ENT 101 FINAL CORBIN CHURCH WITH
COMPLETE SOLUTIONS
3 myths of entrepreneurship - ANSWER-1. PROCESS MYTH (The idea that a typical
process of launching a business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - ANSWER-Putting heart into it,
Understanding innovation process, Validating with potential users
Business model canvas - ANSWER-a diagram of how a company creates value for itself
and its customers
Why do 90% of businesses fail - ANSWER-couldn't get anyone to buy it / they didn't
build what the customers wanted.
the 2 fundamental risks while innovating - ANSWER-technology (can we make it)
market risk (will customers buy it)
motivation trap - ANSWER-When a entrepreneur stakes his or her hopes, dreams, and
reputation on a start up. (Also known as the problem of sunk cost and leads to irrational
decision making.)
minimum feature set - ANSWER-the smallest, most focused set of features that will
drive a customer purchase
developing customer profiles - ANSWER-analyze and understand different users
"If you don't build your dreams, someone else will build them for them for you." -
ANSWER-Corbin church
"Innovation distinguished between a leader and a follower" - ANSWER-Steve Jobs
What are the role of customers vs role of entrepreneurs - ANSWER-customers validate,
entrepreneurs innovate
COMPLETE SOLUTIONS
3 myths of entrepreneurship - ANSWER-1. PROCESS MYTH (The idea that a typical
process of launching a business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - ANSWER-Putting heart into it,
Understanding innovation process, Validating with potential users
Business model canvas - ANSWER-a diagram of how a company creates value for itself
and its customers
Why do 90% of businesses fail - ANSWER-couldn't get anyone to buy it / they didn't
build what the customers wanted.
the 2 fundamental risks while innovating - ANSWER-technology (can we make it)
market risk (will customers buy it)
motivation trap - ANSWER-When a entrepreneur stakes his or her hopes, dreams, and
reputation on a start up. (Also known as the problem of sunk cost and leads to irrational
decision making.)
minimum feature set - ANSWER-the smallest, most focused set of features that will
drive a customer purchase
developing customer profiles - ANSWER-analyze and understand different users
"If you don't build your dreams, someone else will build them for them for you." -
ANSWER-Corbin church
"Innovation distinguished between a leader and a follower" - ANSWER-Steve Jobs
What are the role of customers vs role of entrepreneurs - ANSWER-customers validate,
entrepreneurs innovate
