Jerry starts his own business even when he is advised by family and friends that it is not a suitable opportunity. His friends feel that the market is uncertain and new entry at this juncture is inadvisable. Jerry soon realizes that his friends were right and he should have taken their advice. In spite of himself, he is forced to admit that the market situation is such that it would take more than a good entrepreneur to survive. This is an example of ________.

Question

Quizplus · Accepted Answer

This scenario is an example of illusion of control, where Jerry believed that he could have control over the market situation and succeed in his business, despite being advised otherwise. However, he soon realized that the market situation was not in his control and he should have taken the advice of his friends and family.

Jerry Starts His Own Business Even When He Is Advised