skills” and “creativity” – and one specialized theme: “personality.” The application of CT to business practice was represented by a limited number of themes, and this line of research could be traced in “impact” as a specialized theme and “ethics” as an emerging theme. Moreover, the science mapping results showed that researchers attempted to analyze and assess CT from various perspectives indicated by the themes such as “perspective,” “assessment,” and “perceptions.”

The review of science mapping results provided a bigger picture of the studies related to CT in business literature and demonstrated an elaborate overview of the state of the art in CT research, revealing that researchers approached CT from a number of perspectives. Moreover, the review suggested that there was no research into the application of CT to business practice. This became especially apparent compared to more mature research perspectives related to education and learning, along with CT as a skill. On the one hand, the science mapping results showed a promising but broad area for further research related to the application of CT in business and business practice. On the other hand, the results called for a more fine-grained analysis of the body of research that would be directly related to CT in business, thus allowing for an overview of the current state of the art and identification of more focused research areas.

4.2 Systematic literature review

The application of a systematic literature review allowed us to prepare a detailed and focused analysis of CT in business. The application of PRISMA resulted in a decrease in the initial number of articles to only 38 texts once education-related texts were excluded. Following the application of further exclusion and inclusion criteria, 23 texts were excluded due to insufficient focus and lack of scientific rigor and six new texts were added based on references from primary studies. Thus, the final number of texts analyzed in this systematic analysis was 21 as shown in Annex 1 .

The research on teaching CT far outweighs research on CT in business practice. This has already been observed by Dwyer, Boswell, and Elliott (2015 , p. 260) who state that “there is a dearth of research on individuals” CT development and performance after university, “… and especially, in the working world.” This gap is puzzling, as CT is associated with crucial business applications, e.g. the ability to assess the situation in conditions of uncertainty ( Halpern, 2003 ; Butler et al. , 2012 ). In this case, research on combining business activity with CT skills should be particularly important.

application to business functions;

part of a skillset used in business;

other business-related topics.

Business areas in which CT was researched at the business function level include accounting, marketing, human resources and business opportunity identification. Scholars showed that the application of CT in accounting allows for the appropriate construction of accounting systems, which increases profits thanks to appropriate information ( Ikbal, Paminto, Darma, Ulfah, & Ilmi, 2020 ). Others revealed that the application of CT skills to marketing – especially advertising and promotion – increase their effectiveness by enabling businesses to reach intended target groups more efficiently ( Kraus, Harms, & Fink, 2010 ). CT skills improve the quality of business opportunity identification through active information search ( Sugito, Kamaludin, Pramaditya, & Putri, 2020 ), as these can be used as a framework for evaluating new product concepts and developing unique product designs ( Eggers, Lovelace, & Kraft, 2017 ).

Moreover, some mention the application of CT might be beneficial for business, but these elements were not analyzed, including covers risk management ( Chartrand, Ishaikawa, & Flander, 2009 ), organizational planning ( Chartrand et al. , 2009 ) and strategic planning ( McKee, 2020 ). Consequently, these texts do not provide insight into the application of CT in business, yet such areas should be considered as a research gap for future research.

Furthermore, studies showed that CT refers to several other skills used in business practice, such as creativity, problem-solving, information selection and evaluation and decision-making. The studies linking CT to creativity in business revealed its positive influence on a variety of business performance indicators. In this vein, CT emerged as beneficial to creativity – measured as the number of product designs – and business performance, namely the ability to effectively manage firm resources ( Eggers et al. , 2017 ). Others discovered that CT combined with creativity increases a firm’s financial performance ( McMullan and Kenworthy, 2014a , b ). Studies related to problem-solving ( Kahneman & Frederick, 2002 ) found that those different business problems require different proportions of qualitative (via intuition) versus quantitative analysis (i.e. models based on quantifiable factors, objectives and constraints), as CT involves objective quantitative analysis. The literature focused on the application of CT to the selection and evaluation of information in business practice recognizes that CT is essential to the selection of a huge amount of information to evaluate and connect the information as necessary for business ( McKee, 2020 ). Moreover, Wertz et al. (2013a , b) found that CT helps to identify what information is needed, accurately document information and evaluate its reliability.

The application of CT to decision-making in business is an important research area with a significant number of scientific texts. The primary objective of this research is to evaluate the extent to which CT helps in making better business decisions ( Williams, 2002 ; Dobbs & Hamilton, 2007 ; Ayad, 2010 ; Deane & Borg, 2011 ; Dwyer et al. , 2011 , 2014 ) According to Dwyer et al. (2015 , p. 261), CT “enables individuals to act independently; analyze and evaluate data in order to draw conclusions; and thus, make the inferences, judgments and decisions necessary to take action.” Chartrand et al. (2009) argue that CT helps to make adequate decisions, because it requires focusing on the most relevant information, asking the right questions and separating reliable facts from false assumptions.

The effectiveness of developing CT skills is a crucial research area addressed, among others, by Anderson and Reid (2013) , who showed that a long-term approach to CT skills development resulted in the successful acquisition of CT knowledge, skills and strategies. The developed CT skills were subsequently applied by the respondents in their professional lives and other areas as well. This skill transfer to real-life work-related situations was validated by respondents’ qualitative descriptions about their use of CT. Therefore, our study creates an important foundation for future research into the effectiveness of CT skills.

