Deck 11: Learning From Failure

Question 1

Bill and his founding team were talented programmers.The hard-working team handled all aspects of the business and continued doing so as the business grew.Soon, there were problems with the accounting system, and issues arose because they had misclassified an employee as a general contractor.Which of the following would be a likely cause of failure?

A)lack of ability
B)process inadequacy
C)uncertainty
D)inattention

Answer 1

A

Question 2

Frances had a wonderful product, but her salesforce frequently argued over sales tactics and territories.Conflicts arose over issues unrelated to the business, such as lifestyles and work start times.Which top reason for startup failures was represented in this scenario?

A)no market need
B)not the right team
C)poor marketing
D)lost focus

Answer 2

B

Question 3

A pivot would be described as which of the following?

A)a difficult situation that changes the nature of your business
B)the nature of the obstacle that must be overcome to avoid failure
C)a change in direction in response to a small failure
D)a catastrophic failure

Answer 3

C

Question 4

What is the typical reaction of successful entrepreneurs to failures, particularly small failures?

A)they have very few failures because they do everything to avoid them
B)they get out of the business as early as possible in order to cut their losses
C)they see failures as opportunities to build on what they learned or capture new opportunities
D)they try to make failures happen to increase the overall creative tension

Question 5

A "big fail" would be typical of which of the following?

A)a situation that requires a quick reaction
B)a situation that requires a change in direction
C)a process that unfolds over time
D)a process that represents an obstacle that must be overcome

Question 6

Which of the following would describe a "business failure"?

A)a business that does not meet its financial projections
B)the termination of a commercial organization due to bankruptcy or liquidation
C)failure to meet stockholder expectations
D)a business that is not earning as much as it costs to run the business

Question 7

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

A)they generally contribute to the overall failure of the company
B)they usually have no ultimate effect on the business or the entrepreneur
C)they are the low points but are manageable and help the entrepreneur learn
D)they can spin out of control

Question 8

Casey just learned that a competitor to his fast-food restaurant is opening up.Casey responds by revising his menu to include more ethnic specialties and starts a customer loyalty club that gives free drinks for every five visits.This is an example of which of the following?

A)a marketing plan
B)a pivot
C)a small failure
D)an over reaction

Question 9

What is one of the consequences of fear of failure?

A)We fail to tackle the reasons behind the failure.
B)It leads to excess worry.
C)We eventually learn to avoid failure altogether.
D)It leads to dishonesty.

Question 10

Peter discovered difficulties in his business, a home-decorating company that sold blinds, window wear, and fabric-based solutions.Peter won many awards for his designs and was very well liked by his talented employees.They all worked hard at building the business.However, his business soon suffered losses due to misplaced orders and incorrectly executed projects.Which of the following would be the most likely cause of the failure?

A)lack of ability
B)process inadequacy
C)uncertainty
D)inattention

Question 11

What is the major advantage of business failure?

A)Once the business is closed, stressed is reduced.
B)Avoiding failure makes the entrepreneur more vigilant.
C)Failure makes learning for future performance more intensive.
D)Those who aren't suited for business get our early.

Question 12

Ellen has been in business for less than 3 months.Because she wants to build the client base, she has delegated all operations and "back room" functions to her new team.As she continues to concentrate on marketing, what potential cause of failure might occur?

A)lack of ability
B)process inadequacy
C)uncertainty
D)inattention

Question 13

Justin opened a physical therapy business in a new location and hired two key therapists well known in the area.Recently, the therapists informed Justin that they are starting their own physical therapy clinic and have been talking with all the referring physicians, telling them of their plan.Which top reason for startup failures was represented in this scenario?

A)bad location
B)no market need
C)get outcompeted
D)not the right team

Question 14

We often fail to hear about the reasons for business failures.Why is this the case?

A)Expressing the emotions of failure are difficult so people do not talk about the failure.
B)People may be unaware of their role in the failure.
C)People blame external reasons for their failure.
D)No one is interested in hearing about failures.

