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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.

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Explain how an entrepreneur might fail from lack of ability.

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An entrepreneur can become overextended....

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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.

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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.

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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

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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

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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

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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

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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

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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

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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.

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Define the term intentional iteration and explain why it is important.

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Intentional iteration is the p...

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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

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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.

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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

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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

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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

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Contrast a "bad" failure from a "good failure."

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At the low end of the spectrum, a "bad" ...

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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

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Grit combines with deliberate practice to help the entrepreneur achieve success.

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