ENT 101 - FINAL Questions with Correct Solutions
Question:
1. What is the fundamental attribution error?
Answer:
People often attribute far more success and far more failure to the individual than the
individual actually deserves
Question:
2. Two types of risks in innovation?
Answer:
1. Technology risk (can we make it)
2. Market risk (will customers buy it)
Question:
3. Confirmation Trap
Answer:
As human beings we pay attention to information that confirms our existing beliefs and ignore
infromation that contradicts what we beleive.
Question:
4. Motivation Trap
Answer:
The alternative reality problem
- the problem of sunk cost
- entrepreneurs have so much skin in the game they fall into the trap of escalating their
commitment
Question:
5. Overconfidence Trap
Answer:
- We see ourselves as "experts" are least likely to learn and change.
- Need to possess a unique brand of humility
Question:
6. Nail it and Scale it process
, Answer:
1. Nail the pain
2. Nail the solution
3. Nail the go-to-market strategy
4. Nail the business model
5. Scale it
Question:
7. 1. Write down the pain statement
- Shark bite vs mosquito bite (small vs large pains)
2. write down big idea hypothesis
- represents your idea to the solution
- breakthrough or better faster cheaper
3. Quick Test
- 1. Find a sample of customers
- 2. cold call or email them
- 3. capture and measure the results
4. Quick Exploration of Market
- How big is the problem I'm trying to solve/is it worth it?
- who else is trying to solve this problem?
Answer:
NISI process step 1: Nail the Pain
Question:
8. NISI process step 2: Nail the Solution
Answer:
1. Pre test: develop minimum feature set
- represents the smallest, most focused set of features that will drive a customer purchase
- allows you to get to the market faster
2. Test 1: Virtual prototype test
- deeper validation of the customer pain
- initial validation of the solution
- insights and surprises about the actual solution to the customer pain.
3. Test 2: Prototype Test
- transform the virtual prototype into an inexpensive physical prototype that you can use to
test your solution face to face with customers.
4. Test 3: Solution Test
- partner with customers to develop a solution
- list all possible solutions
- Work with developers to find a solution
Question:
1. What is the fundamental attribution error?
Answer:
People often attribute far more success and far more failure to the individual than the
individual actually deserves
Question:
2. Two types of risks in innovation?
Answer:
1. Technology risk (can we make it)
2. Market risk (will customers buy it)
Question:
3. Confirmation Trap
Answer:
As human beings we pay attention to information that confirms our existing beliefs and ignore
infromation that contradicts what we beleive.
Question:
4. Motivation Trap
Answer:
The alternative reality problem
- the problem of sunk cost
- entrepreneurs have so much skin in the game they fall into the trap of escalating their
commitment
Question:
5. Overconfidence Trap
Answer:
- We see ourselves as "experts" are least likely to learn and change.
- Need to possess a unique brand of humility
Question:
6. Nail it and Scale it process
, Answer:
1. Nail the pain
2. Nail the solution
3. Nail the go-to-market strategy
4. Nail the business model
5. Scale it
Question:
7. 1. Write down the pain statement
- Shark bite vs mosquito bite (small vs large pains)
2. write down big idea hypothesis
- represents your idea to the solution
- breakthrough or better faster cheaper
3. Quick Test
- 1. Find a sample of customers
- 2. cold call or email them
- 3. capture and measure the results
4. Quick Exploration of Market
- How big is the problem I'm trying to solve/is it worth it?
- who else is trying to solve this problem?
Answer:
NISI process step 1: Nail the Pain
Question:
8. NISI process step 2: Nail the Solution
Answer:
1. Pre test: develop minimum feature set
- represents the smallest, most focused set of features that will drive a customer purchase
- allows you to get to the market faster
2. Test 1: Virtual prototype test
- deeper validation of the customer pain
- initial validation of the solution
- insights and surprises about the actual solution to the customer pain.
3. Test 2: Prototype Test
- transform the virtual prototype into an inexpensive physical prototype that you can use to
test your solution face to face with customers.
4. Test 3: Solution Test
- partner with customers to develop a solution
- list all possible solutions
- Work with developers to find a solution