The use of CT in business decision-making is frequently studied in the specific area of judgment under the influence of cognitive biases and heuristics. In this light, CT is researched as a potential remedy to avoid biases and heuristics. With the use of Kahneman’s System 2 (slow thinking), CT may improve the quality of reasoning and decision-making ( Kahneman, 2011 , pp. 20–26). Critical thinkers as experts tend to use rational thinking rather than intuition to avoid making elementary errors ( Williams, 2002 ; Dwyer et al. , 2015 ; qtd. after Tversky & Kahneman, 1974 ; Kahneman & Frederick, 2002 ). In turn, Ayad (2010 , p. 562) notices the usefulness of CT in avoiding business mistakes: “critical thinking could guard the judgment from biases, bad data, wrong interpretation, and fallacies in reasoning. Furthermore, CT has the capacity to explore the context of situations, and provides a broad platform for understanding patterns, consequences, and risks.”

The third important area in business research that engenders studies on CT encompasses other subjects, unrelated to business functions and skills, including business ethics, stakeholder dialog and individual employee performance.

Several studies address the connection between ethical behavior in business and CT skills ( Mahin, 1998 ; Seele, 2018 ; Boda, 2019 ). Seele (2018) suggests that we should make CT the common denominator of all business ethics activities. Seele’s study combines CT with corporate social responsibility, sustainability and corporate citizenship, recognizing CT in the application of business ethics and observing that CT “helps to challenge different notions and contest business activities as not serving the best sort of life and offers mental models, moral imagination, and system thinking” ( Seele, 2018 , p. 564).

A crucial study by Rear (2008) , about the role of CT in facilitating dialog between businesses and government, shows that non-conformity resulting from CT can destabilize an organization, whether it is a company or a state. On the one hand, CT supports innovation and creativity, but on the other hand, it becomes a challenge to the stability of traditional social and economic structures.

Although direct relationship between CT and business performance remains to be researched in detail, some studies indicate that CT is positively correlated with business achievement. Dwyer et al. (2015) indicated that managers, supervisors, or business owners who hold more senior positions in a company scored significantly higher on business-related CT than company employees. By applying the CT definition used by Facione (1990 , p. 11) – which proposes that CT is a structured approach to problem-solving that includes collecting, segregating and analyzing information and evaluating results – Birkan and Yaşar (2021) compared the disposition of managers and white-collar employees to CT. The results of their studies revealed a moderate level of CT skills in both groups and showed that there were no statistically significant differences in this skill set between these two groups. The study is a rare example of a structured approach to analyzing CT and its link to business achievements, along with the application of mixed research methods – both qualitative and quantitative – that increases the reliability of the findings. Based on their study findings the authors propose a greater focus on the rollout of CT training in workplaces ( Birkan & Yaşar, 2021 ).

5. Discussion and conclusions

Currently, the world faces profound social and economic changes that exert intense pressures on businesses and generates a growing need to apply new skills by both individuals and firms in order to adapt to future challenges. One of these new skills is CT. Therefore, this article sought to enliven the debate on CT in business by identifying and mapping existing research on CT in business studies and by reviewing the key insight from papers that directly tackle the issue of CT business applications encapsulated in the two research questions formulated in the introduction. Having done so, we have striven to provide a thorough examination of the research areas and underexplored synergies that have emerged in CT studies.

Our review has suggested that CT is broadly perceived as a concept that will gain importance and offers a variety of still underexplored research opportunities. This idea is shared by both researchers and business practitioners, which means that there is a greater need for more in-depth research into CT.

Our elaboration of the two research questions has led to four main conclusions. First, our article has shown what is missing in the research and what should be an important research topic. We expected to conduct a review of many practical studies showing the importance of CT in various sectors of the economy. Moreover, we expected a large number of studies on the importance of CT at various stages of company development and in different business units such as strategic planning, marketing, or finance. Meanwhile, this type of research was found to be extremely rare. Moreover, we did not find any studies that showed a correlation between business success (measured, e.g. by higher survival rate or financial performance) and CT skills. Therefore, the business applications of CT, its practical implementation and its outcome have been identified as under-researched. Our systematic literature review has confirmed the limited scope of the studies that directly refer to CT in business practice, demonstrated by the restricted number of articles in the scope of the review. Moreover, our study has also shown that there is no research consensus on the definition of CT in business and the operationalization of this concept.

Second, we have demonstrated that while research on CT proliferates in business studies, there are substantial imbalances in the body of literature, with most of the research dedicated to university education and the development of CT skills by other learning forms. This is evidenced by the study of articles on CT in relation to the Covid-19 pandemic. In an additional review performed by us following the outcome of this research, we studied CT in connection with Covid-19. The results showed that there were 54 articles with the words “critical thinking” and “Covid” in their titles. However, none of them concerned business, economics, or company research. This is astonishing at a time when substantial parts of the global economy are in lockdown, and many companies face the specter of bankruptcy. On the other hand, many articles from the sample focused on CT in education, especially on blended learning. This further indicates the imbalance in CT studies that we have identified in the course of our bibliometric analysis and literature review.

Third, the results of our study reveal that, relatively speaking, the most researched area in CT business application is its use as part of a skillset employed in business. The results of our research into this stream of literature generally indicate that CT skills reinforce business decisions and prevent cognitive biases and heuristics. However, the extent to which this contributes to better business decision-making requires further validation through empirical research. In this research stream, CT is often considered as a bundle of various skills, which frequently includes relatively distant and vaguely related concepts such as creativity. This result suggests that more research efforts are required to properly define and operationalize CT skills and chart a more evident boundary between CT and other skills.

attempts to explore the link between CT and business performance;

possible dependence between the application of CT and firms’ ability to innovate;

application of CT to assess investment decisions;

strategic decision-making such as entering new markets or mergers and acquisitions;

assessment of decisions made by artificial intelligence (algorithms);

implementation of CT in risk assessment;

linking of soft skills (including learnability) with CT in business;

the potential relationship between the application of CT and company characteristics such as company size, internationalization and ownership.

