ENT 101 CORBIN CHURCH QUESTIONS
WITH CORRECT SOLUTIONS
Nail Pain - ANSWER-Step 1: Write down monetizable pain hypothesis
Step 2: write down the big idea hypothesis
Step3: quick test of Hypothesis
Step 4: quick exploration of market dynamic &competition
Nail Solution - ANSWER-Pre-test: develop minimun Feature set
Test 1: virtual prototype Test
Test 2: prototype test
Test 3: solution test
Nail Go to Market Strategy - ANSWER-During test 1: custom buying process discovery
During test 2: market infrastructure discovery
During test 3: pilot customer development
Nail Business Model - ANSWER-Step 1: predict business model w customer data
Step 2: validate financial model
Step 3: iteratively launch the business
Step 4: monitor business with continuous data flow
Scale it - ANSWER-
Traditional Process Method - ANSWER-1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
4. test product, perfect it
5. Sell it
Business Model Canvas - ANSWER-a diagram of how a company creates value for
itself and its customers
The Process Myth - ANSWER-Idea, product, team, test, sell
The Hero Myth - ANSWER-Believing in your product leads to failure
The Money Myth - ANSWER-You need to have large sum of money to get started
Reasons why entrepreneurs fail - ANSWER--Tackle wrong task
-do things in wrong order
-fall prey to own strenghts
-follow conventional wisdom
WITH CORRECT SOLUTIONS
Nail Pain - ANSWER-Step 1: Write down monetizable pain hypothesis
Step 2: write down the big idea hypothesis
Step3: quick test of Hypothesis
Step 4: quick exploration of market dynamic &competition
Nail Solution - ANSWER-Pre-test: develop minimun Feature set
Test 1: virtual prototype Test
Test 2: prototype test
Test 3: solution test
Nail Go to Market Strategy - ANSWER-During test 1: custom buying process discovery
During test 2: market infrastructure discovery
During test 3: pilot customer development
Nail Business Model - ANSWER-Step 1: predict business model w customer data
Step 2: validate financial model
Step 3: iteratively launch the business
Step 4: monitor business with continuous data flow
Scale it - ANSWER-
Traditional Process Method - ANSWER-1. Entrepreneur has idea
2. Discuss w/ friends /raises money
3. find location, build product
4. test product, perfect it
5. Sell it
Business Model Canvas - ANSWER-a diagram of how a company creates value for
itself and its customers
The Process Myth - ANSWER-Idea, product, team, test, sell
The Hero Myth - ANSWER-Believing in your product leads to failure
The Money Myth - ANSWER-You need to have large sum of money to get started
Reasons why entrepreneurs fail - ANSWER--Tackle wrong task
-do things in wrong order
-fall prey to own strenghts
-follow conventional wisdom
