ENT 101 Final Corbin Church ACTUAL UPDATED QUESTIONS AND CORRECT
ANSWERS
3 myths of entrepreneurship 1. PROCESS MYTH (The idea that a typical process of launching a business is
simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
, 5 Phases Nail it Then Scale It 1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? Putting heart into it, Understanding innovation process, Validating with potential
users
Business model canvas a diagram of how a company creates value for itself and its customers
Why do 90% of businesses fail couldn't get anyone to buy it / they didn't build what the customers wanted.
What are the role of customers vs role of entrepreneurs customers validate, entrepreneurs innovate
Three types of customers 1. end user customers (the person uses the product or manages the people who
use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? we are convinced we understand when we actually dont
Questions to ask when validating a pain?? 1. Is this a pain you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention the discovery of a new technology, product or service
innovation combination of an invention (new or old) with insight about a market need
two major categories of business ideas Brave new world: break through ideas that turn conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
ANSWERS
3 myths of entrepreneurship 1. PROCESS MYTH (The idea that a typical process of launching a business is
simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
, 5 Phases Nail it Then Scale It 1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? Putting heart into it, Understanding innovation process, Validating with potential
users
Business model canvas a diagram of how a company creates value for itself and its customers
Why do 90% of businesses fail couldn't get anyone to buy it / they didn't build what the customers wanted.
What are the role of customers vs role of entrepreneurs customers validate, entrepreneurs innovate
Three types of customers 1. end user customers (the person uses the product or manages the people who
use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? we are convinced we understand when we actually dont
Questions to ask when validating a pain?? 1. Is this a pain you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention the discovery of a new technology, product or service
innovation combination of an invention (new or old) with insight about a market need
two major categories of business ideas Brave new world: break through ideas that turn conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
