ENT101 Final Study Questions and Answers |Latest
Update
Three myths of entrepreneurship - ANS Hero, process, and money myth
Fundamental Attribution Error - ANS People often attribute far more success or failure to the
individual than the individual actually deserves
Traditional Model - ANS 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 - ANS 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? - ANS Understanding and empowering the
innovation process.
Who said this: "Innovation distinguishes between a leader and a follower?" - ANS Steve Jobs
Who said this: "I never want to build something no one will buy?" - ANS Thomas Edison
Who said this: "No success can compensate for failure in the home?" - ANS David O. McKay
Who said this: "If I had asked customers what they wanted they would have said faster
horses?" - ANS Henry Ford
What are the benefits of having less money as a start up? - ANS Helps you focus on the external
market/customers and brings more creativity.
, Definition of invention - ANS The discovery of a new technology, product, or service
Definition of innovation - ANS Combination of an invention (new or old) with insight about a
market need
Two fundamental risk of innovation - ANS Technology risk (can we make it) and market risk (will
customers buy it)
What's your favorite class? - ANS THIS ONE!!!
Why do 90% of businesses fail? - ANS Couldn't get anyone to buy it (not because it couldn't be
built)
Who validates a product? - ANS A customer
Who's responsible to think in new ways to solve a pain? - ANS Entrepreneurs!
Why is it important to get out of the building and your friend group? - ANS You need to listen to
people who aren't afraid to be honest. It is also important to get a new perspective.
True or false: When you fail you should not give up. - ANS True!
True or false: It is not vital to get out in front of potential buyers. - ANS False!
Do small or large teams outperform? - ANS Small teams outperform large teams.
What are the three types of customers? - ANS an end-user customer (uses or manages the
product), a technical customer (does IT and installs), and an economic customer (makes the
ultimate purchase decision for the product).
Update
Three myths of entrepreneurship - ANS Hero, process, and money myth
Fundamental Attribution Error - ANS People often attribute far more success or failure to the
individual than the individual actually deserves
Traditional Model - ANS 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 - ANS 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? - ANS Understanding and empowering the
innovation process.
Who said this: "Innovation distinguishes between a leader and a follower?" - ANS Steve Jobs
Who said this: "I never want to build something no one will buy?" - ANS Thomas Edison
Who said this: "No success can compensate for failure in the home?" - ANS David O. McKay
Who said this: "If I had asked customers what they wanted they would have said faster
horses?" - ANS Henry Ford
What are the benefits of having less money as a start up? - ANS Helps you focus on the external
market/customers and brings more creativity.
, Definition of invention - ANS The discovery of a new technology, product, or service
Definition of innovation - ANS Combination of an invention (new or old) with insight about a
market need
Two fundamental risk of innovation - ANS Technology risk (can we make it) and market risk (will
customers buy it)
What's your favorite class? - ANS THIS ONE!!!
Why do 90% of businesses fail? - ANS Couldn't get anyone to buy it (not because it couldn't be
built)
Who validates a product? - ANS A customer
Who's responsible to think in new ways to solve a pain? - ANS Entrepreneurs!
Why is it important to get out of the building and your friend group? - ANS You need to listen to
people who aren't afraid to be honest. It is also important to get a new perspective.
True or false: When you fail you should not give up. - ANS True!
True or false: It is not vital to get out in front of potential buyers. - ANS False!
Do small or large teams outperform? - ANS Small teams outperform large teams.
What are the three types of customers? - ANS an end-user customer (uses or manages the
product), a technical customer (does IT and installs), and an economic customer (makes the
ultimate purchase decision for the product).
