ENT 101 EXAM QUESTIONS AND
ANSWERS 100% CORRECT
Five phases of Nail it then Scale it process - ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market Strategy
4. Nail the Business Model
5. Scale it
Traditional Entrepreneurship Process Model - ANSWER-1. Entrepreneur has an idea
2. Discuss and raise money with friends, family and fools
3. Find a location, develop the product
4. Perfect the product and add features for broad appeal
5. Sell the product
Business Model Canvas - ANSWER-Diagram to easily communicate your business
model
Myths of Entrepreneurship - ANSWER-1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANSWER-Follows the traditional entrepreneurship process model
The Hero Myth - ANSWER-The idea that you need some special skills to be a
successful entrepreneur
The Money Myth - ANSWER-The idea that you need a lot of money to be a successful
entrepreneur
Failure - ANSWER-1. Tackle wrong tasks
2. Do things in wrong order
3. Fall prey to own strengths
4. Follow conventional wisdom
5. More capital can increase failture
6. It is okay to fail if you Fail Fast and Fail Cheap
7. Why do 90% of businesses fail? because they couldn't get anyone to buy it
Prototype Test - ANSWER-Transform virtual prototype into an inexpensive physical
prototype
ANSWERS 100% CORRECT
Five phases of Nail it then Scale it process - ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market Strategy
4. Nail the Business Model
5. Scale it
Traditional Entrepreneurship Process Model - ANSWER-1. Entrepreneur has an idea
2. Discuss and raise money with friends, family and fools
3. Find a location, develop the product
4. Perfect the product and add features for broad appeal
5. Sell the product
Business Model Canvas - ANSWER-Diagram to easily communicate your business
model
Myths of Entrepreneurship - ANSWER-1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANSWER-Follows the traditional entrepreneurship process model
The Hero Myth - ANSWER-The idea that you need some special skills to be a
successful entrepreneur
The Money Myth - ANSWER-The idea that you need a lot of money to be a successful
entrepreneur
Failure - ANSWER-1. Tackle wrong tasks
2. Do things in wrong order
3. Fall prey to own strengths
4. Follow conventional wisdom
5. More capital can increase failture
6. It is okay to fail if you Fail Fast and Fail Cheap
7. Why do 90% of businesses fail? because they couldn't get anyone to buy it
Prototype Test - ANSWER-Transform virtual prototype into an inexpensive physical
prototype
