ENT 101 Corbin Church
What are the 3 myths of entrepreneurship? - Answer: • Process myth - idea, product, team,
test, sell
• Hero myth - believing in your product leads to failure
• Money myth - you need a large sum of money to get started
Fundamental attribution error - Answer: People often attribute far more success and far more
failure to the individual than the individual actually deserves
5 steps of traditional ent process model - Answer: 1. Entrepreneur has an idea
2. Discuss and raise money w fam, friends, & fools
3. Find location, develop product
4. Perfect the product and add features for broad appeal
5. Sell product
5 NISI phases - Answer: 1. Nail pain
2. Nail solution
3. Nail go-to-market strategy
4. Nail the business model
5. Scale it!
What is essential to a sustainable business - Answer: All of the above!
Who said "Innovation distinguishes between a leader and a follower"? - Answer: Steve Jobs
Who said I never want to build something that nobody wants to buy? - Answer: Thomas Edison
, ENT 101 Corbin Church
Who said "No success can compensate for failure in the home" - Answer: David O. McKay
Who said "if i had asked customers what they wanted they would have said faster horses" -
Answer: Henry Ford
Benefits of having less money with a startup - Answer: Creativity, focus on the customers,
better, useful solutions
Definition of invention - Answer: The discovery of a new technology, product or service
Definition of innovation - Answer: The combination of an invention (new or old) with insight
about a market need
Two fundamental risks you face when innovating - Answer: technology risk, market risk
Corbin said a lot - Answer: - If you don't build your dream someone else will build it for you
- Be extraordinary everywhere and everything and everyday
Why 90% of businesses fail - Answer: Couldn't get anyone to buy it
_________ are the people that validate a product - Answer: customers
___________ are ___________ to think in new ways to solve pains - Answer: Entreprenuers;
responsible
Why is it important to get outside the building, company and circle of people - Answer: We are
convinced we understand when we actually don't
What are the 3 myths of entrepreneurship? - Answer: • Process myth - idea, product, team,
test, sell
• Hero myth - believing in your product leads to failure
• Money myth - you need a large sum of money to get started
Fundamental attribution error - Answer: People often attribute far more success and far more
failure to the individual than the individual actually deserves
5 steps of traditional ent process model - Answer: 1. Entrepreneur has an idea
2. Discuss and raise money w fam, friends, & fools
3. Find location, develop product
4. Perfect the product and add features for broad appeal
5. Sell product
5 NISI phases - Answer: 1. Nail pain
2. Nail solution
3. Nail go-to-market strategy
4. Nail the business model
5. Scale it!
What is essential to a sustainable business - Answer: All of the above!
Who said "Innovation distinguishes between a leader and a follower"? - Answer: Steve Jobs
Who said I never want to build something that nobody wants to buy? - Answer: Thomas Edison
, ENT 101 Corbin Church
Who said "No success can compensate for failure in the home" - Answer: David O. McKay
Who said "if i had asked customers what they wanted they would have said faster horses" -
Answer: Henry Ford
Benefits of having less money with a startup - Answer: Creativity, focus on the customers,
better, useful solutions
Definition of invention - Answer: The discovery of a new technology, product or service
Definition of innovation - Answer: The combination of an invention (new or old) with insight
about a market need
Two fundamental risks you face when innovating - Answer: technology risk, market risk
Corbin said a lot - Answer: - If you don't build your dream someone else will build it for you
- Be extraordinary everywhere and everything and everyday
Why 90% of businesses fail - Answer: Couldn't get anyone to buy it
_________ are the people that validate a product - Answer: customers
___________ are ___________ to think in new ways to solve pains - Answer: Entreprenuers;
responsible
Why is it important to get outside the building, company and circle of people - Answer: We are
convinced we understand when we actually don't
