ENT 101 Questions with Correct Solutions
Question:
1. Phases of the NISI Process
Answer:
Nail Pain--> Nail Solution--> Nail go to market strategy--> Nail Business Model--> Scale it
Question:
2. Traditional Process Method
Answer:
Entrepreneur has Ideas--> Discuss with friends/raise money--> Find location, build product
--> test product, perfect it--> sell it
Question:
3. Business Model Canvas
Answer:
Visual model to sum up business
Question:
4. The Process Myth
Answer:
idea, product, team, test, sell
Question:
5. the hero myth
Answer:
believing in your product leads to failure
Question:
6. the money myth
Answer:
you need to have a large sum of money to get started
Question:
7. Reasons why entrepreneurs fail
, Answer:
-tackle wrong tasks -do things in wrong order -fall prey to own strengths -follow conventional
wisdom -more capital can increase failure -is okay if you fail fast and fail cheap -why do 90%
of businesses fail- couldn't get anyone to buy it
Question:
8. Customers ________, entrepreneurs ______________
Answer:
validate, innovate It is not the customers responsibility to think of a way to solve the pain, it is
the entrepreneurs
Question:
9. End-User Customers
Answer:
the person who uses the product or manages people who use the product
Question:
10. technical customers
Answer:
IT person who installs or maintains the product
Question:
11. Economic customers
Answer:
the person who makes the ultimate purchase decision
Question:
12. Why should you get outside the building to validate?
Answer:
We are convinced we understand when we actually don't
Question:
13. questions to ask when validating a pain
Answer:
-is this a pain you experience? -tell me about it, tell me more. Why is this such a pain? -Would
something like this solve your pain? Remember, don't expect the customer to solve the pain
Question:
14. IP includes
Question:
1. Phases of the NISI Process
Answer:
Nail Pain--> Nail Solution--> Nail go to market strategy--> Nail Business Model--> Scale it
Question:
2. Traditional Process Method
Answer:
Entrepreneur has Ideas--> Discuss with friends/raise money--> Find location, build product
--> test product, perfect it--> sell it
Question:
3. Business Model Canvas
Answer:
Visual model to sum up business
Question:
4. The Process Myth
Answer:
idea, product, team, test, sell
Question:
5. the hero myth
Answer:
believing in your product leads to failure
Question:
6. the money myth
Answer:
you need to have a large sum of money to get started
Question:
7. Reasons why entrepreneurs fail
, Answer:
-tackle wrong tasks -do things in wrong order -fall prey to own strengths -follow conventional
wisdom -more capital can increase failure -is okay if you fail fast and fail cheap -why do 90%
of businesses fail- couldn't get anyone to buy it
Question:
8. Customers ________, entrepreneurs ______________
Answer:
validate, innovate It is not the customers responsibility to think of a way to solve the pain, it is
the entrepreneurs
Question:
9. End-User Customers
Answer:
the person who uses the product or manages people who use the product
Question:
10. technical customers
Answer:
IT person who installs or maintains the product
Question:
11. Economic customers
Answer:
the person who makes the ultimate purchase decision
Question:
12. Why should you get outside the building to validate?
Answer:
We are convinced we understand when we actually don't
Question:
13. questions to ask when validating a pain
Answer:
-is this a pain you experience? -tell me about it, tell me more. Why is this such a pain? -Would
something like this solve your pain? Remember, don't expect the customer to solve the pain
Question:
14. IP includes
