ENT101 Final Study Questions and Answers |Latest
Update
Five Phases of NISI Process - ANS Nail the Pain
Nail the Solution
Nail the Go-to-Market strategy
Nail the Business Model
Scale it
The Traditional Entrepreneurship Process Model - ANS Entrepreneur has a idea
Discuss with/raise money from friends, family and fools
Find a location, develop the product
Perfect the product and add features for broad appeal
Sell the product
Business Model Canvas terms - ANS Key Partners
Key Activities
Key Resources
Value Propositions
Customer Relationships
Channels
Customer Segments
Cost Structure
Revenue Streams
Process Myth - ANS The conventional, "build it and then sell it" process doesn't work because
entrepreneurs start out with a guess . Building a product based on a guess is a game of Russian
roulette. Entrepreneurs must search for the right problem and the right solution.
, Hero Myth - ANS The driven entrepreneur can fall in love with their product, ignore negative
feedback from customers and spend years building a product based on a vision that no one else
shares.
Money Myth - ANS More money isn't necessarily better. Investment removes the constraint of
entrepreneurs needing to focus obsessively on what customers want. it enables you to pursue
flawed business plans
What creates ent failure? - ANS - tackle wrong tasks
- do things in wrong order
- fall prey to their own strengths
- follow conventional wisdom
- more capital can increase failure
- its okay if you fail fast, and fail cheap
Responsibility of Customers - ANS - validate a product
Their job is not to think of ways to solve customer pain, that is the Ent's job
end-user customer - ANS person who uses the product or manages people who use the product
Why do 90% of businesses fail? - ANS Because they couldn't get anyone to buy the product -
not because they couldn't build the product
Technical Customers - ANS the IT person who installs or maintains the product
Economic Customers - ANS the person who makes the purchase decision
Update
Five Phases of NISI Process - ANS Nail the Pain
Nail the Solution
Nail the Go-to-Market strategy
Nail the Business Model
Scale it
The Traditional Entrepreneurship Process Model - ANS Entrepreneur has a idea
Discuss with/raise money from friends, family and fools
Find a location, develop the product
Perfect the product and add features for broad appeal
Sell the product
Business Model Canvas terms - ANS Key Partners
Key Activities
Key Resources
Value Propositions
Customer Relationships
Channels
Customer Segments
Cost Structure
Revenue Streams
Process Myth - ANS The conventional, "build it and then sell it" process doesn't work because
entrepreneurs start out with a guess . Building a product based on a guess is a game of Russian
roulette. Entrepreneurs must search for the right problem and the right solution.
, Hero Myth - ANS The driven entrepreneur can fall in love with their product, ignore negative
feedback from customers and spend years building a product based on a vision that no one else
shares.
Money Myth - ANS More money isn't necessarily better. Investment removes the constraint of
entrepreneurs needing to focus obsessively on what customers want. it enables you to pursue
flawed business plans
What creates ent failure? - ANS - tackle wrong tasks
- do things in wrong order
- fall prey to their own strengths
- follow conventional wisdom
- more capital can increase failure
- its okay if you fail fast, and fail cheap
Responsibility of Customers - ANS - validate a product
Their job is not to think of ways to solve customer pain, that is the Ent's job
end-user customer - ANS person who uses the product or manages people who use the product
Why do 90% of businesses fail? - ANS Because they couldn't get anyone to buy the product -
not because they couldn't build the product
Technical Customers - ANS the IT person who installs or maintains the product
Economic Customers - ANS the person who makes the purchase decision
