ENT 101 BYU FINAL UPDATED ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS FULL
SOLUTION GRADED A+
◉ fundamental attribution error. Answer: People often attribute far
more success and far more failure to the individual than the individual
actually deserves, when in fact other, more difficult to observe factors,
often play a critical role in successful outcome
◉ Entrepreneurship process model (5 steps). Answer: 1.
Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
◉ 5 phases of Nail It and Scale It. Answer: Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
, ◉ What is essential for making a sustainable business?. Answer:
Profits, people, planet
◉ 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
◉ 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 for a startup?. Answer:
It can help you focus on the external market, your customers, and
increase your ability to develop creative solutions for those
customers.
◉ Define invention. Answer: The discovery of a new technology,
product, or service
◉ Define innovation. Answer: The combination of an invention
(whether new or old) with insight about a market need.
QUESTIONS AND CORRECT ANSWERS FULL
SOLUTION GRADED A+
◉ fundamental attribution error. Answer: People often attribute far
more success and far more failure to the individual than the individual
actually deserves, when in fact other, more difficult to observe factors,
often play a critical role in successful outcome
◉ Entrepreneurship process model (5 steps). Answer: 1.
Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
◉ 5 phases of Nail It and Scale It. Answer: Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
, ◉ What is essential for making a sustainable business?. Answer:
Profits, people, planet
◉ 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
◉ 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 for a startup?. Answer:
It can help you focus on the external market, your customers, and
increase your ability to develop creative solutions for those
customers.
◉ Define invention. Answer: The discovery of a new technology,
product, or service
◉ Define innovation. Answer: The combination of an invention
(whether new or old) with insight about a market need.
