ENT 101 EXAM QUESTIONS AND ANSWERS 100% CORRECT

ENT 101 EXAM QUESTIONS AND
ANSWERS 100% CORRECT
PHASES OF THE NISI PROCESS - ANSWER-Nail Pain
Nail Solution
Nail Go to Market Strategy
Nail Business Model
Scale it

TRADITIONAL PROCESS METHOD - ANSWER-Entrepreneur has Idea
Discuss with friends/Raise money
Find location
Build product
Test Product
Perfect it
Sell It

Myths of Entrepreneurship - ANSWER-The Process Myth
The Hero Myth
The Money Myth

THE PROCESS MYTH - ANSWER-IDEA, PRODUCT, TEAM, TEST, SELL

THE HERO MYTH - ANSWER-•BELIEVING IN YOUR PRODUCT LEADS TO FAILURE

THE MONEY MYTH - ANSWER-YOU NEED TO HAVE A LARGE SUM OF MONEY TO
GET STARTED.

REASONS WHY ENTREPRENEURS FAIL - ANSWER-•TACKLE WRONG TASKS
•DO THINGS IN WRONG ORDER
•FALL PREY TO OWN STRENGTHS
•FOLLOW CONVENTIONAL WISDOM
•MORE CAPITAL CAN INCREASE FAILURE

WHY DO 90% OF BUSINESSES FAIL - ANSWER-COULDN'T GET ANYONE TO BUY
IT

CUSTOMERS __________, ENTREPRENEURS ____________________ - ANSWER-
•CUSTOMERS VALIDATE, ENTREPRENEURS INNOVATE.

THREE TYPES OF CUSTOMERS: - ANSWER-END-USER CUSTOMERS
TECHNICAL CUSTOMERS
ECONOMIC CUSTOMERS