ENT 101 Final Corbin Church
3 myths of entrepreneurship - Answer-1. PROCESS MYTH (The idea that a typical process of launching a
business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - Answer-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - Answer-Putting heart into it, Understanding
innovation process, Validating with potential users
Business model canvas - Answer-a diagram of how a company creates value for itself and its customers
Why do 90% of businesses fail - Answer-couldn't get anyone to buy it / they didn't build what the
customers wanted.
What are the role of customers vs role of entrepreneurs - Answer-customers validate, entrepreneurs
innovate
, Three types of customers - Answer-1. end user customers (the person uses the product or manages the
people who use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? - Answer-we are convinced we understand when we
actually dont
Questions to ask when validating a pain?? - Answer-1. Is this a pain you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention - Answer-the discovery of a new technology, product or service
innovation - Answer-combination of an invention (new or old) with insight about a market need
two major categories of business ideas - Answer-Brave new world: break through ideas that turn
conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
confirmation trap - Answer-the tendency to see what we already believe and discard evidence to the
contrary
feature creep syndrome - Answer-when entrepreneurs try to add another feature in the hopes that one
missing feature will open the magical door to more sales
3 myths of entrepreneurship - Answer-1. PROCESS MYTH (The idea that a typical process of launching a
business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - Answer-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - Answer-Putting heart into it, Understanding
innovation process, Validating with potential users
Business model canvas - Answer-a diagram of how a company creates value for itself and its customers
Why do 90% of businesses fail - Answer-couldn't get anyone to buy it / they didn't build what the
customers wanted.
What are the role of customers vs role of entrepreneurs - Answer-customers validate, entrepreneurs
innovate
, Three types of customers - Answer-1. end user customers (the person uses the product or manages the
people who use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? - Answer-we are convinced we understand when we
actually dont
Questions to ask when validating a pain?? - Answer-1. Is this a pain you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention - Answer-the discovery of a new technology, product or service
innovation - Answer-combination of an invention (new or old) with insight about a market need
two major categories of business ideas - Answer-Brave new world: break through ideas that turn
conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
confirmation trap - Answer-the tendency to see what we already believe and discard evidence to the
contrary
feature creep syndrome - Answer-when entrepreneurs try to add another feature in the hopes that one
missing feature will open the magical door to more sales
