ENT 101 Questions with Verified Correct
Answers
What is the fundamental attribution error?
People often attribute far more success and far more failure to the individual than the
individual actually deserves
Two types of risks in innovation?
1. Technology risk (can we make it)
2. Market risk (will customers buy it)
Confirmation Trap
As human beings we pay attention to information that confirms our existing beliefs and
ignore infromation that contradicts what we beleive.
Motivation Trap
The alternative reality problem
- the problem of sunk cost
- entrepreneurs have so much skin in the game they fall into the trap of escalating their
commitment
Overconfidence Trap
- We see ourselves as "experts" are least likely to learn and change.
- Need to possess a unique brand of humility
Nail it and Scale it process
1. Nail the pain
, 2. Nail the solution
3. Nail the go-to-market strategy
4. Nail the business model
5. Scale it
NISI process step 1: Nail the Pain
1. Write down the pain statement
- Shark bite vs mosquito bite (small vs large pains)
2. write down big idea hypothesis
- represents your idea to the solution
- breakthrough or better faster cheaper
3. Quick Test
- 1. Find a sample of customers
- 2. cold call or email them
- 3. capture and measure the results
4. Quick Exploration of Market
- How big is the problem I'm trying to solve/is it worth it?
- who else is trying to solve this problem?
NISI process step 2: Nail the Solution
1. Pre test: develop minimum feature set
- represents the smallest, most focused set of features that will drive a customer purchase
Answers
What is the fundamental attribution error?
People often attribute far more success and far more failure to the individual than the
individual actually deserves
Two types of risks in innovation?
1. Technology risk (can we make it)
2. Market risk (will customers buy it)
Confirmation Trap
As human beings we pay attention to information that confirms our existing beliefs and
ignore infromation that contradicts what we beleive.
Motivation Trap
The alternative reality problem
- the problem of sunk cost
- entrepreneurs have so much skin in the game they fall into the trap of escalating their
commitment
Overconfidence Trap
- We see ourselves as "experts" are least likely to learn and change.
- Need to possess a unique brand of humility
Nail it and Scale it process
1. Nail the pain
, 2. Nail the solution
3. Nail the go-to-market strategy
4. Nail the business model
5. Scale it
NISI process step 1: Nail the Pain
1. Write down the pain statement
- Shark bite vs mosquito bite (small vs large pains)
2. write down big idea hypothesis
- represents your idea to the solution
- breakthrough or better faster cheaper
3. Quick Test
- 1. Find a sample of customers
- 2. cold call or email them
- 3. capture and measure the results
4. Quick Exploration of Market
- How big is the problem I'm trying to solve/is it worth it?
- who else is trying to solve this problem?
NISI process step 2: Nail the Solution
1. Pre test: develop minimum feature set
- represents the smallest, most focused set of features that will drive a customer purchase