Question 15

What is one of the consequences of fear of failure?

A)People can learn to avoid failure.
B)The emotional reaction inhibits us from learning from the experience.
C)It leads to dishonesty.
D)It leads to excess worry.

Question 16

Which of the following is one of the conclusions of Amy Edmondson?

A)all failures are blameworthy
B)failures exist on a spectrum that range from praiseworthy to blameworthy
C)failure is always bad in some way
D)failure comes from lack of skills

Question 17

If we develop the ability to see the learning opportunity in failure, which of the following will occur?

A)we will lose the emotional fear reaction to failure
B)we will be able to anticipate failure as natural and embrace the learning opportunity
C)we will see that failure can be avoided altogether
D)we will know how to react to the "big failure"

Question 18

This type of failure is caused by crossing an ethical boundary, leading to mismanagement of the venture:

A)inattention
B)deviance
C)lack of ability
D)uncertainty

Question 19

Steve operated a successful massage and health spa in a lucrative resort location.He used the same business model when he built a new spa in the next town.While he had the same services, and the same quality, the business failed.Which of the top reasons for startup failure might be represented in this scenario?

A)product mis-timed
B)pivot gone bad
C)pricing/cost issues
D)investor interest

Question 20

Steve and Carl manufactured a smartphone-related product marketed for personal safety.Not knowing who the market would be, they developed the product for the senior citizen market and also the general public.They also had a version of the product for children.Which of the following might be a cause for failure?

A)inattention
B)deviance
C)lack of ability
D)uncertainty

Question 21

In studying failure around the world, the Global Entrepreneurship Monitor report recognized three economies.Which one of the following represents an economy focused on unskilled labor and natural resources?

A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question 22

Once you know that you suffer from fear of failure, which of the following would be a strategy to cope with it?

A)reframe goals so that they are more achievable
B)avoid high risk situations
C)make goals a bit harder so that if you fail there will be more reason for it
D)think about what others will think about you

Question 23

According to research, what country has the lowest fear of failure?

A)Latin America
B)Kazakhstan
C)Asia
D)Europe

Question 24

What economic environment is associated with the highest entrepreneurial self-perceptions (feeling they could start a business)?

A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question 25

Which of the following suggests you have fear of failure?

A)You take careful measures to plan your business strategy.
B)You tell people that everything is fine.
C)When you fail, you find it difficult to imagine what you could have done differently.
D)You wonder how a smart person like you could fail.

Question 26

Researchers suggest which of the following as a way of processing the shame of failure?

A)Focus on analyzing what went wrong in order to process information about the business loss.
B)Take a vacation and try not to think about it.
C)Get back on the horse, starting a new business as quickly as possible.
D)Document and write about the business failure.

Question 27

Once you know that you suffer from fear of failure, which of the following would be a strategy to cope with it?

A)keep your goals the same and don't sway off the path
B)focus your attention on learning instead of achieving
C)make goals a bit harder so that if you fail there will be more reason for it
D)think about what others will think about you

Question 28

Once you know that you suffer from fear of failure, which of the following would be a strategy to cope with it?

A)keep your goals the same and don't sway off the path
B)separate facts from feelings
C)make goals a bit harder so that if you fail there will be more reason for it
D)think about what others will think about you

Question 29

Which of the following suggests you have fear of failure?

A)You take careful measures to plan your business strategy.
B)Failure makes you worry about disappointing people whose opinion you value.
C)When you fail, you think about how you might have done things differently.
D)You wonder how a smart person like you could fail.

Question 30

How quickly you recover from failure depends on:

A)how serious the failure was
B)the personality strength of the entrepreneur
C)the way you approach failure-both before and after the failure
D)whether or not the entrepreneur was at fault

Question 31

What economic environment is associated with the lowest entrepreneurial self-perceptions (feeling they could start a business)?

