ENT 101 FINAL EXAM QUESTIONS AND
ANSWERS 100% CORRECT
5 Phases of the 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
Myths of Entrepreneurship - ANSWER-1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANSWER-The conventional, "build it and then sell it" process
doesn't work because entrepreneurs start out with a guess
The Hero Myth - ANSWER-Qualities that are heralded as traits of the successful may
lead to your startup's demise
The Money Myth - ANSWER-More money isn't necessarily better
Failures - 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 do what in entrepreneurism - ANSWER-Validate a Product
Types of Customers - ANSWER-1. End-User Customers
2. Technical Customers
3. Economic Customers
End-User Customers - ANSWER-Person who uses the product or manages people who
use the product
Technical Customers - ANSWER-The IT person who installs or maintains the product
Economic Customers - ANSWER-The person who makes the purchase decision
Questions To Ask When Validating a Pain - ANSWER-• Do you have this problem?
ANSWERS 100% CORRECT
5 Phases of the 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
Myths of Entrepreneurship - ANSWER-1. The Process Myth
2. The Hero Myth
3. The Money Myth
The Process Myth - ANSWER-The conventional, "build it and then sell it" process
doesn't work because entrepreneurs start out with a guess
The Hero Myth - ANSWER-Qualities that are heralded as traits of the successful may
lead to your startup's demise
The Money Myth - ANSWER-More money isn't necessarily better
Failures - 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 do what in entrepreneurism - ANSWER-Validate a Product
Types of Customers - ANSWER-1. End-User Customers
2. Technical Customers
3. Economic Customers
End-User Customers - ANSWER-Person who uses the product or manages people who
use the product
Technical Customers - ANSWER-The IT person who installs or maintains the product
Economic Customers - ANSWER-The person who makes the purchase decision
Questions To Ask When Validating a Pain - ANSWER-• Do you have this problem?
