Chapter 11

Question 1

big failure vs small failure

Answer 1

• Big failures bankruptcy
• All entrepreneurs have small failures
  o Are obstacles to over come
  o Most successful embrace small fails and pivot
  o Are considered valleys

Question 2

Pivot

Answer 2

change in business direction

Question 3

Failure spectrum

Answer 3

Deviance
inattention
lack of ability
process inadequacy
uncertainty
exploratory experimentation

Question 4

deviance

Answer 4

when entrepreneur defied legal and ethical boundaries, leading to mismanagement of the venture

Question 5

Inattention

Answer 5

when entrepreneur becomes sidetracked from the core business
 Doing too many things at once

Question 6

Lack of ability

Answer 6

lack of skills to get job done

Question 7

process inadequacy

Answer 7

wrong or missing processes set up in the organization, causing communication breakdown

Question 8

Uncertainty

Answer 8

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

Question 9

exploratory experimentation

Answer 9

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

Question 10

why is failure emotional for entrepreneurs

Answer 10

o Hard to separate personal failure from professional

Question 11

how to avoid failure

Answer 11

 Reframe specific goals to become more achievable
 Separate personal feelings from facts
* What did you learn
 Seek support
`

Question 12

global fear of failure is

Answer 12

 Perceived opportunities
 Perceived capabilities
 Fear of failure

Question 13

use this instead of failure

Answer 13

prototyping, testing, analyzing, and refinement

Question 14

intelligent failures

Answer 14

o :Good failures that give valuable new knowledge that can help a start up overcome hurdles and roadblocks
o Occur when experimentation is necessary

Question 15

Lessons learned from successful entrepreneurs

Answer 15

o Beware of shiny object syndrome
o Fail fast but not too fast
o Find your formula
o Know who you are
o Find your deeper purpose
o Focus on others
o Recognize when approach is wrong

Question 16

How do you build a blame free environment

Answer 16

o When people feel they can report fail it encourages people to come forward
o Need to stat what failures are acceptable and unacceptable

Question 17

What is Grit

Answer 17

quality that enables people to work hard and sustain interests in their long-term goals