ch 11 quiz review Flashcards
why is failure important to acknowledge in entrepreneurship
entrepreneurs who see failure as a part of the journey bounce back quicker
- busn failure is the termination of a commercial organization
- can be traumatic for an entrepreneur
Failure and entrepreneurship
what are common factors of failure
lack of market need
poor marketing
failure and entreprenuership
what are pivots ?
turn “ small fails” around quickly
- include making directional changes
learning from small failures can nullify the risks of big failures
what is the failure spectrum ?
ranges form big or small
runs from blameworthy to praiseworthy
has positive and negative outcomes
what are the total factors that take part of the failure spectrum
- Deviance
- Inattention
- Lack of ability
- Process inadequacy
- Uncertainty
- Exploratory Experimentation
- Anti-failure bias
- Failure viewed as a negative
failure spectrum:
What is defiance of ethical boundaries leading to venture mismanagement
deviance
failure spectrum:
what is… happens by delegating too much too soon without following up
inattention
failure spectrum :
what is… entrepreneur lack the skillset to get the job done
lack of ability
failure spectrum:
what is…. wrong processes are set up in the organization
process inadequacy
failure spectrum:
makes entrepreneurs take unreasonable actions due to lack of clarity
uncertainty
failure spectrum:
what is .. market tests needed even though experiments may fail
exploratory experimentation
failure spectrum:
what is…
makes us avoid the learning we can gain from it
anti-failure bias
failure spectrum:
what is failure viewed as
failure is viewed as a NEGATIVE
Fear of Failure
GLOBAL FEAR OF FAILURE
what does is do
it measures the fear of failure globally
and it is used to focus on how ppl perceptions influence decisions
perceived opportunities
perceived capabilities
fear of failure
entrepreneurial intentions
lessons learned by successful entrepreneurs
kurt theobald is what
CEO of an e- commerce firm, classy llama, the 11th of ten failed startups over five years
his 11th venture: Over $8 million in annual revenue.
getting gritty: building a tolerance
what is talent predicts achievement
traditional wisdom
getting gritty: Building a tolerance for failure
what is quality that enables people to work hard and sustain interest
GRIT
what are the attributes to build GRIT
- courage
- Conscientiousness
- Perseverance
- Resilience
- Excellence
attribute to build GRIT:
what is having not fear of failure
courage
attribute to build GRIT
what is
working despite challenges
conscientiousness
attribute to build GRIT
what it
commitment to long-term goals
perseverance
attribute to build GRIT
what is recovering from failure and overcoming obstacles
resilience
Attribute to build GRIT
what is committing to activities that enhance skills
excellence
