ENT 101 EXAM QUESTIONS AND
ANSWERS (GRADED A+)
Phases of the NISI Process - ANSWER-Nail Pain--> Nail Solution--> Nail go to market
strategy--> Nail Business Model--> Scale it
Traditional Process Method - ANSWER-Entrepreneur has Ideas--> Discuss with
friends/raise money--> Find location, build product --> test product, perfect it--> sell it
Business Model Canvas - ANSWER-Visual model to sum up business
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 a large sum of money to get started
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
-why do 90% of businesses fail- couldn't get anyone to buy it
Customers ________, entrepreneurs ______________ - ANSWER-validate, innovate
It is not the customers responsibility to think of a way to solve the pain, it is the
entrepreneurs
End-User Customers - ANSWER-the person who uses the product or manages people
who use the product
technical customers - ANSWER-IT person who installs or maintains the product
Economic customers - ANSWER-the person who makes the ultimate purchase decision
Why should you get outside the building to validate? - ANSWER-We are convinced we
understand when we actually don't
questions to ask when validating a pain - 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
ANSWERS (GRADED A+)
Phases of the NISI Process - ANSWER-Nail Pain--> Nail Solution--> Nail go to market
strategy--> Nail Business Model--> Scale it
Traditional Process Method - ANSWER-Entrepreneur has Ideas--> Discuss with
friends/raise money--> Find location, build product --> test product, perfect it--> sell it
Business Model Canvas - ANSWER-Visual model to sum up business
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 a large sum of money to get started
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
-why do 90% of businesses fail- couldn't get anyone to buy it
Customers ________, entrepreneurs ______________ - ANSWER-validate, innovate
It is not the customers responsibility to think of a way to solve the pain, it is the
entrepreneurs
End-User Customers - ANSWER-the person who uses the product or manages people
who use the product
technical customers - ANSWER-IT person who installs or maintains the product
Economic customers - ANSWER-the person who makes the ultimate purchase decision
Why should you get outside the building to validate? - ANSWER-We are convinced we
understand when we actually don't
questions to ask when validating a pain - 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