The results of our systematic review demonstrate opportunities for future studies, which are based on investigating the application of CT to other business functions than those identified in our research, namely accounting, marketing, human resources and business opportunity identification. Moreover, the current literature seems to offer only rudimentary insight into the application of CT in each of the business functions discussed above in Section 4.2 . This opens research avenues for more in-depth studies with a particular focus on empirical research, as empirical research has proved to be especially scarce in the literature.

we need a broad discussion to develop a definition of CT in business, as the participation of researchers from various disciplines could especially strongly improve the consensus on how to operationalize CT in business;

the research gaps could be reduced by undertaking extensive research by teams of many scientific fields, including multidisciplinary research, which would investigate the relationship of CT with various aspects of business management;

the research gaps could be narrowed down by various types of research, but two research types are particularly relevant: panel studies – e.g. a panel study of newly established companies and experimental research – conducted by psychologists inside firms and in controlled environments of laboratory experiments. These types of research would progress our understanding of the link between CT skills in business and the economic performance of companies. However, these studies should be preceded by a broad discussion on the definition of the concept of “critical thinking in business” and the operationalization of this concept.

To conclude, based on the advice of researchers and business practitioners, we agree that CT is one of the crucial skills of the future. Research on the use of this skill in business should definitely gain higher priority in management and economic studies. Our research is a voice in this discussion. We have synthesized the most prominent areas of study so far and have suggested the way forward for CT application in business. Without proving the usefulness of this skill in economic practice, teaching CT to many students of economics may turn out to be direly ineffective.

Strategic diagram template

PRISMA diagram and the selection process with the number of documents

The systematic review process and the number of papers reviewed

Texts included in the systematic literature review

Source(s): Own elaboration

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The Power of Philosophy and Critical Thinking in Entrepreneurship

• October 8, 2023

I recently received an invitation to discuss the inclusion of philosophy and critical thinking in one of the Jordanian university’s curricula. This invitation sparked my interest and motivated me to delve deeper into the significance of these skills for entrepreneurs or anyone who wants to cope with the future. In this blog post, I will explore why philosophy and critical thinking are essential for entrepreneurs and individuals seeking to thrive in an ever-evolving world. 

Firstly, philosophy encourages entrepreneurs to reflect on their values and purpose. By examining their motivations and ethics, entrepreneurs can align their business goals with their authentic selves. This self-awareness fosters a sense of meaningfulness and helps entrepreneurs make decisions that align with their values, leading to more sustainable and fulfilling ventures.

Moreover, philosophy equips entrepreneurs with critical thinking tools that enhance their problem-solving abilities. Philosophical inquiry encourages individuals to question assumptions, challenge conventional wisdom, and seek alternative perspectives. These skills are invaluable in the face of complex challenges, allowing entrepreneurs to approach problems creatively and find innovative solutions.

It is now more critical than ever for people to be able to think critically and philosophically in the age of social media when information is so easily accessible and so quickly shared. It is more important than ever to question the information we receive and think about it critically.

Philosophy and critical thinking help us to do this. Philosophy teaches us to question our beliefs and to think about them critically. Critical thinking helps us to analyze information and to determine whether it is accurate or not.

These skills are essential in the age of social media when it is so easy to be misled or taken in by false information. It is more important than ever to be able to think critically and to question what we read.

Entrepreneurs can significantly benefit from the applications of philosophy and critical thinking. Philosophy provides entrepreneurs with a framework for examining and understanding fundamental questions about their business, such as the purpose and values behind their venture. By engaging in critical thinking, entrepreneurs can analyze market trends, evaluate risks and opportunities, and make informed decisions based on sound reasoning. Critical thinking also helps entrepreneurs to question assumptions, challenge conventional wisdom, and think creatively to develop innovative solutions. By integrating philosophy and critical thinking into their entrepreneurial journey, individuals can navigate complex challenges, make ethical decisions, and ultimately build a successful and sustainable business.

This blog post will examine how these skills contribute to success in the dynamic and competitive business landscape and their broader applications in personal and professional growth. Join me as we uncover the valuable insights and benefits that philosophy and critical thinking bring to the table, empowering aspiring entrepreneurs and individuals alike to navigate the complexities of the present and shape a more prosperous future.

Philosophy and Critical Thinking

In a rapidly changing world filled with endless information and competing narratives, the importance of philosophy and critical thinking has become more crucial. Philosophy, the study of fundamental questions about existence, knowledge, ethics, and reality, provides us with the tools to navigate the complexities of life critically. Similarly, critical thinking equips us with the skills to evaluate information, analyze arguments, and make informed decisions. In this blog section, we delve into why philosophy and critical thinking matter more than ever, exploring their significance in our personal growth, decision-making, and the pursuit of truth. 

Philosophy is a systematic and critical examination of the most fundamental principles of human conduct, thought, and experience. It is a reasoned inquiry into the nature of reality, the origins and justification of knowledge, and the criteria for distinguishing right from wrong. Critical thinking is the ability to think clearly and rationally about what to do or believe. It is the ability to take a complex issue and break it down into its parts, to identify the premises and assumptions on which any argument or position rests, and to assess the strengths and weaknesses of the arguments and positions advanced.

Philosophy and critical thinking are essential tools for analyzing and evaluating the world around us. They help us to think more deeply and critically about the beliefs we hold, the values we cherish, and the moral choices we face. They enable us to assess competing claims’ merits and form reasoned judgments on essential issues. And they provide us with the intellectual discipline to resist the siren song of popular opinion and to stand up for what we believe, even in the face of powerful opposition.

Using and assessing reasons to evaluate statements, assumptions, and arguments in ordinary situations and the ability to think clearly and rationally is important, whatever we choose to do.

