ENT 101 BYU FINAL COMPREHENSIVE TEST
BANK COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION VERIFIED
◉ 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
◉ Business model canvas. Answer:
◉ 3 myths of entrepreneurship. Answer: 1. process myth
2. hero myth
3. money myth
◉ 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
, ◉ Why do 90% of businesses fail. Answer: couldn't get anyone to buy
it
◉ What are the role of customers vs role of entrepreneurs. Answer:
customers validate, entrepreneurs innovate
◉ Three types of customers. Answer: 1. end user customers
2. technical customers
3. economic customers
◉ end user customers. Answer: the person uses the product or
manages the people who use it
◉ technical customers. Answer: IT person who installs or maintains
the product
◉ Economic Customers. Answer: the person who makes the ultimate
purchase decision
◉ Why should we get outside of the building???. Answer: we are
convinced we understand when we actually dont
◉ Questions to ask when validating a pain??. Answer: 1. Is this a pain
you experience?
BANK COMPLETE QUESTIONS AND
ANSWERS PRACTICE SOLUTION VERIFIED
◉ 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
◉ Business model canvas. Answer:
◉ 3 myths of entrepreneurship. Answer: 1. process myth
2. hero myth
3. money myth
◉ 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
, ◉ Why do 90% of businesses fail. Answer: couldn't get anyone to buy
it
◉ What are the role of customers vs role of entrepreneurs. Answer:
customers validate, entrepreneurs innovate
◉ Three types of customers. Answer: 1. end user customers
2. technical customers
3. economic customers
◉ end user customers. Answer: the person uses the product or
manages the people who use it
◉ technical customers. Answer: IT person who installs or maintains
the product
◉ Economic Customers. Answer: the person who makes the ultimate
purchase decision
◉ Why should we get outside of the building???. Answer: we are
convinced we understand when we actually dont
◉ Questions to ask when validating a pain??. Answer: 1. Is this a pain
you experience?
