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Learning from Failure in Entrepreneurship MCQ

An entrepreneur should avoid ______ by being strategic about pursuing opportunities, and to understand how to identify the right opportunity at the right time, rather than pursuing multiple opportunities that happen to come one’s way.

Answer

Correct Answer: shiny object syndrome

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To build a ______, firm founders need to clearly communicate what sorts of failure are acceptable and unacceptable.

Answer

Correct Answer: blame-free culture

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______ means working tirelessly in the face of challenges and toward the achievement of long-term goals.

Answer

Correct Answer: Conscientiousness

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______ is a factor leading to failure whereby the entrepreneur is overextended and does not have the skillset to get the job done.

Answer

Correct Answer: Lack of ability

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All entrepreneurs experience small “fails” that require a quick reaction and sometimes a change in direction known as a ______.

Answer

Correct Answer: pivot

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______ take(s) place when experimentation is deemed necessary in order to find answers in situations that have never been explored before.

Answer

Correct Answer: Intelligent failures

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Research carried out into the impact of entrepreneurial failure has shown which of the following?

Answer

Correct Answer: Entrepreneurs who experience the loss of a business can suffer symptoms similar to grief.

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Because experimentation is about trying things, seeing what happens and learning from it, failure might be better termed ______.

Answer

Correct Answer: intentional iteration

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______ is a factor leading to failure whereby the entrepreneur makes poor decisions due to lack of clarity about future events.

Answer

Correct Answer: Uncertainty

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Entrepreneurial failure can provoke an emotional reaction or an anti-failure bias which does which of the following?

Answer

Correct Answer: Inhibits entrepreneurs from learning from their experiences.

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Deviance is a ______ failure where an entrepreneur violates legal and ethical boundaries leading to the mismanagement of the venture.

Answer

Correct Answer: blameworthy

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______ is related to resilience and is the quality that enables people to work hard and sustain interest in their “long term goals.”

Answer

Correct Answer: Grit

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Which of the following is accurate with respect to entrepreneurial failure?

Answer

Correct Answer: Before entrepreneurs are able to move forward or even start their business, they must first overcome their fear of failure.

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Which of the following is true when it comes to failure?

Answer

Correct Answer: Many entrepreneurs see failure as the path by which individuals travel to develop into entrepreneurs.

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______ is the commitment to long-term goals through purposeful deliberate practice.

Answer

Correct Answer: Perseverance

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The lack of clarity about future events that can cause entrepreneurs to take unreasonable actions.

Answer

Correct Answer: Uncertainty

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Inadequacy process wrong (or missing) processes set up in the organization, causing ______ ?

Answer

Correct Answer: communication breakdown.

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A change in business direction is known as ?

Answer

Correct Answer: Pivot

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Lack of Ability is also known as ?

Answer

Correct Answer: All above mentioned

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In Intelligent Failures good failures that provide valuable new knowledge that can help a startup overcome hurdles and roadblocks.

Answer

Correct Answer: True

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Choice correct statement about inattention ?

Answer

Correct Answer: When an entrepreneur becomes sidetracked from the core business.

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The quality that enables people to work hard and sustain interest in their long-term goals is known as?

Answer

Correct Answer: Grit

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A method ______ whereby market tests are conducted to get early feedback and acquire important learning and information.

Answer

Correct Answer: Exploratory Experimentation

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Choice correct Statement about Deviance ?

Answer

Correct Answer: Deviance defines legal and ethical boundaries, leading to mismanagement of the venture

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