The Importance of Critical Thinking

Critical thinking is important in all aspects of our lives. We need to be able to reason logically and rationally whether we are making a decision, assessing a statement, or arguing a point.

There are several reasons why critical thinking is important. First, it allows us to make informed decisions. We can only make the best decisions with all the relevant information. Critical thinking helps us gather information, evaluate it, and make the best decision possible.

Second, critical thinking helps us to avoid being deceived. We are susceptible to deception, but critical thinking can help us see through false information and make informed decisions.

Third, critical thinking allows us to understand the world around us better. We can only understand what is happening if we critically analyze the information that is available to us.

Fourth, critical thinking helps us to become better thinkers. If we can think critically, we can think more clearly and logically. This is beneficial in all areas of our lives.

Finally, critical thinking is important because it allows us to argue effectively. If we can reason logically and rationally, we can argue strongly for our point of view.

While critical thinking is important in all areas of our lives, it is especially important when making decisions. We need to think critically when faced with a choice to make the best decision possible.

Philosophy and critical thinking are essential for entrepreneurs as they provide a strong foundation for decision-making, problem-solving, and innovation. Here are some reasons why these skills are important:

• Enhanced Decision-Making:  Philosophy encourages entrepreneurs to think critically and analyze situations from different perspectives, enabling them to make well-informed decisions based on logical reasoning and evidence. 
• Effective Problem-Solving:  Critical thinking enables entrepreneurs to approach problems systematically and analytically. They can identify the root causes of issues, evaluate solutions, and make sound decisions to solve complex problems.
•     Innovation and Creativity:  Philosophy encourages entrepreneurs to think outside the box and challenge conventional wisdom. Entrepreneurs can foster innovation and creativity by questioning assumptions and exploring new ideas.
• Ethical Considerations:  Philosophy helps entrepreneurs develop a solid ethical framework and consider their decisions’ social and moral implications, which is crucial for building a sustainable and responsible business that aligns with societal values.

Promoting Empathy and Compassion

In today’s complex and interconnected world, promoting empathy and compassion is essential for fostering understanding and tolerance among individuals. By encouraging individuals to put themselves in others’ shoes, we can create a more inclusive society where everyone feels valued and respected. Developing empathy and compassion allows us to relate to others’ experiences and emotions, leading to stronger interpersonal connections. It enables us to acknowledge and appreciate the diversity of human affairs, making us more open-minded and accepting. Encouraging empathy and compassion also helps us build bridges of understanding between different cultures, backgrounds, and perspectives, which helps to break down barriers and dismantle stereotypes, paving the way for a more harmonious and united world. By prioritizing these values, we can build a society based on kindness, empathy, and respect, ultimately making the world a better place for everyone.

Understanding the diverse perspectives of others

Understanding the diverse perspectives of others is crucial for developing an open-minded approach to problem-solving and decision-making. By actively seeking diverse perspectives, we can challenge our biases and preconceived notions, fostering intellectual growth and critical thinking skills. When we are open to hearing the thoughts and opinions of others, we expose ourselves to new ideas and alternative viewpoints that we may not have considered before, which is especially important in today’s rapidly changing and interconnected world, where complex problems require innovative solutions. By embracing diverse perspectives, we can tap into a collective intelligence that allows us to tackle challenges from different angles and develop more effective strategies. 

Appreciating the various views of others promotes inclusivity by acknowledging the value each individual brings to the table. It opens the door for collaboration and teamwork, as individuals feel valued and respected for their unique insights and experiences, fostering a supportive and inclusive environment where individuals from all backgrounds can thrive and contribute their best. When we genuinely understand and appreciate diverse perspectives, we strengthen our ability to work together and create a space where different voices are heard and valued. Understanding diverse perspectives expands our worldview and enriches our understanding of complex issues. Each person’s perspective is shaped by their unique experiences, cultural background, and personal beliefs. By understanding these perspectives, we gain a deeper appreciation for the complexities of the world and the multifaceted nature of truth. 

This broader understanding allows us to navigate the complexities of today’s society and make more informed decisions. It also helps us to challenge our assumptions and biases, promoting intellectual and personal growth. In a world where information is abundant but often conflicting, the ability to critically analyze diverse perspectives is more important than ever. Philosophy and critical thinking provide the tools to navigate diverse viewpoints and arrive at thoughtful and well-informed conclusions. By honing these skills, we can better understand the world’s complexities and make informed choices that reflect our values and beliefs. Ultimately, philosophy and critical thinking matter more than ever because they empower us to engage with diverse perspectives, navigate complexity, and contribute meaningfully to our interconnected world.

Fostering meaningful connections and positive relationships

Fostering meaningful connections with others allows us to engage in thoughtful discussions that promote personal growth and mutual understanding. By actively seeking meaningful connections, we create spaces where diverse perspectives are valued and respected. These connections enable us to challenge our beliefs and expand our understanding of the world. Positive relationships also play a crucial role in collaboration and innovation. When we have positive relationships, we can effectively work together towards common goals, fostering creativity and innovation.

 By fostering positive relationships, we create an environment where ideas can flourish and new solutions can be discovered. Building positive relationships also promotes a sense of belonging, enhancing our overall well-being and mental health. When we feel connected to others, we experience a sense of belonging and support, contributing to our overall happiness and satisfaction. Meaningful connections provide opportunities for personal development through shared experiences and learning from one another. Engaging in meaningful connections exposes us to new perspectives and ideas, allowing us to grow and develop personally and intellectually.

These connections provide a space for learning and personal growth as we learn from the experiences and insights of others. Therefore, fostering meaningful relationships with others is essential for individual and collective growth, leading to a more inclusive and harmonious society.

