ENT 101 - NISI FINAL QUESTIONS AND
ANSWERS 100% CORRECT
Reasons Entrepreneurs Fail (6) - 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
•Why do 90% of businesses fail - Couldn't get anyone to buy it
3 Types of customers - ANSWER-End-user
Technical
Economic
3 Questions to ask for validation - ANSWER-•Is this a pain you experience?
•Tell me about It, Tell me more. Why is this such a pain?
•Would something like this solve your pain?
•Remember, don't expect the customer to solve the pain
What legal entity doesn't provide a barrier of protection against a lawsuit? - ANSWER-
Sole proprietorship & Partnership
IP (intellectual property) includes... - ANSWER-•Patents
•Copyrights
•Trademarks
Test Big Idea Hypothesis - ANSWER-Find customer sample, cold call/email, or
capture/measure results
"Be extraordinary! Everywhere, everyday, and in everything!" - ANSWER-Corbin
Church
"Innovation distinguishes between a leader and a follower" - ANSWER-Steve Jobs
"If you don't build your own dream, someone else will hire you to build their dream." -
ANSWER-Corbin Church
"No Success can Compensate for Failure in the Home." - ANSWER-David O. Mckay
"I never want to build something that nobody wants to buy." - ANSWER-Thomas Edison
2 Major categories of ideas... - ANSWER-1.Brave new world or Breakthrough Ideas
ANSWERS 100% CORRECT
Reasons Entrepreneurs Fail (6) - 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
•Why do 90% of businesses fail - Couldn't get anyone to buy it
3 Types of customers - ANSWER-End-user
Technical
Economic
3 Questions to ask for validation - ANSWER-•Is this a pain you experience?
•Tell me about It, Tell me more. Why is this such a pain?
•Would something like this solve your pain?
•Remember, don't expect the customer to solve the pain
What legal entity doesn't provide a barrier of protection against a lawsuit? - ANSWER-
Sole proprietorship & Partnership
IP (intellectual property) includes... - ANSWER-•Patents
•Copyrights
•Trademarks
Test Big Idea Hypothesis - ANSWER-Find customer sample, cold call/email, or
capture/measure results
"Be extraordinary! Everywhere, everyday, and in everything!" - ANSWER-Corbin
Church
"Innovation distinguishes between a leader and a follower" - ANSWER-Steve Jobs
"If you don't build your own dream, someone else will hire you to build their dream." -
ANSWER-Corbin Church
"No Success can Compensate for Failure in the Home." - ANSWER-David O. Mckay
"I never want to build something that nobody wants to buy." - ANSWER-Thomas Edison
2 Major categories of ideas... - ANSWER-1.Brave new world or Breakthrough Ideas
