Ent 101
PracticE Exam quEstions with
corrEct dEtailEd answErs |
alrEady gradEd a+<rEcEnt
vErsion>
1. Nisi phases - answer 1. Nail the pain
Nail the solution
Nail go to market
Nail the business model
Scale it
2. Traditional process method - answer 1. Entrepreneur has an idea
2. Discusses with friends and family/ raises money
3. Find location, build product
4. Test product, perfect it
5. Sell it
3. Business model canvas - answer
4. 3 myths of entrepreneurship - answer 1. Process myth
2. Hero myth
3. Money myth
5. Reasons why entrepreneurs fail - answer - tackle wrong tasks
, - Do things in wrong order
-fall prey to own strengths
- Follow conventional wisdom
- More capital increases failure
6. Why do 90% of businesses fail - answer couldn't get anyone to buy it
7. What are the role of customers vs role of entrepreneurs - answer
customers validate, entrepreneurs innovate
8. Three types of customers - answer 1. End user customers
2. Technical customers
3. Economic customers
9. End user customers - answer the person uses the product or manages
the people who use it
10.Technical customers - answer it person who installs or maintains the
product
11.Economic customers - answer the person who makes the ultimate
purchase decision
12.Why should we get outside of the building??? - answer we are
convinced we understand when we actually dont
13.Questions to ask when validating a pain?? - answer 1. Is this a pain
you experience?
2. Tell me about i , tell me more. Why such a pain?
3. Would something like this solve your pain??
,14.Ip includes - answer 1. Patents
2. Copyrights
3. Trademarks
15.Invention - answer the discovery of a new technology, product or
service
16.Innovation - answer combination of an invention (new or old) with
insight about a market need
17.Elevator pitch - answer explaining your idea in 30 seconds
18.Hassle test - answer helps you realize if you have nailed the pain
19.Fundamental risk while innovating - answer technology and market
risk
20.Motivation trap - answer the alternate reality problem
21.Minimum feature set - answer the smallest, most focused set of
features that will drive a customer purchase
22.Keys to sustainable advantage - answer putting heart into it,
understanding innovation process, validating with potential users
23.Testing big idea hypothesis - answer find customer sample, cold
call/email, or capture/ measure results
, 24.Developing customer profiles - answer analyze and understand
different users
25.Corbin church - answer "be extraordinary! Everywhere, everyday, and
in everything!"
26.Steve jobs - answer "innovation distinguished between a leader and a
follower"
27.Corbin church - answer if you don't build your own dream, someone
else will hire you to build their dream
28.David o. Mckay - answer no success can compensate for failure in the
home
29.Thomas edison - answer i never want to build something that nobody
wants to buy
30.Henry ford - answer if i had asked customers what they wanted they
would have said faster horses
31.Two major categories of ideas - answer 1. Brave new world or
breakthrough ideas
2. Better faster cheaper ideas
32.Confirmation trap - answer the tendency to see what we already
believe and discard evidence to the contrary
PracticE Exam quEstions with
corrEct dEtailEd answErs |
alrEady gradEd a+<rEcEnt
vErsion>
1. Nisi phases - answer 1. Nail the pain
Nail the solution
Nail go to market
Nail the business model
Scale it
2. Traditional process method - answer 1. Entrepreneur has an idea
2. Discusses with friends and family/ raises money
3. Find location, build product
4. Test product, perfect it
5. Sell it
3. Business model canvas - answer
4. 3 myths of entrepreneurship - answer 1. Process myth
2. Hero myth
3. Money myth
5. Reasons why entrepreneurs fail - answer - tackle wrong tasks
, - Do things in wrong order
-fall prey to own strengths
- Follow conventional wisdom
- More capital increases failure
6. Why do 90% of businesses fail - answer couldn't get anyone to buy it
7. What are the role of customers vs role of entrepreneurs - answer
customers validate, entrepreneurs innovate
8. Three types of customers - answer 1. End user customers
2. Technical customers
3. Economic customers
9. End user customers - answer the person uses the product or manages
the people who use it
10.Technical customers - answer it person who installs or maintains the
product
11.Economic customers - answer the person who makes the ultimate
purchase decision
12.Why should we get outside of the building??? - answer we are
convinced we understand when we actually dont
13.Questions to ask when validating a pain?? - answer 1. Is this a pain
you experience?
2. Tell me about i , tell me more. Why such a pain?
3. Would something like this solve your pain??
,14.Ip includes - answer 1. Patents
2. Copyrights
3. Trademarks
15.Invention - answer the discovery of a new technology, product or
service
16.Innovation - answer combination of an invention (new or old) with
insight about a market need
17.Elevator pitch - answer explaining your idea in 30 seconds
18.Hassle test - answer helps you realize if you have nailed the pain
19.Fundamental risk while innovating - answer technology and market
risk
20.Motivation trap - answer the alternate reality problem
21.Minimum feature set - answer the smallest, most focused set of
features that will drive a customer purchase
22.Keys to sustainable advantage - answer putting heart into it,
understanding innovation process, validating with potential users
23.Testing big idea hypothesis - answer find customer sample, cold
call/email, or capture/ measure results
, 24.Developing customer profiles - answer analyze and understand
different users
25.Corbin church - answer "be extraordinary! Everywhere, everyday, and
in everything!"
26.Steve jobs - answer "innovation distinguished between a leader and a
follower"
27.Corbin church - answer if you don't build your own dream, someone
else will hire you to build their dream
28.David o. Mckay - answer no success can compensate for failure in the
home
29.Thomas edison - answer i never want to build something that nobody
wants to buy
30.Henry ford - answer if i had asked customers what they wanted they
would have said faster horses
31.Two major categories of ideas - answer 1. Brave new world or
breakthrough ideas
2. Better faster cheaper ideas
32.Confirmation trap - answer the tendency to see what we already
believe and discard evidence to the contrary
