BYU ENT 101 Final Exam with answers
Three myths of entrepreneurship - CORRECT ANSWERS ✔✔1. Hero
2. Process
3. Money
fundamental attribution error - CORRECT ANSWERS ✔✔People
often attribute far more success and far more failure to the
individual than the individual actually deserves, when in fact
other, more difficult to observe factors, often play a critical role in
successful outcome
Entrepreneurship process model (5 steps) - CORRECT ANSWERS
✔✔1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - CORRECT ANSWERS ✔✔Nail the
pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
, What is essential for making a sustainable business? - CORRECT
ANSWERS ✔✔Profits, people, planet
Who said, "innovation distinguishes between a leader and a
follower"? - CORRECT ANSWERS ✔✔Steve Jobs
Who said, "I never want to build something that nobody wants to
buy"? - CORRECT ANSWERS ✔✔Thomas Edison
Who said, "No success can compensate for failure in the home"? -
CORRECT ANSWERS ✔✔David O. McKay
Who said, "If I had asked customers what they wanted they would
have said faster horses"? - CORRECT ANSWERS ✔✔Henry Ford
What are the benefits of having less money for a startup? -
CORRECT ANSWERS ✔✔It can help you focus on the external
market, your customers, and increase your ability to develop
creative solutions for those customers.
Define invention - CORRECT ANSWERS ✔✔The discovery of a new
technology, product, or service
Define innovation - CORRECT ANSWERS ✔✔The combination of an
invention (whether new or old) with insight about a market need.
Three myths of entrepreneurship - CORRECT ANSWERS ✔✔1. Hero
2. Process
3. Money
fundamental attribution error - CORRECT ANSWERS ✔✔People
often attribute far more success and far more failure to the
individual than the individual actually deserves, when in fact
other, more difficult to observe factors, often play a critical role in
successful outcome
Entrepreneurship process model (5 steps) - CORRECT ANSWERS
✔✔1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - CORRECT ANSWERS ✔✔Nail the
pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
, What is essential for making a sustainable business? - CORRECT
ANSWERS ✔✔Profits, people, planet
Who said, "innovation distinguishes between a leader and a
follower"? - CORRECT ANSWERS ✔✔Steve Jobs
Who said, "I never want to build something that nobody wants to
buy"? - CORRECT ANSWERS ✔✔Thomas Edison
Who said, "No success can compensate for failure in the home"? -
CORRECT ANSWERS ✔✔David O. McKay
Who said, "If I had asked customers what they wanted they would
have said faster horses"? - CORRECT ANSWERS ✔✔Henry Ford
What are the benefits of having less money for a startup? -
CORRECT ANSWERS ✔✔It can help you focus on the external
market, your customers, and increase your ability to develop
creative solutions for those customers.
Define invention - CORRECT ANSWERS ✔✔The discovery of a new
technology, product, or service
Define innovation - CORRECT ANSWERS ✔✔The combination of an
invention (whether new or old) with insight about a market need.
