ENT 101 COMPREHENSIVE EXAM STUDY
GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● Fundamental Attribution Error
Answer: People often attribute far more success or failure to the
individual than the individual actually deserves
●● Traditional Model
Answer: Idea (midnight genius), raise money and discuss (american idol
stage), find a location and develop(feature lock-in stage), perfect product
and add features (escalation of commitment stage), sell the product
(sales pipeline problem stage).
●● NISI Process
Answer: Nail the pain, nail the solution, nail the go-to market strategy,
nail the business model, scale it!
●● What is essential to a sustainable business?
Answer: Understanding and empowering the innovation process.
●● Who said this: "Innovation distinguishes between a leader and a
follower?"
, Answer: Steve Jobs
●● Who said this: "I never want to build something no one will buy?"
Answer: Thomas Edison
●● Who said this: "No success can compensate for failure in the home?"
Answer: David O. McKay
●● Who said this: "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 as a start up?
Answer: Helps you focus on the external market/customers and brings
more creativity.
●● Definition of invention
Answer: The discovery of a new technology, product, or service
●● Definition of innovation
Answer: Combination of an invention (new or old) with insight about a
market need
GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● Fundamental Attribution Error
Answer: People often attribute far more success or failure to the
individual than the individual actually deserves
●● Traditional Model
Answer: Idea (midnight genius), raise money and discuss (american idol
stage), find a location and develop(feature lock-in stage), perfect product
and add features (escalation of commitment stage), sell the product
(sales pipeline problem stage).
●● NISI Process
Answer: Nail the pain, nail the solution, nail the go-to market strategy,
nail the business model, scale it!
●● What is essential to a sustainable business?
Answer: Understanding and empowering the innovation process.
●● Who said this: "Innovation distinguishes between a leader and a
follower?"
, Answer: Steve Jobs
●● Who said this: "I never want to build something no one will buy?"
Answer: Thomas Edison
●● Who said this: "No success can compensate for failure in the home?"
Answer: David O. McKay
●● Who said this: "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 as a start up?
Answer: Helps you focus on the external market/customers and brings
more creativity.
●● Definition of invention
Answer: The discovery of a new technology, product, or service
●● Definition of innovation
Answer: Combination of an invention (new or old) with insight about a
market need
