ENT 101 Final Exam Questions with Correct Answers 100% Verified By Experts|2025/2026
Latest Update
3 myths of entrepreneurship 1. hero myth - believing in your product leads to failure
2. process myth - building product leads to failure
3. money myth - too much money leads to failure
fundamental attribution error people attribute more success and failure to the individual
than the individual actually deserves
Traditional entrepreneurship process model 1. entrepreneur has idea
2. raise money from family and friends
3. find a location/develop product
4. perfect product and add features
5. sell product
Nail it then 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
Sustainable businesses... ??
Who said, "innovation distinguishes between a leader and a follower"? Steve Jobs
Who said "I never want to build something nobody wants to buy." Thomas Edison
, Quote from David O. McKay "No success can compensate for failure in the home."
Who said, "if he would have asked what customers wanted, he would have said faster horses."
Henry Ford
Benefits of having less money in a start-up - you will focus on what the customer wants
- won't get distracted by nice things
- won't prematurely scale
- increases creativity
innovation combination of an invention with insight about a market need
invention discovery of new technology, product, or service
Two risks you face when innovating 1. Technology risk = can we make it
2. market risk = will customers buy it
14 ??
Why do 90% of businesses fail? couldn't get anyone to buy it
Who validates a product? customers
Who is responsible for solving pains? entrepreneurs
Why is it important to talk to people that aren't your friends and family? we are convinced
of what we don't know
Latest Update
3 myths of entrepreneurship 1. hero myth - believing in your product leads to failure
2. process myth - building product leads to failure
3. money myth - too much money leads to failure
fundamental attribution error people attribute more success and failure to the individual
than the individual actually deserves
Traditional entrepreneurship process model 1. entrepreneur has idea
2. raise money from family and friends
3. find a location/develop product
4. perfect product and add features
5. sell product
Nail it then 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
Sustainable businesses... ??
Who said, "innovation distinguishes between a leader and a follower"? Steve Jobs
Who said "I never want to build something nobody wants to buy." Thomas Edison
, Quote from David O. McKay "No success can compensate for failure in the home."
Who said, "if he would have asked what customers wanted, he would have said faster horses."
Henry Ford
Benefits of having less money in a start-up - you will focus on what the customer wants
- won't get distracted by nice things
- won't prematurely scale
- increases creativity
innovation combination of an invention with insight about a market need
invention discovery of new technology, product, or service
Two risks you face when innovating 1. Technology risk = can we make it
2. market risk = will customers buy it
14 ??
Why do 90% of businesses fail? couldn't get anyone to buy it
Who validates a product? customers
Who is responsible for solving pains? entrepreneurs
Why is it important to talk to people that aren't your friends and family? we are convinced
of what we don't know
