BYU ENT 101 Final Exam
Three myths of entrepreneurship - Answer-1. Hero
2. Process
3. Money
fundamental attribution error - Answer-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) - Answer-1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - Answer-Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business? - Answer-Profits, people, planet
, Who said, "innovation distinguishes between a leader and a follower"? - Answer-Steve Jobs
Who said, "I never want to build something that nobody wants to buy"? - Answer-Thomas Edison
Who said, "No success can compensate for failure in the home"? - Answer-David O. McKay
Who said, "If I had asked customers what they wanted they would have said faster horses"? - Answer-
Henry Ford
What are the benefits of having less money for a startup? - Answer-It can help you focus on the external
market, your customers, and increase your ability to develop creative solutions for those customers.
Define invention - Answer-The discovery of a new technology, product, or service
Define innovation - Answer-The combination of an invention (whether new or old) with insight about a
market need.
What the the two fundamental risks you face when you're innovating? - Answer-Technology (can we
make it) and Market (will customers buy it)
Why do 90% of businesses fail? - Answer-They can't get anyone to buy it, they don't validate.
Who validates a product? - Answer-CUSTOMERS
____________ are responsible for thinking in new ways to solve customer problems - Answer-
Entrepreneurs
Three myths of entrepreneurship - Answer-1. Hero
2. Process
3. Money
fundamental attribution error - Answer-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) - Answer-1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - Answer-Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business? - Answer-Profits, people, planet
, Who said, "innovation distinguishes between a leader and a follower"? - Answer-Steve Jobs
Who said, "I never want to build something that nobody wants to buy"? - Answer-Thomas Edison
Who said, "No success can compensate for failure in the home"? - Answer-David O. McKay
Who said, "If I had asked customers what they wanted they would have said faster horses"? - Answer-
Henry Ford
What are the benefits of having less money for a startup? - Answer-It can help you focus on the external
market, your customers, and increase your ability to develop creative solutions for those customers.
Define invention - Answer-The discovery of a new technology, product, or service
Define innovation - Answer-The combination of an invention (whether new or old) with insight about a
market need.
What the the two fundamental risks you face when you're innovating? - Answer-Technology (can we
make it) and Market (will customers buy it)
Why do 90% of businesses fail? - Answer-They can't get anyone to buy it, they don't validate.
Who validates a product? - Answer-CUSTOMERS
____________ are responsible for thinking in new ways to solve customer problems - Answer-
Entrepreneurs
