ENT 101 UPDATED ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS FULL SOLUTION GRADED A+

ENT 101 UPDATED ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS FULL SOLUTION
GRADED A+


◉ 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?
2. tell me about I , tell me more. Why such a pain?