Industries Remain Static or Stable Over Time, So It Is

question 20

True/False

Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry. ​

---

Definitions:

Error Management Theory

A theoretical framework suggesting that humans have evolved biases in judgment and decision-making processes to minimize costly errors.

Omission Bias

Omission bias is the tendency to favor an act of omission (not doing something) over one of commission (doing something), often due to the fear of making a wrong choice.

Status Quo Bias

A cognitive bias where individuals prefer retaining current conditions to change or new alternatives, due to the perceived comfort or safety in familiarity.

Rationalizing Decision

The process of providing logical or rational reasons to justify a decision, often after the decision has been made.