What Is the Typical Reaction of Successful Entrepreneurs to Failures

question 37

Multiple Choice

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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Definitions:

Formalization

The degree to which the organization has official rules, regulations, and procedures.

Differentiation

The process of distinguishing a product or service from others to make it more attractive to a particular target market.

Integration

The process of combining or coordinating separate elements into a unified whole, often seen in merging diverse groups or systems.

Horizontal Differentiation

The division of tasks, responsibilities, and operations across different departments or units within an organization on the same hierarchical level.