ENT101 Corbin Church Study Questions and
Answers |Latest Update
Nail Pain - ANS Step 1: Write down monetizable pain hypothesis
Step 2: write down the big idea hypothesis
Step3: quick test of Hypothesis
Step 4: quick exploration of market dynamic &competition
Nail Solution - ANS Pre-test: develop minimun Feature set
Test 1: virtual prototype Test
Test 2: prototype test
Test 3: solution test
Nail Go to Market Strategy - ANS During test 1: custom buying process discovery
During test 2: market infrastructure discovery
During test 3: pilot customer development
Nail Business Model - ANS Step 1: predict business model w customer data
Step 2: validate financial model
Step 3: iteratively launch the business
Step 4: monitor business with continuous data flow
Scale it - ANS
Traditional Process Method - ANS 1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
, 4. test product, perfect it
5. Sell it
Business Model Canvas - ANS a diagram of how a company creates value for itself and its
customers
The Process Myth - ANS Idea, product, team, test, sell
The Hero Myth - ANS Believing in your product leads to failure
The Money Myth - ANS You need to have large sum of money to get started
Reasons why entrepreneurs fail - ANS -Tackle wrong task
-do things in wrong order
-fall prey to own strenghts
-follow conventional wisdom
-more capital can increase failure
-is okay if you fail fast, and fail cheap
-why do 90% of businesses fail (couldn't get anyone to buy it.
Customers - ANS Customer validate, entreprenuers innovate
- It is not the customers responsibility to think of a way to solve the pain it is the entrepreneurs.
end-user customers - ANS the person who uses the product or manages people who use the
product
technical customers - ANS it person who installs or maintains the product
Answers |Latest Update
Nail Pain - ANS Step 1: Write down monetizable pain hypothesis
Step 2: write down the big idea hypothesis
Step3: quick test of Hypothesis
Step 4: quick exploration of market dynamic &competition
Nail Solution - ANS Pre-test: develop minimun Feature set
Test 1: virtual prototype Test
Test 2: prototype test
Test 3: solution test
Nail Go to Market Strategy - ANS During test 1: custom buying process discovery
During test 2: market infrastructure discovery
During test 3: pilot customer development
Nail Business Model - ANS Step 1: predict business model w customer data
Step 2: validate financial model
Step 3: iteratively launch the business
Step 4: monitor business with continuous data flow
Scale it - ANS
Traditional Process Method - ANS 1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
, 4. test product, perfect it
5. Sell it
Business Model Canvas - ANS a diagram of how a company creates value for itself and its
customers
The Process Myth - ANS Idea, product, team, test, sell
The Hero Myth - ANS Believing in your product leads to failure
The Money Myth - ANS You need to have large sum of money to get started
Reasons why entrepreneurs fail - ANS -Tackle wrong task
-do things in wrong order
-fall prey to own strenghts
-follow conventional wisdom
-more capital can increase failure
-is okay if you fail fast, and fail cheap
-why do 90% of businesses fail (couldn't get anyone to buy it.
Customers - ANS Customer validate, entreprenuers innovate
- It is not the customers responsibility to think of a way to solve the pain it is the entrepreneurs.
end-user customers - ANS the person who uses the product or manages people who use the
product
technical customers - ANS it person who installs or maintains the product
