ENT101 Final Exams Questions and Correct
Answers
3 Myths of Entrepreneurship
Process Myth
Hero Myth
Money Myth
What is the fundamental attribution error?
People often attribute far more success and far more failure to the individual than the individual
actually deserves.
What are the five steps in the traditional entrepreneurship process model?
1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
What are the 5 phases of the 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
, Answer to #5
All of the above
Who said "Innovation Distinguishes between a leader and a follower?"
Steve Jobs
Who said "I never want to build something that nobody else wants to buy?"
Thomas Edison
Who said "no success can compensate for future in the home?"
David O. Mckay
Who said "if I had asked customer what they wanted they would have said faster horses?"
Henry Ford
What are the benefits of having less money in a startup?
- it can help you focus on the external mark, your customers, and increase your ability to develop
creative solutions for those customers
What is the definition of invention?
discovery of a new technology, product or service
What is the definition of innovation?
combination of an invention (new or old) with insight about a market need
What are two fundamental risks you face when you innovate?
technology (can we make it) and market (will customers buy it)
Answers
3 Myths of Entrepreneurship
Process Myth
Hero Myth
Money Myth
What is the fundamental attribution error?
People often attribute far more success and far more failure to the individual than the individual
actually deserves.
What are the five steps in the traditional entrepreneurship process model?
1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
What are the 5 phases of the 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
, Answer to #5
All of the above
Who said "Innovation Distinguishes between a leader and a follower?"
Steve Jobs
Who said "I never want to build something that nobody else wants to buy?"
Thomas Edison
Who said "no success can compensate for future in the home?"
David O. Mckay
Who said "if I had asked customer what they wanted they would have said faster horses?"
Henry Ford
What are the benefits of having less money in a startup?
- it can help you focus on the external mark, your customers, and increase your ability to develop
creative solutions for those customers
What is the definition of invention?
discovery of a new technology, product or service
What is the definition of innovation?
combination of an invention (new or old) with insight about a market need
What are two fundamental risks you face when you innovate?
technology (can we make it) and market (will customers buy it)
