ENT 101 EXAM QUESTIONS AND ANSWERS (GRADED A)

ENT 101 EXAM QUESTIONS AND
ANSWERS (GRADED A)
What are the phases of the NISI process? - ANSWER-Nail the pain Nail the solution
Nail Go to the Market Nail Business Model Scale it

Three myths of entrepreneurship - ANSWER-the process myth the money myth the
hero myth

3. Name at least three reasons why entrepreneurs fail: - ANSWER-tackle wrong tasks.
do things in wrong order. Fall prey to own strengths. Follow conventional wisdom. More
capital can increase failure. Is okay if you fail fast and fail cheap.

Big ideas - ANSWER-Entrepreneurs Ideas fall into 2 categories: 1. Breakthrough Ideas
2. Better, Faster, Cheaper

Hassle Test - ANSWER-Helps you realize if you have nailed the pain

Fundamental Risks while Innovating - ANSWER-Technology Risk, Market Risk

Motivational trap - ANSWER-Alternative reality problem

B2B - ANSWER-business to business

B2C - ANSWER-business to consumer

Customers _____, Entrepreneurs ______ - ANSWER-Validate and innovate

Why do 90% of businesses fail? - ANSWER-Couldn't get anyone to buy it

Three types of customers - ANSWER-end-user customer, technical customer, economic
customer

What legal entity doesn't provide a barrier of protection against a lawsuit? - ANSWER-
Sole proprietorship

IP includes: - ANSWER-patents copyrights trademarks

Two categories of ideas: - ANSWER-brave new world or break through & better faster
cheaper ideas

confirmation trap - ANSWER-Tendency to see what we already believe and discard
evident to contrary