Entrepreneurs must navigate a delicate balance between compelling storytelling and misleading claims. This article explores the 'deception trap', where the pressure to meet expectations can lead to expanding deceit. It offers advice for entrepreneurs to avoid this pitfall, emphasizing the importance of realistic goals, informed stakeholders, and a measured approach to experimentation and prototyping.
Entrepreneurs walk a razor-thin line between telling compelling stories and peddling lies — a misstep can easily lead to slipping into what the authors call the “deception trap.” It starts when entrepreneurs, through their storytelling and framing, establish their identities, promote their visions, and set expectations for themselves and their stakeholders.
There is an increasingly familiar story in the tech world: After a meteoric rise, a dazzling young wunderkind is disgraced when it’s revealed that their world-changing innovation is held together by promises and deceit. Recently, it was Sam Bankman-Fried,. But a downfall like Bankman-Fried’s is all too familiar, as is the hubris, ambition, greed, and persuasive storytelling that preceded it. What is, perhaps, most notable about this story is how unremarkable it is.
ENTREPRENEURSHIP STORYTELLING DECEPTION RISK MANAGEMENT INNOVATION
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