ENT 101 Final Corbin Church exam |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
with correct answers |||\\\ |||\\\
3 myths of entrepreneurship - correct answer✔✔1. PROCESS MYTH (The idea that a typical
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process of launching a business is simple and bullet proof)
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2. HERO MYTH (Believing too much in your product can lead to failure)
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3. MONEY MYTH (You need to have a large amount of $ to get started)
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5 Phases Nail it Then Scale It - correct answer✔✔1. Nail the Pain
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2. Nail the Solution
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3. Nail the Go-to-Market strategy
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4. Nail the Business Model
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5. Scale it
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What's essential for making a sustainable company? - correct answer✔✔Putting heart into it,
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Understanding innovation process, Validating with potential users |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Business model canvas - correct answer✔✔a diagram of how a company creates value for
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itself and its customers
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Why do 90% of businesses fail - correct answer✔✔couldn't get anyone to buy it / they didn't
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build what the customers wanted.
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What are the role of customers vs role of entrepreneurs - correct answer✔✔customers
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validate, entrepreneurs innovate |||\\\ |||\\\
, Three types of customers - correct answer✔✔1. end user customers (the person uses the
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product or manages the people who use it) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
2. technical customers (IT person who installs or maintains the product)
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3. economic customers (the person who makes the ultimate purchase decision)
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Why should we get outside of the building??? - correct answer✔✔we are convinced we
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understand when we actually dont |||\\\ |||\\\ |||\\\ |||\\\
Questions to ask when validating a pain?? - correct answer✔✔1. Is this a pain you experience?
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2. tell me about I , tell me more. Why such a pain?
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3. Would something like this solve your pain??
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Invention - correct answer✔✔the discovery of a new technology, product or service|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
innovation - correct answer✔✔combination of an invention (new or old) with insight about a |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
market need |||\\\
two major categories of business ideas - correct answer✔✔Brave new world: break through
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ideas that turn conventional wisdom on head.
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Better faster cheaper ideas: improvements on existing theme
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confirmation trap - correct answer✔✔the tendency to see what we already believe and |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
discard evidence to the contrary |||\\\ |||\\\ |||\\\ |||\\\
feature creep syndrome - correct answer✔✔when entrepreneurs try to add another feature in
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the hopes that one missing feature will open the magical door to more sales
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with correct answers |||\\\ |||\\\
3 myths of entrepreneurship - correct answer✔✔1. PROCESS MYTH (The idea that a typical
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
process of launching a business is simple and bullet proof)
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2. HERO MYTH (Believing too much in your product can lead to failure)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
3. MONEY MYTH (You need to have a large amount of $ to get started)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
5 Phases Nail it Then Scale It - correct answer✔✔1. Nail the Pain
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
2. Nail the Solution
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3. Nail the Go-to-Market strategy
|||\\\ |||\\\ |||\\\ |||\\\
4. Nail the Business Model
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
5. Scale it
|||\\\ |||\\\
What's essential for making a sustainable company? - correct answer✔✔Putting heart into it,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Understanding innovation process, Validating with potential users |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Business model canvas - correct answer✔✔a diagram of how a company creates value for
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
itself and its customers
|||\\\ |||\\\ |||\\\
Why do 90% of businesses fail - correct answer✔✔couldn't get anyone to buy it / they didn't
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
build what the customers wanted.
|||\\\ |||\\\ |||\\\ |||\\\
What are the role of customers vs role of entrepreneurs - correct answer✔✔customers
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
validate, entrepreneurs innovate |||\\\ |||\\\
, Three types of customers - correct answer✔✔1. end user customers (the person uses the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
product or manages the people who use it) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
2. technical customers (IT person who installs or maintains the product)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
3. economic customers (the person who makes the ultimate purchase decision)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Why should we get outside of the building??? - correct answer✔✔we are convinced we
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
understand when we actually dont |||\\\ |||\\\ |||\\\ |||\\\
Questions to ask when validating a pain?? - correct 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??
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Invention - correct answer✔✔the discovery of a new technology, product or service|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
innovation - correct answer✔✔combination of an invention (new or old) with insight about a |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
market need |||\\\
two major categories of business ideas - correct answer✔✔Brave new world: break through
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
ideas that turn conventional wisdom on head.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Better faster cheaper ideas: improvements on existing theme
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
confirmation trap - correct answer✔✔the tendency to see what we already believe and |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
discard evidence to the contrary |||\\\ |||\\\ |||\\\ |||\\\
feature creep syndrome - correct answer✔✔when entrepreneurs try to add another feature in
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the hopes that one missing feature will open the magical door to more sales
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
