Chapter 11

Once you establish the extent of your fear of failure, which of the following would be a good step toward coping with it?

Deliberately allow yourself to feel the fear

According to the text, why do many see failure as the path by which individuals travel to develop into entrepreneurs?

Failure can intensify the cognitive processes involved in learning, resulting in improvements in future performance.

Once you establish the extent of your fear of failure, which of the following would be a good step toward coping with it?

Reframe goals so that they are more achievable

What can be said of small failures in the entrepreneurial journey?

They are the low points but are manageable and help the entrepreneur learn.

It is important for entrepreneurs to manage the negative emotions associated with failure so they can ______.

begin the process of learning from failure

What behavior is at the top of the failure spectrum?

deviance

In the context of grit, committing to activities that enhance skills, as well as prioritizing improvement over perfection, is called ______.

excellence

Amy C. Edmondson, professor of leadership and management at Harvard Business School, describes a spectrum for failure that runs from blameworthy to praiseworthy. According to Edmondson, a praiseworthy reason for failure is ______.

exploratory experimentation—conducting market tests to get early feedback

Justin opened a physical therapy business in a new location and hired two well-known therapists. Once the business was up and running, Justin began work on launching a restaurant in a neighboring town. With Justin at the restaurant most days, the physical therapy business began to flounder. Which startup failure is represented in this scenario?

inattention

Instead of "failure," a process of prototyping, testing, analyzing, and refinement is best thought of as ______.

intentional iteration

Founding CEO Alison led a team of talented programmers. The company quickly grew. Alison eventually stepped down as CEO because while she had strong technical skills, she realized she did not have the vision and skillset a CEO needed to lead a large corporation. Which of the following is likely the reason Alison stepped down?

lack of ability

A change in direction in response to a small failure is called a ______.

pivot

Nour operated a successful massage and health spa in a lucrative resort location. She handled all reservations herself and if a customer called to make an appointment when she wasn't in the spa, she asked her employees to leave her a note. The notes sometimes went missing, resulting in angry customers. Which startup failure type is most likely represented in this scenario? uncertainty

process inadequacy

Essential to the idea of intelligent failure is that this sort of failure ______.

provides valuable new knowledge

Rory and Katie manufactured a smartphone-related product marketed for personal safety. Unsure about the best market segment to target, they developed a product for older adults and the general public but they decided to also market it for children. Which of the following is the most likely cause for failure here?

uncertainty