ENT101 Latest Update Exam Study questions and
Answers
Five phases of Nail it then Scale it process - ANS 1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market Strategy
4. Nail the Business Model
5. Scale it
Traditional Entrepreneurship Process Model - ANS 1. Entrepreneur has an idea
2. Discuss and raise money with friends, family and fools
3. Find a location, develop the product
4. Perfect the product and add features for broad appeal
5. Sell the product
Business Model Canvas - ANS Diagram to easily communicate your business model
Myths of Entrepreneurship - ANS 1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANS Follows the traditional entrepreneurship process model
The Hero Myth - ANS The idea that you need some special skills to be a successful entrepreneur
The Money Myth - ANS The idea that you need a lot of money to be a successful entrepreneur
, Failure - ANS 1. Tackle wrong tasks
2. Do things in wrong order
3. Fall prey to own strengths
4. Follow conventional wisdom
5. More capital can increase failture
6. It is okay to fail if you Fail Fast and Fail Cheap
7. Why do 90% of businesses fail? because they couldn't get anyone to buy it
Customers - ANS Customers Validate a Product. They DON'T think of ways to solve customer
pain - that's the entrepreneur's responsibility
Types of Customers - ANS End-User Customers
Technical Customers
Economic Customers
Validation - ANS Why should you get outside of the building? We are convinced we understand
when we actually don't.
Questions to ask when validating a pain: - ANS Do you have this problem?
Tell me about it, tell me more.
Does something like this solve your pain? *Remember, don't expect the customer to solve the
pain.
Intellectual Property (IP) - ANS What legal entity doesn't provide a barrier of protection against
a lawsuit? Sole Proprietorship
IP includes: - ANS Patents, copyrights, trademarks
Answers
Five phases of Nail it then Scale it process - ANS 1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market Strategy
4. Nail the Business Model
5. Scale it
Traditional Entrepreneurship Process Model - ANS 1. Entrepreneur has an idea
2. Discuss and raise money with friends, family and fools
3. Find a location, develop the product
4. Perfect the product and add features for broad appeal
5. Sell the product
Business Model Canvas - ANS Diagram to easily communicate your business model
Myths of Entrepreneurship - ANS 1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANS Follows the traditional entrepreneurship process model
The Hero Myth - ANS The idea that you need some special skills to be a successful entrepreneur
The Money Myth - ANS The idea that you need a lot of money to be a successful entrepreneur
, Failure - ANS 1. Tackle wrong tasks
2. Do things in wrong order
3. Fall prey to own strengths
4. Follow conventional wisdom
5. More capital can increase failture
6. It is okay to fail if you Fail Fast and Fail Cheap
7. Why do 90% of businesses fail? because they couldn't get anyone to buy it
Customers - ANS Customers Validate a Product. They DON'T think of ways to solve customer
pain - that's the entrepreneur's responsibility
Types of Customers - ANS End-User Customers
Technical Customers
Economic Customers
Validation - ANS Why should you get outside of the building? We are convinced we understand
when we actually don't.
Questions to ask when validating a pain: - ANS Do you have this problem?
Tell me about it, tell me more.
Does something like this solve your pain? *Remember, don't expect the customer to solve the
pain.
Intellectual Property (IP) - ANS What legal entity doesn't provide a barrier of protection against
a lawsuit? Sole Proprietorship
IP includes: - ANS Patents, copyrights, trademarks
