ENT 101 Final Test Questions with Verified
Correct Answers
NISI Phases
1. Nail the Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it
Traditional Process Method
1. entrepreneur has an idea
2. discusses with friends and family/ raises money
3. find location, build product
4. test product, perfect it
5. sell it
Business model canvas
3 myths of entrepreneurship
1. process myth
2. hero myth
3. money myth
Reasons why entrepreneurs fail
- tackle wrong tasks
- do things in wrong order
-fall prey to own strengths
, - follow conventional wisdom
- more capital increases failure
Why do 90% of businesses fail
couldn't get anyone to buy it
What are the role of customers vs role of entrepreneurs
customers validate, entrepreneurs innovate
Three types of customers
1. end user customers
2. technical customers
3. economic customers
end user customers
the person uses the product or manages the people who use it
technical customers
IT person who installs or maintains the product
Economic Customers
the person who makes the ultimate purchase decision
Why should we get outside of the building???
we are convinced we understand when we actually dont
Questions to ask when validating a pain??
Correct Answers
NISI Phases
1. Nail the Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it
Traditional Process Method
1. entrepreneur has an idea
2. discusses with friends and family/ raises money
3. find location, build product
4. test product, perfect it
5. sell it
Business model canvas
3 myths of entrepreneurship
1. process myth
2. hero myth
3. money myth
Reasons why entrepreneurs fail
- tackle wrong tasks
- do things in wrong order
-fall prey to own strengths
, - follow conventional wisdom
- more capital increases failure
Why do 90% of businesses fail
couldn't get anyone to buy it
What are the role of customers vs role of entrepreneurs
customers validate, entrepreneurs innovate
Three types of customers
1. end user customers
2. technical customers
3. economic customers
end user customers
the person uses the product or manages the people who use it
technical customers
IT person who installs or maintains the product
Economic Customers
the person who makes the ultimate purchase decision
Why should we get outside of the building???
we are convinced we understand when we actually dont
Questions to ask when validating a pain??
