Jeremiah has just closed his lumber yard. Based on construction demand, his business suffered during a decline in new construction. This, combined with unemployment in the area leading to fewer home improvement projects, created a limited market. Describe Jeremiah’s potential reaction to this failure based on the principles of “small” and “big” failures
What will be an ideal response?
A big failure is a process that occurs over time. A small failure is a barrier that requires a change in strategy. This situation would be defined as a big failure in that the market changes would have had to occur over time. Whether Jeremiah experiences the business as a failure depends on what potential strategies might have been developed in response to the situation. Unless a market could be found for the lumber, the business was doomed to fail. Big failures are felt as being more personal, and the emotional impact for Jeremiah would be strong.
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