Preparing for the Future

Philosophy and critical thinking are intellectual pursuits and essential skills for adapting to rapid technological advancements. In today’s fast-paced world, where new technologies emerge astonishingly, individuals must develop problem-solving, creativity, and analytical thinking skills. By embracing philosophy and critical thinking, individuals can navigate an ever-changing job market with agility and adaptability. The ability to think critically allows individuals to stay ahead of technological advancements by continuously learning and updating their skill sets. Philosophy also provides a framework for ethical decision-making in the face of technological advances, ensuring that progress aligns with human values. With philosophy and critical thinking, individuals can embrace and leverage technology while maintaining ethical principles. As technology continues to shape our world, these skills are increasingly necessary to thrive in the digital age.

Adapting to rapid technological advancements

Philosophy encourages individuals to question the impact of new technologies on society, helping them shape an ethically responsible future. Individuals can better understand how these advancements affect our lives and the world by delving into the philosophical implications behind emerging technologies like artificial intelligence or genetic engineering. On the other hand, critical thinking enables individuals to assess the benefits and risks of rapid technological advances. It allows them to make informed decisions about adopting new technologies, weighing the potential benefits against the potential risks. With the ability to think critically about technology, individuals can adapt and leverage its potential while minimizing its unintended consequences. This combination of philosophy and critical thinking equips individuals with the skills to navigate the ever-evolving technological landscape and shape a future that aligns with our values and principles.

Thriving in an ever-changing job market

Philosophy equips individuals with transferrable skills such as logical reasoning, communication, and creativity that are highly sought after in an ever-changing job market. These skills go beyond specific industries or job titles and can be applied to various professions. Thinking critically and logically allows individuals to analyze complex problems and develop innovative solutions. Practical communication skills enable individuals to express their ideas clearly and persuasively, allowing them to collaborate with others and present their work effectively. On the other hand, creativity will allow individuals to think outside the box and develop new ideas and approaches. These skills make individuals adaptable and valuable assets in a rapidly evolving job market. Critical thinking, on the other hand, helps individuals identify trends and anticipate industry shifts, allowing them to proactively adjust their career paths accordingly. 

By staying informed and up-to-date on the latest developments in their field, individuals can better position themselves for future opportunities. The ability to critically evaluate information and make informed decisions helps individuals navigate changing job requirements and make strategic career moves. By constantly honing their critical thinking skills, individuals can stay ahead of the curve and remain competitive in the job market. Studying philosophy fosters a growth mindset, enabling individuals to embrace change and acquire new skills for jobs that may not exist. Philosophy encourages individuals to question assumptions, challenge conventions, and explore new possibilities. It teaches individuals to be curious, open-minded, and willing to learn. This growth mindset is crucial for continuous learning and professional development in an ever-changing job market. Individuals develop resilience and adaptability by cultivating philosophical perspectives, which is essential for thriving in an unpredictable job market. Philosophy teaches individuals to embrace uncertainty and embrace challenges as opportunities for growth. This mindset allows individuals to navigate setbacks and bounce back stronger. In a rapidly changing job market, where careers can shift and industries can transform, resilience and adaptability are vital for success. By embracing philosophy and critical thinking, individuals can develop the skills and mindset needed to navigate the complexities of the modern job market and seize opportunities for personal and professional growth.

The Link between Philosophy and Well-being

Philosophy allows individuals to reflect on their lives, values, and purpose, ultimately promoting greater well-being. Individuals can explore more profound questions about their existence, purpose, and place in the world by engaging in philosophical inquiry. This introspection allows individuals to better understand themselves and their values, leading to a more fulfilled and contented life. Additionally, studying philosophy develops critical thinking skills, enhancing problem-solving abilities and reducing stress levels. Individuals can navigate life’s challenges more confidently and clearly by honing their ability to analyze and evaluate ideas. Exploring philosophical questions can inspire individuals to question societal norms and strive for personal growth and self-improvement. Individuals can broaden their perspectives, challenge their assumptions, and ultimately lead a more examined and fulfilling life by engaging with philosophical ideas and concepts.

Reflecting on the meaning of life

Reflecting on the meaning of life is a fundamental aspect of philosophy, helping individuals contemplate the purpose and significance of their existence. By delving deep into this philosophical inquiry, individuals better understand themselves and the world around them. Engaging in philosophical discussions about the meaning of life can provide insights into different perspectives and foster empathy toward others. It allows individuals to step outside of their own experiences and consider the diverse attitudes

and beliefs that shape different individuals’ understanding of life’s meaning. This empathetic understanding can lead to greater compassion and a more interconnected and harmonious society. Furthermore, exploring existential questions through philosophy can promote self-awareness and personal growth. It encourages individuals to reflect on their beliefs, values, and aspirations, helping them develop a clearer sense of self and purpose. Contemplating the meaning of life encourages individuals to prioritize what truly matters to them, leading to a more meaningful and fulfilling life. It prompts individuals to evaluate their choices, find alignment between their values and actions, and live a life that reflects their authentic selves. Philosophy offers a space for individuals to explore and navigate these deep existential inquiries, ultimately contributing to their well-being and personal development.

Examining ethical considerations

Studying ethics through philosophy gives individuals the tools to evaluate moral dilemmas and critically make reasoned decisions. Individuals can develop a solid moral compass grounded in fairness, justice, and compassion by engaging in ethical inquiry that enables them to navigate complex ethical issues in various domains, whether in politics, business, or personal relationships. Moreover, reflecting on ethical considerations promotes empathy towards others and encourages responsible decision-making for the betterment of society. Philosophy empowers individuals to consider their actions’ broader implications and consequences, ensuring that their choices align with ethical principles and contribute to a more just and compassionate world.

