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. Yet, framing the future can easily turn into a vicious cycle of expanding deceit if expectations cannot be met and entrepreneurs attempt to deliver at all costs. Entrepreneurs should take a few steps to protect themselves: 1) set realistic stretch goals and keep stakeholders informed of the risks, 2) understand the “fail” in “fail fast” as rapid experimentation to identify promising alternatives, not a license to take poorly conceived risks, and 3) be realistic when creating early prototypes and reporting on milestones.