A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question 32

Dean Shepherd suggests that failure should be seen as a natural part of entrepreneurism; opportunities exist because:

A)facts about the business are certain
B)opportunity is based in uncertainty
C)failure is a part of everyone's life
D)the entrepreneur is likely to make many mistakes

Question 33

Usually entrepreneurs find it difficult to deal with failure because:

A)they have stronger egos than most people
B)the involvement in the business makes it difficult to separate business failure from personal failure
C)the business failure is usually related to a personal failure
D)they are too busy dealing with the aftermath of the failure

Question 34

In studying failure around the world, the Global Entrepreneurship Monitor report recognized three economies.Which one of the following represents an economy that is helped by more efficient processes, higher wages, and better product quality?

A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question 35

Which of the following suggests you have fear of failure?

A)You take careful measures to plan your business strategy.
B)When you fail, you think about how you might have done things differently.
C)You wonder how a smart person like you could fail.
D)You tend to tell people that you don't think you are going to succeed.

Question 36

In studying failure around the world, the Global Entrepreneurship Monitor report recognized three economies.Which one of the following represents an economy focused on innovative products and services?

A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question 37

Which of the following suggests you have fear of failure?

A)You take careful measures to plan your business strategy.
B)You tell people that everything is fine.
C)When you fail, you imagine what you could have done differently.
D)You worry that people will lose interest in you.

Question 38

Once you know that you suffer from fear of failure, which of the following would be a strategy to cope with it?

A)recognize and feel the fear while taking fear management steps, like deep breathing, to reduce it.
B)avoid high stress situations
C)lower your expectations of success
D)do not recognize the fear

Question 39

What does it mean when we say that entrepreneurs have a unique relationship with the business?

A)They have more to gain or lose financially than an employee would.
B)They have a personal belief in their business or service.
C)They have a strong ego and want to succeed.
D)They worry about the business more than others worry about their jobs.

Question 40

Researchers suggest which of the following as a way of processing the shame of failure?

A)Find out who was really to blame for the business failure.
B)Concentrate on other aspects of life that are more positive.
C)Get back on the horse, starting a new business as quickly as possible.
D)Document and write about the business failure.

Question 41

In association with experimentation, what words should be used to reframe the word failure?

A)intentional iteration
B)planned failure
C)controlled research
D)mistake

Question 42

Which of the following contributes to a blame-free environment?

A)clear lines of distinction between founders and employees
B)treating everyone in the company as equal members
C)not noticing mistakes when they happen
D)allowing a few mistakes to take place before investing time in solving them.

Question 43

Psychologist Angela Lee Duckworth describes grit as which of the following:

A)a form of intelligence
B)the ability to work hard and sustain interest in long-term goals
C)the ability to recover from failure
D)the courage to fight for one's cause

Question 44

Which of the following contributes to an environment that is NOT blame-free?

A)holding regular meetings that review problems to discover who was on duty at the time.
B)focusing on the solution when someone reports a problem
C)encouraging employees to report a situation that may cause a problem down the road
D)distinguishing the difference between acceptable and nonacceptable errors

Question 45

Which of the following contributes to a blame-free environment?

A)overturning well-thought-out decisions
B)treating failures as a regrettable reality
C)placing a visible poster that encourages people to report problems
D)communicating failures as a strategic resource

Question 46

Based on her studies, Angela Lee Duckworth determined that grit:

A)is primarily a factor in physically demanding tasks
B)was only a factor for success in the military
C)contributed to success in all fields and roles studied
D)was related to IQ

Question 47

By "focus on others," entrepreneur Kurt Theobald suggested that entrepreneurs should:

A)focus on the happiness of their employees
B)focus on helping vendors, customers, suppliers, stakeholders, and team members succeed
C)focus on customer needs and place all efforts on their satisfaction
D)make sure that you attend to family and friends in addition to your business

Question 48

By "recognize when your approach is wrong," entrepreneur Kurt Theobald is suggesting which of the following?

A)Everything can be overcome by working harder.
B)Don't be afraid to admit that you have a problem.
C)Recognize that if something isn't working, you need to change your approach.
D)Obtain feedback from others.