The Marriage of Critical Thinking and Entrepreneurship:

Entrepreneurship is a journey filled with challenges, risks, and opportunities. To succeed in this ever-evolving landscape, entrepreneurs must possess a diverse set of skills and knowledge. While business acumen and market expertise are essential, incorporating philosophy and critical thinking can significantly benefit individuals in their entrepreneurial endeavors.

Regarding philosophy, entrepreneurs can benefit from pondering big questions that challenge their perspectives and ways of doing business. By critically examining their assumptions and beliefs, entrepreneurs can identify areas for growth and improvement. Additionally, philosophy can help entrepreneurs develop a more holistic view of their business, which can be essential for long-term success.

Another critical skill for entrepreneurs is the ability to think critically, which involves analyzing information and evidence to come to conclusions that are logical and supported by evidence. Critical thinking can help entrepreneurs weed out bad ideas and make better business decisions. It can also help them develop a thicker skin, as entrepreneurs often face criticism from peers, customers, and others in the business world.

Incorporating philosophy and critical thinking into one’s entrepreneurial journey can be immensely beneficial. By questioning assumptions and critically analyzing information, entrepreneurs can identify opportunities and make better decisions, leading to more tremendous success.

Critical thinking, often described as the ability to analyze and evaluate information objectively, is a core competency for entrepreneurs. Discerning credible information from noise is crucial in an era of information overload and rapid technological advancements. By applying critical thinking skills, entrepreneurs can make more informed decisions, minimize risks, and seize opportunities.

Critical thinking enables entrepreneurs to evaluate their business strategies and adapt to changing circumstances. Entrepreneurs can identify potential pitfalls and adjust their plans by constantly questioning and reassessing their assumptions. This agility is essential in a dynamic business environment, where quick decision-making and adaptation are key to success.

Furthermore, critical thinking aids in effective communication and collaboration. Entrepreneurs who think critically are better equipped to articulate their ideas, challenge others constructively, and foster a culture of open-mindedness in their teams, enabling a creative and inclusive work environment and enhancing productivity and innovation.

In summary, philosophy and critical thinking provide entrepreneurs with a powerful toolkit to navigate the challenges and uncertainties of entrepreneurship. By engaging in philosophical inquiry, entrepreneurs gain clarity of purpose and align their values with their business ventures. Critical thinking, on the other hand, equips entrepreneurs with analytical skills, enabling them to make better decisions, adapt to changing circumstances, and foster effective collaboration.

To thrive in the competitive world of entrepreneurship, individuals need to embrace the applications of philosophy and critical thinking. By leveraging these tools, entrepreneurs can gain a competitive edge, bring fresh perspectives to their ventures, and create long-lasting, impactful businesses. So, let us embrace philosophy and critical thinking as essential companions on our entrepreneurial journey toward success.

Copyright © 2024 Nour KHRAIS ∙ All rights reserved

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4 Ways to Improve Your Analytical Skills

• 07 Jan 2021

Data is ubiquitous. It’s collected at every purchase made, flight taken, ad clicked, and social media post liked—which means it’s never been more crucial to understand how to analyze it.

“Never before has so much data about so many different things been collected and stored every second of every day,” says Harvard Business School Professor Jan Hammond in the online course Business Analytics .

The volume of data you encounter can be overwhelming and raise several questions: Can I trust the data’s source? Is it structured in a way that makes sense? What story does it tell, and what actions does it prompt?

Data literacy and analytical skills can enable you to answer these questions and not only make sense of raw data, but use it to drive impactful change at your organization.

Here’s a look at what it means to be data literate and four ways to improve your analytical skills.

Access your free e-book today.

What Is Data Literacy?

Data literacy is the ability to analyze, interpret, and question data. A dataset is made up of numerous data points that, when viewed together, tell a story.

Before conducting an analysis, it’s important to ensure your data’s quality and structure is in accordance with your organization’s needs.

“In order to transform data into actionable information, you first need to evaluate its quality,” says Professor Dustin Tingley in the Harvard Online course Data Science Principles . “But evaluating the quality of your data is just the first step. You’ll also need to structure your data. Without structure, it’s nearly impossible to extract any information.”

When you’re able to look at quality data, structure it, and analyze it, trends emerge. The next step is to reflect on your analysis and take action.

Tingley shares several questions to ask yourself once you’ve analyzed your dataset: “Did all the steps I took make sense? If so, how should I respond to my analysis? If not, what should I go back and improve?”

For example, you may track users who click a button to download an e-book from your website.

After ensuring your data’s quality and structuring it in a way that makes sense, you begin your analysis and find that a user’s age is positively correlated with their likelihood to click. What story does this trend tell? What does it say about your users, product offering, and business strategy?

To answer these questions, you need strong analytical skills, which you can develop in several ways.

Related: Business Analytics: What It Is & Why It’s Important

How to Improve Your Analytical Skills

Analysis is an important skill to have in any industry because it enables you to support decisions with data, learn more about your customers, and predict future trends.

Key analytical skills for business include:

• Visualizing data
• Determining the relationship between two or more variables
• Forming and testing hypotheses
• Performing regressions using statistical programs, such as Microsoft Excel
• Deriving actionable conclusions from data analysis

If you want to provide meaningful conclusions and data-based recommendations to your team, here are four ways to bolster your analytical skills.

Related: How to Learn Business Analytics Without A Business Background

1. Consider Opposing Viewpoints

While engaging with opposing viewpoints can help you expand your perspective, combat bias, and show your fellow employees their opinions are valued, it can also be a useful way to practice analytical skills.

