ENT101 EXAM REPORTED
QUESTIONS WITH CORRECT
ANSWERS
What are the stages of idea development (creativity cycle) - Answer-Build - develop a
minimum viable product
Measure - generate hypothesis
Learn - Does it work?
What are the stages to opportunity identification - Answer-Discover - prepare, incubate,
insight
Generate - evaluate and elaborate
Recognise - opportunity (still viable?)
What are the biases and pitfalls to "when is an idea not an opportunity" - Answer-Bias -
Just because it works for you
Pitfall - Don't assume anything
What is the difference between design thinking and systems thinking - Answer-Design is
about product
Systems is about processes
What is the difference between causation and correlation and what would be an
example of each - Answer-Causation is direct, Correlation two or more isolated events
happening close together.
In regards to design cognition, what are two thinking styles - Answer-Divergent thinking
- creating choices
Convergent thinking - making choices
What is lean entrepreneurship and why does it matter? - Answer-It is a form of planning
that looks at developing the product before the plan of the business (building w
available resources). Matters because it differs from the traditional model and helps
people get into the market faster
In regards to lean entrepreneurship, what is pretotyping - Answer-Pretotyping is about
testing ideas quickly and cheaply before fully committing to them. Instead of building a
complete product, you create a simplified version or simulation to see if people are
interested.
, In regards to lean entrepreneurship, what is a minimum viable product - Answer-A
minimum viable product is the simplest version of a product that you can quickly build
and release to learn from real customers. It's like a basic prototype that helps you test
your idea and gather feedback without spending too much time or money upfront.
In regards to hypothesis based techniques, what does lean marketing focus on -
Answer-Customer discovery, development and validation
What are the four P's (traditional) and C's (lean marketing) in marketing basics -
Answer-Product, price, promotion and place
Co-creation, communities, customisation and choice
Customer centric rather than product centric
What is growth hacking - Answer-using digital metrics to continue upward growth
What are key points to note about strategic planning - Answer-A business can only
grow as much as you've planned it to grow
Consider your first market and competition
Strategy not set in stone, but form solid guideline
What is strategic intent - Answer-Long term planning for managing opportunity and risk
How can Strategic Planning impact your Startup Planning - Answer-Failure to plan then
plan to fail, very overlooked concept
In regards to managing entrepreneurial growth, what are three factors to manage
growth - Answer-Perception of oppurtunity
Institutionalise change
Desire to be innovative
What is the New Product Matrix comprised of - Answer-It is a measure of the reasoning
and requirements of a new product launch - product newness and market newness
Market penetration's, market extension, product dev., diversification
In regard to strategic entrepreneurial growth, how do you effectively plan growth using
the resources you have gained - Answer-
What is strategic market positioning - Answer-It is abut thinking from the customers
POV
What is the blue ocean strategy - Answer-Taking out the competitive nature of
marketing and not being bound to any fixed boundaries
What are the seven lenses of ethical leadership - Answer-Profit
QUESTIONS WITH CORRECT
ANSWERS
What are the stages of idea development (creativity cycle) - Answer-Build - develop a
minimum viable product
Measure - generate hypothesis
Learn - Does it work?
What are the stages to opportunity identification - Answer-Discover - prepare, incubate,
insight
Generate - evaluate and elaborate
Recognise - opportunity (still viable?)
What are the biases and pitfalls to "when is an idea not an opportunity" - Answer-Bias -
Just because it works for you
Pitfall - Don't assume anything
What is the difference between design thinking and systems thinking - Answer-Design is
about product
Systems is about processes
What is the difference between causation and correlation and what would be an
example of each - Answer-Causation is direct, Correlation two or more isolated events
happening close together.
In regards to design cognition, what are two thinking styles - Answer-Divergent thinking
- creating choices
Convergent thinking - making choices
What is lean entrepreneurship and why does it matter? - Answer-It is a form of planning
that looks at developing the product before the plan of the business (building w
available resources). Matters because it differs from the traditional model and helps
people get into the market faster
In regards to lean entrepreneurship, what is pretotyping - Answer-Pretotyping is about
testing ideas quickly and cheaply before fully committing to them. Instead of building a
complete product, you create a simplified version or simulation to see if people are
interested.
, In regards to lean entrepreneurship, what is a minimum viable product - Answer-A
minimum viable product is the simplest version of a product that you can quickly build
and release to learn from real customers. It's like a basic prototype that helps you test
your idea and gather feedback without spending too much time or money upfront.
In regards to hypothesis based techniques, what does lean marketing focus on -
Answer-Customer discovery, development and validation
What are the four P's (traditional) and C's (lean marketing) in marketing basics -
Answer-Product, price, promotion and place
Co-creation, communities, customisation and choice
Customer centric rather than product centric
What is growth hacking - Answer-using digital metrics to continue upward growth
What are key points to note about strategic planning - Answer-A business can only
grow as much as you've planned it to grow
Consider your first market and competition
Strategy not set in stone, but form solid guideline
What is strategic intent - Answer-Long term planning for managing opportunity and risk
How can Strategic Planning impact your Startup Planning - Answer-Failure to plan then
plan to fail, very overlooked concept
In regards to managing entrepreneurial growth, what are three factors to manage
growth - Answer-Perception of oppurtunity
Institutionalise change
Desire to be innovative
What is the New Product Matrix comprised of - Answer-It is a measure of the reasoning
and requirements of a new product launch - product newness and market newness
Market penetration's, market extension, product dev., diversification
In regard to strategic entrepreneurial growth, how do you effectively plan growth using
the resources you have gained - Answer-
What is strategic market positioning - Answer-It is abut thinking from the customers
POV
What is the blue ocean strategy - Answer-Taking out the competitive nature of
marketing and not being bound to any fixed boundaries
What are the seven lenses of ethical leadership - Answer-Profit
