ENT 101 BYU FINAL EXAM SCRIPT TESTED
QUESTIONS AND SOLUTIONS 100 PERCENT
CORRECT
◉ What is the fundamental attribution error? Answer: People attribute
far more success and failure to the individual than deserved
◉ Traditional ENT Model Answer: 1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
4. test product, perfect it
5. Sell it
◉ What are the 5 phases of the Nail It Process? Answer: 1. Nail the
Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it
◉ What is essential to making a sustainable business? Answer: -
putting heart into it
- understanding innovation process
, - validating with potential users
◉ Who said: "Innovation distinguishes between a leader and
follower"? Answer: Steve Jobs
◉ Who said: "I never want to build something that nobody wants to
buy"? Answer: Thomas Edison
◉ 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
◉ What are the benefits of having less money with a startup? Answer:
Can help you focus on the external market, your customers, and
increase your ability to develop creative solutions for those
customers.
◉ Invention Answer: The discovery of a new technology, new
processes and potential new products, typically after a period of
research.
◉ Innovation Answer: The combination of an invention (new or old)
with insight about a market need.
QUESTIONS AND SOLUTIONS 100 PERCENT
CORRECT
◉ What is the fundamental attribution error? Answer: People attribute
far more success and failure to the individual than deserved
◉ Traditional ENT Model Answer: 1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
4. test product, perfect it
5. Sell it
◉ What are the 5 phases of the Nail It Process? Answer: 1. Nail the
Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it
◉ What is essential to making a sustainable business? Answer: -
putting heart into it
- understanding innovation process
, - validating with potential users
◉ Who said: "Innovation distinguishes between a leader and
follower"? Answer: Steve Jobs
◉ Who said: "I never want to build something that nobody wants to
buy"? Answer: Thomas Edison
◉ 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
◉ What are the benefits of having less money with a startup? Answer:
Can help you focus on the external market, your customers, and
increase your ability to develop creative solutions for those
customers.
◉ Invention Answer: The discovery of a new technology, new
processes and potential new products, typically after a period of
research.
◉ Innovation Answer: The combination of an invention (new or old)
with insight about a market need.
