Meaning: 'It' is used to refer to something previously mentioned, in this case, 'failure.'

Wrong options:

• former: The word 'former' is an adjective that refers to the first of two items mentioned, which does not fit here as it does not refer to failure directly.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it does not refer to failure.
• so: The word 'so' is an adverb that indicates a consequence or degree, which does not grammatically fit in this context.
• surely: The word 'surely' is an adverb used to express certainty, but it does not serve as a subject or pronoun in this sentence.
• such: The word 'such' is a determiner that introduces a noun phrase, which does not fit as a subject here.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, which does not fit here as it does not refer back to 'failure' appropriately.
• selling: The word 'selling' is a gerund that does not relate to the subject of failure and does not fit grammatically.

Correct answer: former

Explanation: The term 'former' is used to refer to the first of two items mentioned, which in this case is 'type 1.' It fits grammatically and contextually as it describes the fear associated with failure.

Meaning: 'Former' refers to the first of two things previously mentioned.

Wrong options:

• it: The word 'it' is a pronoun that does not refer to a type and does not fit in this context.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it describes type 2, not type 1.
• so: The word 'so' is an adverb that does not relate to the classification of types and does not fit grammatically.
• surely: The word 'surely' is an adverb that expresses certainty but does not describe a type of fear.
• such: The word 'such' is a determiner that does not refer to a type and is not appropriate here.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, which does not fit as it does not describe a type.

Correct answer: this

Explanation: The word 'this' is a demonstrative pronoun that refers to the singular noun 'individuals, managers and businesses' mentioned earlier. It fits grammatically and contextually as it indicates a specific group being discussed.

Meaning: 'This' is used to refer to a specific thing or person that is close in context, in this case, the individuals and businesses.

Wrong options:

• former: The word 'former' is an adjective that refers to the first of two items mentioned, which does not fit as it does not refer to a specific group.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it does not refer to the group being discussed.
• so: The word 'so' is an adverb that does not relate to the subject of individuals and businesses and does not fit grammatically.
• surely: The word 'surely' is an adverb that expresses certainty but does not serve as a demonstrative pronoun in this context.
• such: The word 'such' is a determiner that does not refer to a specific group and is not appropriate here.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, but it does not fit as it does not indicate a specific group in this context.

Correct answer: latter

Explanation: The term 'latter' is used to refer to the second of two items mentioned, which in this case is 'type 2.' It fits grammatically and contextually as it describes the fear of missing opportunities.

Meaning: 'Latter' refers to the second of two things previously mentioned.

Wrong options:

• it: The word 'it' is a pronoun that does not refer to a type and does not fit in this context.
• former: The word 'former' refers to the first of two items mentioned, which does not fit as it describes type 1, not type 2.
• so: The word 'so' is an adverb that does not relate to the classification of types and does not fit grammatically.
• surely: The word 'surely' is an adverb that expresses certainty but does not describe a type of fear.
• such: The word 'such' is a determiner that does not refer to a type and is not appropriate here.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, which does not fit as it does not describe a type.

Correct answer: these

Explanation: The word 'these' is a demonstrative pronoun that refers to plural nouns, specifically the 'people' in the context of Silicon Valley. It fits grammatically and contextually as it indicates a specific group of individuals.

Meaning: 'These' is used to refer to specific people or things that are close in context, in this case, the innovative individuals in Silicon Valley.

Wrong options:

• former: The word 'former' is an adjective that refers to the first of two items mentioned, which does not fit as it does not refer to a group of people.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it does not refer to a group of people.
• so: The word 'so' is an adverb that does not relate to the subject of people and does not fit grammatically.
• surely: The word 'surely' is an adverb that expresses certainty but does not serve as a demonstrative pronoun in this context.
• this: The word 'this' is a demonstrative pronoun that refers to a singular noun, which does not fit as it does not refer to a group of people.
• selling: The word 'selling' is a gerund that does not relate to the context of people and does not fit grammatically.

Correct answer: so

Explanation: The word 'so' is an adverb that indicates a degree of action, fitting grammatically and contextually as it describes the action of doing something instead of watching others.

Meaning: 'So' is used to indicate a degree or extent, in this case, the extent to which they could take action.

Wrong options:

• former: The word 'former' is an adjective that refers to the first of two items mentioned, which does not fit as it does not relate to taking action.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it does not relate to taking action.
• surely: The word 'surely' is an adverb that expresses certainty but does not indicate an action in this context.
• such: The word 'such' is a determiner that does not fit as it does not indicate an action.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, which does not fit as it does not indicate an action.
• this: The word 'this' is a demonstrative pronoun that refers to a singular noun, which does not fit as it does not indicate an action.
• selling: The word 'selling' is a gerund that does not relate to the context of taking action.

Correct answer: such

Explanation: The word 'such' is a determiner that introduces a noun phrase, fitting grammatically and contextually as it describes the type of situation being discussed.

Meaning: 'Such' is used to refer to a specific kind or type of thing, in this case, a situation that allows for creativity.

Wrong options:

• it: The word 'it' is a pronoun that does not refer to a situation and does not fit in this context.
• so: The word 'so' is an adverb that does not fit as it does not introduce a noun phrase.
• these: The word 'these' is a demonstrative pronoun that refers to plural nouns, which does not fit as it does not describe a situation.
• this: The word 'this' is a demonstrative pronoun that refers to a singular noun, which does not fit as it does not describe a situation.
• former: The word 'former' is an adjective that refers to the first of two items mentioned, which does not fit as it does not describe a situation.
• latter: The word 'latter' refers to the second of two items mentioned, which does not fit as it does not describe a situation.