ENT 101 EXAM SCRIPT TESTED QUESTIONS
AND SOLUTIONS 100 PERCENT CORRECT
◉ Fundamental Attribution Error. Answer: People often attribute far
more success or failure to the individual than the individual actually
deserves
◉ Traditional Model. Answer: Idea (midnight genius), raise money
and discuss (american idol stage), find a location and develop(feature
lock-in stage), perfect product and add features (escalation of
commitment stage), sell the product (sales pipeline problem stage).
◉ NISI Process. Answer: Nail the pain, nail the solution, nail the go-
to market strategy, nail the business model, scale it!
◉ What is essential to a sustainable business?. Answer:
Understanding and empowering the innovation process.
◉ Who said this: "Innovation distinguishes between a leader and a
follower?". Answer: Steve Jobs
◉ Who said this: "I never want to build something no one will buy?".
Answer: Thomas Edison
, ◉ Who said this: "No success can compensate for failure in the
home?". Answer: David O. McKay
◉ Who said this: "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 as a start up?. Answer:
Helps you focus on the external market/customers and brings more
creativity.
◉ Definition of invention. Answer: The discovery of a new
technology, product, or service
◉ Definition of innovation. Answer: Combination of an invention
(new or old) with insight about a market need
◉ Two fundamental risk of innovation. Answer: Technology risk (can
we make it) and market risk (will customers buy it)
◉ What's your favorite class?. Answer: THIS ONE!!!
◉ Why do 90% of businesses fail?. Answer: Couldn't get anyone to
buy it (not because it couldn't be built)
◉ Who validates a product?. Answer: A customer
AND SOLUTIONS 100 PERCENT CORRECT
◉ Fundamental Attribution Error. Answer: People often attribute far
more success or failure to the individual than the individual actually
deserves
◉ Traditional Model. Answer: Idea (midnight genius), raise money
and discuss (american idol stage), find a location and develop(feature
lock-in stage), perfect product and add features (escalation of
commitment stage), sell the product (sales pipeline problem stage).
◉ NISI Process. Answer: Nail the pain, nail the solution, nail the go-
to market strategy, nail the business model, scale it!
◉ What is essential to a sustainable business?. Answer:
Understanding and empowering the innovation process.
◉ Who said this: "Innovation distinguishes between a leader and a
follower?". Answer: Steve Jobs
◉ Who said this: "I never want to build something no one will buy?".
Answer: Thomas Edison
, ◉ Who said this: "No success can compensate for failure in the
home?". Answer: David O. McKay
◉ Who said this: "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 as a start up?. Answer:
Helps you focus on the external market/customers and brings more
creativity.
◉ Definition of invention. Answer: The discovery of a new
technology, product, or service
◉ Definition of innovation. Answer: Combination of an invention
(new or old) with insight about a market need
◉ Two fundamental risk of innovation. Answer: Technology risk (can
we make it) and market risk (will customers buy it)
◉ What's your favorite class?. Answer: THIS ONE!!!
◉ Why do 90% of businesses fail?. Answer: Couldn't get anyone to
buy it (not because it couldn't be built)
◉ Who validates a product?. Answer: A customer
