ENT 101 FINAL Questions with Correct Solutions

ENT 101 FINAL Questions with Correct Solutions


Question:
1. NISI Phases

Answer:
1. Nail the Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it


Question:
2. Traditional Process Method

Answer:
1. entrepreneur has an idea
2. discusses with friends and family/ raises money
3. find location, build product
4. test product, perfect it
5. sell it


Question:
3. Business model canvas

Answer:




Question:
4. 3 myths of entrepreneurship

Answer:
1. process myth
2. hero myth
3. money myth


Question:
5. Reasons why entrepreneurs fail

, Answer:
- tackle wrong tasks
- do things in wrong order -fall prey to own strengths
- follow conventional wisdom
- more capital increases failure


Question:
6. Why do 90% of businesses fail

Answer:
couldn't get anyone to buy it


Question:
7. What are the role of customers vs role of entrepreneurs

Answer:
customers validate, entrepreneurs innovate


Question:
8. Three types of customers

Answer:
1. end user customers
2. technical customers
3. economic customers


Question:
9. end user customers

Answer:
the person uses the product or manages the people who use it


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