ENT3003 Exam 3 Chapter 11

______ is a way of describing failures that provide valuable new knowledge that can help a startup innovate and stride ahead of its competition.

Intelligent failures

What is the purpose of MobilActive's annual FAILFaire event?

It is a forum for nonprofits to share their mistakes openly, and humorously, so others can learn from them.

SELECT ALL THAT APPLY. A blame-free culture encourages people to do which of the following?

Recover from their failures., Accept that failure is an opportunity., Admit their mistakes.

According to Neha Motwani, founder of Fritternity, how should entrepreneurs approach blame?

They should accept the responsibility for failures in their companies; it is essential to their role.

Angela Lee Duckworth carried out one of her first studies of the relationship between grit and high achievement at ______ to try to predict who would survive the "beast" summer program.

West Point

Minoosh is a careful entrepreneur who considers how her actions—such as making demands or overruling a decision with which she disagrees but was nonetheless thoughtful—and that has resulted in a culture in which people feel free sharing bad news. She has successfully established a(n) ______ environment.

blame-free

On Amy C. Edmondson's failure spectrum, failures range from ______.

blameworthy to praiseworthy

SELECT ALL THAT APPLY. According to researchers who have studied grit as a trait, which of the following attributes does that trait incorporate?

courage, striving for excellence, perseverance

"Intentional iteration" and "intelligent failure" are synonymous.

false

According to the Global Entrepreneurship Monitor (GEM) report, people in North America score the highest for entrepreneurial intentions, perceived opportunities, and perceived abilities, and also are more likely than those from other global areas to take the next step into entrepreneurship.

false

Big fails and small fails are all failures, and all are catastrophic.

false

Generally, business failures can be traced to a single reason.

false

The "blame game" can be used to entrepreneurial advantage as long as it is only the founder(s) who direct the blame

false

The emotions entrepreneurs experience after failure are similar to those associated with ______.

grief

What did serial entrepreneur Neil Patel credit with helping him through a series of failed ventures?

his parents' emotional support

Dashiell is a busy entrepreneur, with three startups in various phases. He is often distracted and does not quickly respond to emails or phone calls. The team in his first startup, which is further along in development than the others, likely believe that Dashiell is guilty of ______ on the failure spectrum.

inattention

Siouxsie Downs, of STEM education accelerator IQ Co-Op, was guilty of what failure on the failure spectrum?

inattention

An antifailure bias ______.

keeps us from learning from failure

Eddie Lou, the founder of Shiftgig, stepped down as CEO in favor of Wade Burgess, who had more suitable skills for growing the company. This is an example of ______ on the failure spectrum.

lack of ability

SELECT ALL THAT APPLY. Which of the following studies find to be connected to a child's fear of failure?

maternal irritability, paternal absence, high parental expectations

When a business fails, an entrepreneur who has learned lessons from failure often feels ______.

more confident and prepared to try again

The origins of the fear of failure, according to researchers, may be found in ______.

parent-child relations

In the context of grit, ______ is the commitment to long-term goals through purposeful, deliberate practice.

perseverance

Tau and his cofounder were very experienced in battery backup systems, but when they began their startup, they failed to properly set up their federal regulatory review paperwork, resulting in a lack of communication among team members and a failure that could have ended their business. On the failure spectrum, Tau and his cofounder were experiencing ______.

process inadequacy

When evaluating grit, ______ is the strength to recover from failure and overcome obstacles in order to keep working toward the achievement of long-term goals.

resilisence

According to John Danner, author and senior fellow at the Institute for Business Innovation at the University of California, Berkeley, failure in organizations should be treated as a(n)______.

strategic resource

Pallavi is usually described as a "go-getter." Her first and second startups were very successful, but she continues to take advanced management courses because she believes she could find better ways to manage team members. She also spends one month every weekend checking out the competition to see if there are ways that she could make tweaks to advertising or delivery. In the context of grit, Pallavi is ______.

striving for excellence

Any type of business failure can actually increase the probability of future success.

true

Because failure is perceived in such a negative light, it can cause us to simply avoid thinking about it rather than examining for lessons we might learn

true

For an entrepreneur, the most important part of failure comes from the lessons they learn.

true

In her research, Angela Lee Duckworth found that children who have more of a growth mindset have more grit.

true

Keith B. Nowak, founder of the social media instant messaging company Imercive, believes that the company failed because they stuck to an inappropriate strategy, resulting in a failure of uncertainty.

true

The experience of a failed entrepreneurial venture can be compared to the loss of a loved one.

true

If an entrepreneur experiences a lack of clarity about future events that causes them to take unreasonable actions, they are guilty of ______ on the failure spectrum.

uncertainty

Small failures are considered the ______ in the life of an entrepreneur.

valleys