ENT 101 Corbin Church exam with |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answers |||\\\
Nail Pain - correct answer✔✔Step 1: Write down monetizable pain hypothesis
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Step 2: write down the big idea hypothesis
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Step3: quick test of Hypothesis|||\\\ |||\\\ |||\\\ |||\\\
Step 4: quick exploration of market dynamic &competition
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Nail Solution - correct answer✔✔Pre-test: develop minimun Feature set
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Test 1: virtual prototype Test
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Test 2: prototype test
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Test 3: solution test
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Nail Go to Market Strategy - correct answer✔✔During test 1: custom buying process discovery
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During test 2: market infrastructure discovery
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During test 3: pilot customer development
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Nail Business Model - correct answer✔✔Step 1: predict business model w customer data
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Step 2: validate financial model
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Step 3: iteratively launch the business
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Step 4: monitor business with continuous data flow
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Scale it - correct answer✔✔
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Traditional Process Method - correct answer✔✔1. Entrepreneur has idea |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, 2. Discuss w/ friends /raises money
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3. find location, build product
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4. test product, perfect it
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5. Sell it|||\\\ |||\\\
Business Model Canvas - correct answer✔✔a diagram of how a company creates value for |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
itself and its customers |||\\\ |||\\\ |||\\\
The Process Myth - correct answer✔✔Idea, product, team, test, sell
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The Hero Myth - correct answer✔✔Believing in your product leads to failure
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The Money Myth - correct answer✔✔You need to have large sum of money to get started
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Reasons why entrepreneurs fail - correct answer✔✔-Tackle wrong task |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
-do things in wrong order |||\\\ |||\\\ |||\\\ |||\\\
-fall prey to own strenghts |||\\\ |||\\\ |||\\\ |||\\\
-follow conventional wisdom |||\\\ |||\\\
-more capital can increase failure |||\\\ |||\\\ |||\\\ |||\\\
-is okay if you fail fast, and fail cheap
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-why do 90% of businesses fail (couldn't get anyone to buy it.
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Customers - correct answer✔✔Customer validate, entreprenuers innovate |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- It is not the customers responsibility to think of a way to solve the pain it is the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
entrepreneurs.
correct answers |||\\\
Nail Pain - correct answer✔✔Step 1: Write down monetizable pain hypothesis
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Step 2: write down the big idea hypothesis
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Step3: quick test of Hypothesis|||\\\ |||\\\ |||\\\ |||\\\
Step 4: quick exploration of market dynamic &competition
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Nail Solution - correct answer✔✔Pre-test: develop minimun Feature set
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Test 1: virtual prototype Test
|||\\\ |||\\\ |||\\\ |||\\\
Test 2: prototype test
|||\\\ |||\\\ |||\\\
Test 3: solution test
|||\\\ |||\\\ |||\\\
Nail Go to Market Strategy - correct answer✔✔During test 1: custom buying process discovery
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
During test 2: market infrastructure discovery
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
During test 3: pilot customer development
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Nail Business Model - correct answer✔✔Step 1: predict business model w customer data
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Step 2: validate financial model
|||\\\ |||\\\ |||\\\ |||\\\
Step 3: iteratively launch the business
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Step 4: monitor business with continuous data flow
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Scale it - correct answer✔✔
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Traditional Process Method - correct answer✔✔1. Entrepreneur has idea |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, 2. Discuss w/ friends /raises money
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
3. find location, build product
|||\\\ |||\\\ |||\\\ |||\\\
4. test product, perfect it
|||\\\ |||\\\ |||\\\ |||\\\
5. Sell it|||\\\ |||\\\
Business Model Canvas - correct answer✔✔a diagram of how a company creates value for |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
itself and its customers |||\\\ |||\\\ |||\\\
The Process Myth - correct answer✔✔Idea, product, team, test, sell
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
The Hero Myth - correct answer✔✔Believing in your product leads to failure
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
The Money Myth - correct answer✔✔You need to have large sum of money to get started
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Reasons why entrepreneurs fail - correct answer✔✔-Tackle wrong task |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
-do things in wrong order |||\\\ |||\\\ |||\\\ |||\\\
-fall prey to own strenghts |||\\\ |||\\\ |||\\\ |||\\\
-follow conventional wisdom |||\\\ |||\\\
-more capital can increase failure |||\\\ |||\\\ |||\\\ |||\\\
-is okay if you fail fast, and fail cheap
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
-why do 90% of businesses fail (couldn't get anyone to buy it.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Customers - correct answer✔✔Customer validate, entreprenuers innovate |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- It is not the customers responsibility to think of a way to solve the pain it is the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
entrepreneurs.