Question 49

Trying something, seeing what happens, learning from it, and moving forward by pivoting or adapting is the description of which of the following:

A)entrepreneurship
B)pivoting
C)experimentation
D)adaptation

Question 50

In order to create a blame-free environment, communication must be in place to explain:

A)the process for reporting mistakes
B)how to write a performance evaluation
C)what types of mistakes are acceptable
D)the value of deliberate mistakes

Question 51

By "know who you are," entrepreneur Kurt Theobald referred to which of the following?

A)Entrepreneurs know they are capable of dealing with failure; they need to know they are that kind of person.
B)Entrepreneurs should have a good understanding of the strengths and weaknesses of their personality.
C)Entrepreneurs should know how much risk they can take.
D)Entrepreneurs should understand the limits of their personalities.

Question 52

The process of prototyping, testing, analyzing, and refinement is defined as:

A)product development
B)intentional iteration
C)iterative development
D)entrepreneurial testing

Question 53

By "find your formula," entrepreneur Kurt Theobald referred to which of the following?

A)use the same approach to entrepreneurship time after time
B)figure out what makes your business viable
C)use a planned approach to assessing a business investment
D)use a planned approach for building your business team

Question 54

By being aware of "shiny objects," entrepreneur Kurt Theobald referred to which of the following?

A)attraction to opportunities without a strategic way of assessing the opportunity
B)attraction to products that are expensive to produce
C)attraction to high-tech products that are high risk
D)attraction to products that offer high potential

Question 55

Mathew vents when his supervisor tells him that one of the engineers made a mistake in fulfilling the design.This action would be called which of the following?

A)justified anger
B)shooting the messenger
C)assigning blame
D)inappropriate communication

Question 56

By "find your inner purpose," Entrepreneur Kurt Theobald believes:

A)entrepreneurs should have a spiritual practice
B)entrepreneurs should be focused on a social purpose
C)entrepreneurs must have a diversion that develops the whole psyche
D)there must be a deeper purpose to the business than making money

Question 57

What is true of experimentation?

A)Only well controlled, perfect experimentation will reveal knowledge.
B)As long as you can learn from it, the action is a successful experimentation.
C)Experimentation can lead to failure.
D)Experimentation is considered a series of failed tests.

Question 58

What is described as a blame-free environment? 

A)an entrepreneur who does not blame himself for failure
B)an environment where everyone in the business is comfortable admitting mistakes and learning from them
C)an environment where mistakes are regularly reviewed in a team environment
D)an environment where the entrepreneur admits his or her mistakes to employees

Question 59

By "fail fast ...but not too fast," entrepreneur Kurt Theobald referred to which of the following?

A)learning from failures but not giving up too soon
B)learning from failures but pacing out the failures
C) fail early in the game, then lower your rate of failure
D)learn from failures but don't fail too many times

Question 60

What is the reason that people in innovation-driven economies may be less likely to start a business?

A)They do not see potential opportunities.
B)They have a lower level of education and skills.
C)The different types of businesses that are introduced into this type of economy.
D)Lack of entrepreneurial experience.

Question 61

Conscientiousness:

A)can reduce grit because of a need to be perfect
B)contributes to grit because it helps you work tirelessly when challenged
C)can lead to less grit because the person is focused on what others think
D)leads to a loss of self confidence

Question 62

Why would a growth mindset contribute to a person's grit?

A)Both characteristics are part of intelligence.
B)A desire to learn will help overcome failure and allow the person to persevere.
C)People with a growth mindset need to make things perfect.
D)People with grit will keep doing things repeatedly.

Question 63

What is the relationship between a growth mindset and grit?

A)People with a growth mindset have less grit.
B)People with a fixed mindset have more grit.
C)People with a growth mindset have more grit.
D)Mindset is unrelated to grit.

Question 64

Just before delivering the final product to his customer, Tony has trouble concentrating.He completes several less-important tasks rather than work on the product.What might be behind this activity?

