BYU ENT 101 Final Exam Questions with
Verified Correct Answers
Three myths of entrepreneurship
1. Hero
2. Process
3. Money
fundamental attribution error
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)
1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It
Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business?
, Profits, people, planet
Who said, "innovation distinguishes between a leader and a follower"?
Steve Jobs
Who said, "I never want to build something that nobody wants to buy"?
Thomas Edison
Who said, "No success can compensate for failure in the home"?
David O. McKay
Who said, "If I had asked customers what they wanted they would have said faster
horses"?
Henry Ford
What are the benefits of having less money for a startup?
It can help you focus on the external market, your customers, and increase your ability to
develop creative solutions for those customers.
Define invention
The discovery of a new technology, product, or service
Define innovation
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?
Technology (can we make it) and Market (will customers buy it)
Why do 90% of businesses fail?
Verified Correct Answers
Three myths of entrepreneurship
1. Hero
2. Process
3. Money
fundamental attribution error
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)
1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It
Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business?
, Profits, people, planet
Who said, "innovation distinguishes between a leader and a follower"?
Steve Jobs
Who said, "I never want to build something that nobody wants to buy"?
Thomas Edison
Who said, "No success can compensate for failure in the home"?
David O. McKay
Who said, "If I had asked customers what they wanted they would have said faster
horses"?
Henry Ford
What are the benefits of having less money for a startup?
It can help you focus on the external market, your customers, and increase your ability to
develop creative solutions for those customers.
Define invention
The discovery of a new technology, product, or service
Define innovation
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?
Technology (can we make it) and Market (will customers buy it)
Why do 90% of businesses fail?