When analyzing data, it’s crucial to consider all possible interpretations and avoid getting stuck in one way of thinking.

For instance, revisit the example of tracking users who click a button on your site to download an e-book. The data shows that the user’s age is positively correlated with their likelihood to click the button; as age increases, downloads increase, too. At first glance, you may interpret this trend to mean that a user chooses to download the e-book because of their age.

This conclusion, however, doesn’t take into consideration the vast number of variables that change with age. For instance, perhaps the real reason your older users are more likely to download the e-book is their higher level of responsibility at work, higher average income, or higher likelihood of being parents.

This example illustrates the need to consider multiple interpretations of data, and specifically shows the difference between correlation (the trending of two or more variables in the same direction) and causation (when a trend in one variable causes a trend to occur in one or more other variables).

“Data science is built on a foundation of critical thinking,” Tingley says in Data Science Principles . “From the first step of determining the quality of a data source to determining the accuracy of an algorithm, critical thinking is at the heart of every decision data scientists—and those who work with them—make.”

To practice this skill, challenge yourself to question your assumptions and ask others for their opinions. The more you actively engage with different viewpoints, the less likely you are to get stuck in a one-track mindset when analyzing data.

2. Play Games or Brain Teasers

If you’re looking to sharpen your skills on a daily basis, there are many simple, enjoyable ways to do so.

Games, puzzles, and stories that require visualizing relationships between variables, examining situations from multiple angles, and drawing conclusions from known data points can help you build the skills necessary to analyze data.

Some fun ways to practice analytical thinking include:

• Crossword puzzles
• Mystery novels
• Logic puzzles
• Strategic board games or card games

These options can supplement your analytics coursework and on-the-job experience. Some of them also allow you to spend time with friends or family. Try engaging with one each day to hone your analytical mindset.

Related: 3 Examples of Business Analytics in Action

3. Take an Online Analytics Course

Whether you want to learn the basics, brush up on your skills, or expand your knowledge, taking an analytics course is an effective way to improve. A course can enable you to focus on the content you want to learn, engage with the material presented by a professional in the field, and network and interact with others in the data analytics space.

For a beginner, courses like Harvard Online's Data Science Principles can provide a foundation in the language of data. A more advanced course, like Harvard Online's Data Science for Business , may be a fit if you’re looking to explore specific facets of analytics, such as forecasting and machine learning. If you’re interested in hands-on applications of analytical formulas, a course like HBS Online's Business Analytics could be right for you. The key is to understand what skills you hope to gain, then find a course that best fits your needs.

If you’re balancing a full-time job with your analytics education, an online format may be a good choice . It offers the flexibility to engage with course content whenever and wherever is most convenient for you.

An online course may also present the opportunity to network and build relationships with other professionals devoted to strengthening their analytical skills. A community of like-minded learners can prove to be an invaluable resource as you learn and advance your career.

Related: Is An Online Business Analytics Course Worth It?

4. Engage With Data

Once you have a solid understanding of data science concepts and formulas, the next step is to practice. Like any skill, analytical skills improve the more you use them.

Mock datasets—which you can find online or create yourself—present a low-risk option for putting your skills to the test. Import the data into Microsoft Excel, then explore: make mistakes, try that formula you’re unsure of, and ask big questions of your dataset. By testing out different analyses, you can gain confidence in your knowledge.

Once you’re comfortable, engage with your organization’s data. Because these datasets have inherent meaning to your business's financial health, growth, and strategic direction, analyzing them can produce evidence and insights that support your decisions and drive change at your organization.

Investing in Your Data Literacy

As data continues to be one of businesses’ most valuable resources, taking the time and effort to build and bolster your analytical skill set is vital.

“Much more data are going to be available; we’re only seeing the beginning now,” Hammond says in a previous article . “If you don’t use the data, you’re going to fall behind. People that have those capabilities—as well as an understanding of business contexts—are going to be the ones that will add the most value and have the greatest impact.”

Are you interested in furthering your data literacy? Download our Beginner’s Guide to Data & Analytics to learn how you can leverage the power of data for professional and organizational success.

About the Author

The Significance of Entrepreneurial Learning

By entrepreneurial learning, we refer to the concept that encompasses the acquisition and development of knowledge, skills, and mindset linked to entrepreneurial activity. It is a concept that involves a certain set of skills that facilitates the materialization of creative ideas into action.

Fostering Entrepreneurial Process

The learning procedure revolves around three main characteristics; it is a maturing process that involves: responsibility; connectivity; and, independent way of thinking. In addition, it facilitates entrepreneurial process that it consists of the following five stages:

• Generating a business idea
• Evaluation of existent opportunities
• Making a business plan
• Business formation
• Company growth

As we unfold the business process into the five phases, which we describe above; it is easy to identify a certain set of necessary skills that facilitate the procedure. Among these skills are the following:

• Communication, including listening
• Good knowledge of finance
• Teamwork, as well as leadership skills
• Analytical and critical thinking, as well as problem-solving skills
• Ability to plan strategies and planning, among other skills

Benefits of Entrepreneurial Learning

The learning process is preparing and introducing a person into entrepreneurship. The overall aim of this set of actions, ensures that the conceived business idea is viable; it is of value and competitive regarding the market’s demands; and, sustainable.

Therefore, this kind of learning cultivates the learners’ creative thinking, in terms of being resourceful; and, fosters unconventional skills. To a greater extent, the entrepreneurial procedure is significant, as it has positive impact, both for the social and economic landscape. There are chances of opportunity created; enhancement of social justice; and, boosts the economy.

Institute of Entrepreneurship Development (iED) acknowledges the importance of entrepreneurial learning and its beneficial character. Furthermore, our institute is an active participant in many European projects of pertinent content.