A)Failure to get the smaller tasks competed earlier.
B)He doesn't like the product and avoids working on it.
C)He is experiencing fear of failure, leading him to procrastinate.
D)He has worked too hard on the project and is exhausted.

Question 65

Lele just lost a major client.The next day, she made a list of potential new clients and started calling them to set up an introductory meeting.Which of the following characteristics is associated with this action?

A)resilience
B)creativity
C)learning
D)adaptation

Question 66

The conscientious, highly structured effort to learn new skills, carried out with an eye for long-term achievement, describes which of the following terms:

A)deliberate mindset
B)perseverance
C)deliberate practice
D)structured learning

Question 67

Excellence refers to which of the following?

A)consistently performing well
B)committing to activities that enhance skills and achieve improvement
C)achieving perfection
D)consistently learning

Question 68

In studying the life of Abraham Lincoln, what can be said about his personal reaction to failure?

A)He learned from all his experiences, making it possible to achieve greatness.
B)He kept trying new things until he found something that he was good at.
C)He kept trying new things until the conditions supported his success.
D)He failed at everything, but we admire him for his grit.

Question 69

Which of the following best defines the term resilience?

A)the ability to resist a negative environment
B)a strong public-relations approach that helps you maintain your brand
C)the strength to recover from failure in order to persevere toward goals
D)the ability to work long hours toward a goal

Question 70

Which of the following best defines the term perseverance?

A)the ability to come ahead of challenges
B)repeatedly doing the same task
C)a commitment to long-term goals through deliberate practice
D)accomplishing things in the face of opposition

Question 71

What, in general, can be said about the failures shared at events such as FAILfaire?

A)Most failures can be avoided.
B)Failures provide information that can be used to build a better product or service.
C)People enjoy failing if it is shared.
D)Failures require support to help people recover from it.

Question 72

People in factor-driven economies have the greatest confidence in starting a business.What might contribute to this confidence?

A)People in these economies are poorer and have fewer options.
B)Hard work is the key to success.
C)They have greater skills to achieve success.
D)They see a variety of businesses around them so there are more options.

Question 73

In spite of multiple failures, an entrepreneur is attending a meeting with a colleague to discuss a new approach in correcting an engineering problem.This is an example of which of the following:

A)blame aversion
B)problem solving
C)grit
D)educational training

Question 74

Erik makes sure that a good part of his management is based on activities that will enhance the skills of his founding team and employees.He is always trying to find a better way.What would describe this management approach?

A)avoidance of failure
B)a commitment to excellence
C)achieving perfection
D)positive management

Question 75

Because of their personalities, entrepreneurs do not experience the emotional pain of failure.

Question 76

Why is Abraham Lincoln considered a success when he experienced so many failures?

A)He opened up success through others.
B)In the end, Abraham Lincoln was elected president.
C)People can relate to someone who failed.
D)He came from humble beginnings, so his ultimate success was unexpected.

Question 77

In studying the life of Abraham Lincoln, what can be said about his orientation to others?

A)He battled with others, which caused others to remove their support.
B)He focused on the needs of others and helped them be successful.
C)He liked people who came from humble beginnings, like himself.
D)He made friends and acquaintances easily.

Question 78

What occurs during a FAILfaire event?

A)A competition is held for the best failure.
B)Mistakes are shared so that a broader audience of people can learn from them.
C)Mistakes are shared so that people can recover from failure.
D)Mistakes are shared so that others can help the company who made them learn from them.

Question 79

Just before a big meeting, you call your friend and tell her that you don't think the presentation will go well.You weren't able to get a good handle on the client's desires, and you just have a bad feeling about it.What might underlie this conversation?

A)a desire to get ideas from your friend
B)a desire to lower her expectations
C)a desire to get a pep talk
D)an opportunity to vent your disappointment

Question 80

What can be learned from the life of Abraham Lincoln?

A)Hard work will contribute to consistent success.
B)Successful people experience more success than failures.
C)Skills developed from all of one's experiences can combine to support later success.
D)Success can have many definitions.