Story
Opportunity to profit
Monkey menace is a big nuisance in your village. An entrepreneur and his assistant set up a shop. The owner announces $5 for every monkey brought to him.
The villagers catch few monkeys. Every monkey deposited, gets them $5. Over next few weeks, the monkey population dwindles. The owner decides to raise the price to $10 per monkey to reward the increased effort.
Over next 2 months, very few monkeys are left. Now it takes couple of days to catch even a single monkey. The cage is almost full. The owner announces his visit to the city to get a bigger cage and raises the price to $35 for every monkey once the bigger cage arrives.
In absence of the owner, few villagers strike a deal with the assistant to buy some monkeys at $15 and sell back monkey at $35 once the bigger cage arrives. The news spreads, people rush to the assistant to strike a deal before the owner returns tomorrow.
How many monkeys will you buy and at what price?
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Deliberate practice improves our success in an interview
Practice is the act of carrying out an activity again and again, to gain mastery over an activity. Psychologist Professor Anders Ericsson coined the term deliberate practice. Talent is important but it is the deliberate practice which makes an ordinary man into extra-ordinary person.
Deliberate practice is purposeful and systematic. You need to have a specific goal, stay focussed, avoid distractions, follow a regular practice schedule, and step up the game in terms of tougher challenges, enable correct feedback to build and gain mastery. Breaking down a task and improving small chunks through regular practice with immediate and correct feedback helps hone the expertise. Deliberate practice is learning by doing and stepping into an uncomfortable zone.
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