An example would be the Erasmus+ project “ DIG IN: Promoting youth entrepreneurship to foster NEETs social & work inclusion, using digital youth work and collaborative techniques ” that supports the entrepreneurial process with emphasis on the use of ICT and new media.

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How the Best Entrepreneurs Combine Analytical and Emotional Instincts Understanding what response a situation requires is the difference between mediocre and excellent leaders.

By Aytekin Tank • Jun 25, 2020

Opinions expressed by Entrepreneur contributors are their own.

Since the onset of global health crisis, the world has watched as leaders have been praised — or criticized — for their handling of the disaster. An example from the former category is New Zealand prime minister Jacinda Ardern, whose response was both decisive and compassionate.

The Times Editorial Board observed:

"Beyond politics, economics and science lie qualities of character that can't be faked, chiefly compassion, which may be the most important in reassuring a frightened, insecure and stricken population."

Politics aside, the events of the past few months have shed light on the hallmarks of effective leadership. I won't pretend that running my company comes close to the demands of leading a country, but I'd argue that the most successful entrepreneurs possess a similar ability to make decisions governed by emotional and by analytical thinking. The secret lies in learning to summon one or the other — or a mixture of both — depending on the circumstance.

What's more, even if you have a strong inclination toward one way of thinking or the other, experts have found that you can learn to hone them both.

But first, a closer look at these distinct functions of our brains.

Related: 16 Characteristics of Critical Thinkers

How experts understand the mind

Picture a time when your friend confided in you about a personal issue — a breakup or a sick relative. Now, imagine a time when a colleague or employee asked for help on a work matter. Chances are you see yourself in two very different modes. In the first, you're listening and trying to put yourself in your friend's shoes. In the second, you're problem-solving and methodically searching for potential solutions.

According to research by Case Western Reserve University professor Anthony Jack, our brains have two major neural networks: the analytic network (AN), which comes into play during decision making and analytical thinking, and the empathic network (EN), which is how we make qualitative observations and understand our environment, including ideas and people.

Professor Jack, who conducted neuroimaging studies on the brain, says that these two networks work in opposition – like inhaling and exhaling. When one is at work, the other is at rest, and vice versa.

Most of us have one side that tends to dominates. Maybe you're someone who usually acts on gut instinct. Or maybe you're the person who deliberates over the logical extension of each decision for hours. For entrepreneurs, the secret to success lies in figuring out how to activate both networks and switch back and forth as needed.

Related: The Best Careers for Your Personality Type (Infographic)

Drawing on both neural networks

I think we can all agree: Context can affect our way of thinking. If you're like me, when you step into the office — or if you're working remotely, step into "office mode" — your analytic network takes charge. You can be the most empathetic person when it comes to family and friends, but when you click into work mode, compassion slips to the wayside.

But being a more empathetic leader can help your business in more ways than one. Writing for Entrepreneur , Blank Label co-founder Danny Wong explains why empathetic-led companies are more profitable:

"Empathetic entrepreneurs typically measure their organization's success by the number of happy customers and staff they support. And clients and employees are fiercely loyal to businesses that truly understand them."

Luckily, there are simple things we can do to override our default work mode.

According to Harvard Business Review , anyone can learn to better control the neural networks driving their thought processes through "self-awareness, deliberate practice, and conscious intent." It's a three-step process that begins with identifying your dominant network.

When faced with a problem, take a moment to be mindful of your approach. Do you tend to be rational — brainstorm, research, and test solutions? Or are you largely driven by an emotional or creative impulse? If you pay attention for a couple of weeks, chances are you'll notice your patterns emerge.

Next, get in the habit of practicing the non-dominant neural network. If your default mode is analytical, practice the empathic side — listen to people, take time to understand their point of view, and avoid rushing to find the logical solution.

If you tend to be analytical or EN-driven, then practice mapping out more methodical approaches when questions arise. Helen Lee Bouygues, who founded the Reboot Foundation with the aim of helping people to improve their critical thinking skills, recommends cultivating three simple habits:

Question assumptions

Reason through logic

Diversify thought

While the first two are pretty self-evident, the final point entails making a deliberate effort to surround yourself with people from different backgrounds and perspectives.

Bouygues explains :

"It's crucial to get outside your personal bubble. You can start small. If you work in accounting, make friends with people in marketing. If you always go to lunch with senior staff, go to a ball game with your junior colleagues."

Diverse viewpoints and honest feedback are invaluable to an entrepreneur and her ability to think analytically. That's why bestselling author and former Googler Kim Scott, who has been a CEO coach for companies like Dropbox and Twitter, believes that strong leaders practice, and surround themselves with people who practice, what Scott calls " radical candor "™ — caring personally while challenging directly.

Finally, practice switching back and forth between the AN and the EN networks, being mindful of which is in the driver's seat in different situations. If you're deciding on how to tweak your business model in the coming months, you'll want to wear your analytical hat. But if an employee comes to you with anxiety about commuting to the office, a little empathy will go a long way.

By drawing on both sides of the brain, you can solve today's problems, safeguard your business for what the future holds, and cultivate a loyal team and user base.

Related: 4 Ways Emotional Intelligence Can Improve Your Sales

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Creativity, Problem-Solving, and Strategic Thinking Skills

• First Online: 06 December 2019

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• Roni Lubwama 2  

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While software product development teams are resourced by pooling team members with different skillsets and abilities, Business Analysts are placed on teams so that they can tie together disparate project strands.

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Lubwama, R. (2020). Creativity, Problem-Solving, and Strategic Thinking Skills. In: The Inside Track to Excelling As a Business Analyst. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4842-5543-8_8

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