ENT 101 FINAL QUESTIONS WITH VERIFIED SOLUTIONS

ENT 101 FINAL QUESTIONS WITH
VERIFIED SOLUTIONS

NISI Phases - ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it

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