Learning from Failure in Entrepreneurship MCQs
Learning from Failure in Entrepreneurship MCQs
Answer these 20 Learning from Failure in Entrepreneurship MCQs and assess your grip on the subject of Learning from Failure in Entrepreneurship.
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1: Choice correct Statement about Deviance ?
A. A process of envisioning the future for a business, including what one plans to do and how one plans to do it.
B. A method whereby market tests are conducted to get early feedback and acquire important learning and information.
C. A change in business direction.
D. Deviance defines legal and ethical boundaries, leading to mismanagement of the venture
2: A method ______ whereby market tests are conducted to get early feedback and acquire important learning and information.
A. Grit
B. Inattention
C. Intelligent Failures
D. Exploratory Experimentation
3: The quality that enables people to work hard and sustain interest in their long-term goals is known as?
A. Grit
B. inattention
C. Intelligent Failures
D. None of these
4: Choice correct statement about inattention ?
A. When an entrepreneur becomes sidetracked from the core business.
B. the quality that enables people to work hard and sustain interest in their long-term goals.
C. Good failures that provide valuable new knowledge that can help a startup overcome hurdles and roadblocks.
D. None of these
5: In Intelligent Failures good failures that provide valuable new knowledge that can help a startup overcome hurdles and roadblocks.
A. True
B. False
6: Lack of Ability is also known as ?
A. lack of skill set
B. lack of power
C. Lack of incompetency
D. All above mentioned
7: A change in business direction is known as ?
A. Pivot
B. Process Inadequacy
C. Uncertainty
D. None of these
8: Inadequacy process wrong (or missing) processes set up in the organization, causing ______ ?
A. information breakdown.
B. Signal breakdown.
C. communication breakdown.
D. None of these
9: The lack of clarity about future events that can cause entrepreneurs to take unreasonable actions.
A. Uncertainty
B. Bootstrapping
C. Functionality
D. None of these
10: ______ is the commitment to long-term goals through purposeful deliberate practice.
A. Grit
B. Perseverance
C. Conscientiousness
D. Excellence
11: Which of the following is true when it comes to failure?
A. The failure of a venture is likely to increase an entrepreneur’s self-efficacy.
B. Failure can impede the cognitive processes involved in learning.
C. Many entrepreneurs see failure as the path by which individuals travel to develop into entrepreneurs.
D. Business failure is synonymous with bankruptcy.
12: Which of the following is accurate with respect to entrepreneurial failure?
A. Entrepreneurial failure is easy to separate from personal failure because most entrepreneurs form LLCs to separate their personal assets from their business assets.
B. Before entrepreneurs are able to move forward or even start their business, they must first overcome their fear of failure.
C. Entrepreneurial failure most often leads entrepreneurs to return to traditional jobs in their industries before starting another venture.
D. Most people view failure in a positive light recognizing the learning and opportunities that can be derived from it.
13: ______ is related to resilience and is the quality that enables people to work hard and sustain interest in their “long term goals.”
A. Grit
B. Perseverance
C. Conscientiousness
D. Excellence
14: Deviance is a ______ failure where an entrepreneur violates legal and ethical boundaries leading to the mismanagement of the venture.
A. praiseworthy
B. criminal
C. financial
D. blameworthy
15: Entrepreneurial failure can provoke an emotional reaction or an anti-failure bias which does which of the following?
A. Causes an expression of grief that impedes action.
B. Inspires resilience and renewed focus on entrepreneurial efforts.
C. Inhibits entrepreneurs from learning from their experiences.
D. Results in entrepreneurs reflecting on personal successes to balance the sense of entrepreneurial failure.
16: ______ is a factor leading to failure whereby the entrepreneur makes poor decisions due to lack of clarity about future events.
A. Exploratory experimentation
B. Lack of ability
C. Process inadequacy
D. Uncertainty
17: Because experimentation is about trying things, seeing what happens and learning from it, failure might be better termed ______.
A. experiential learning
B. intentional iteration
C. convergent thinking
D. prototyping
18: Research carried out into the impact of entrepreneurial failure has shown which of the following?
A. Entrepreneurs who experience the loss of a business can suffer symptoms similar to grief.
B. Entrepreneurs who experience the loss of a business should focus on a healing process by first thinking about other aspects of their lives to distract them, and subsequently analyze what went wrong in order to process information about the business loss, and then alternate between these processes.
C. Entrepreneurs who experience the loss of a business need to quickly move beyond their feelings, and toward business recovery.
D. Negative reactions to entrepreneurial failure are both unusual and counterproductive.
19: ______ take(s) place when experimentation is deemed necessary in order to find answers in situations that have never been explored before.
A. Results-based revisions
B. Structured investigations
C. Creative patterning
D. Intelligent failures
20: All entrepreneurs experience small “fails” that require a quick reaction and sometimes a change in direction known as a ______.
A. pivot
B. transmutation
C. course correction
D. swerve
21: ______ is a factor leading to failure whereby the entrepreneur is overextended and does not have the skillset to get the job done.
A. Exploratory experimentation
B. Lack of ability
C. Process inadequacy
D. Uncertainty
22: ______ means working tirelessly in the face of challenges and toward the achievement of long-term goals.
A. Grit
B. Perseverance
C. Conscientiousness
D. Excellence
23: To build a ______, firm founders need to clearly communicate what sorts of failure are acceptable and unacceptable.
A. fail-fast environment
B. intentional iteration
C. blame-free culture
D. focused testing atmosphere
24: 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.
A. shiny object syndrome
B. intentional failures
C. fear of failure
D. experiential learning
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Learning from Failure in Entrepreneurship MCQs
