ENT 101 FINAL EXAM QUESTIONS AND
ANSWERS 100% VERIFIED
Three myths of entrepreneurship - ANSWER-Hero, process, and money myth
Fundamental Attribution Error - ANSWER-People often attribute far more success or
failure to the individual than the individual actually deserves
Traditional Model - ANSWER-Idea (midnight genius), raise money and discuss
(american idol stage), find a location and develop(feature lock-in stage), perfect product
and add features (escalation of commitment stage), sell the product (sales pipeline
problem stage).
NISI Process - ANSWER-Nail the pain, nail the solution, nail the go-to market strategy,
nail the business model, scale it!
What is essential to a sustainable business? - ANSWER-Understanding and
empowering the innovation process.
Who said this: "Innovation distinguishes between a leader and a follower?" - ANSWER-
Steve Jobs
Who said this: "I never want to build something no one will buy?" - ANSWER-Thomas
Edison
Who said this: "No success can compensate for failure in the home?" - ANSWER-David
O. McKay
Who said this: "If I had asked customers what they wanted they would have said faster
horses?" - ANSWER-Henry Ford
What are the benefits of having less money as a start up? - ANSWER-Helps you focus
on the external market/customers and brings more creativity.
Definition of invention - ANSWER-The discovery of a new technology, product, or
service
Definition of innovation - ANSWER-Combination of an invention (new or old) with insight
about a market need
Two fundamental risk of innovation - ANSWER-Technology risk (can we make it) and
market risk (will customers buy it)
ANSWERS 100% VERIFIED
Three myths of entrepreneurship - ANSWER-Hero, process, and money myth
Fundamental Attribution Error - ANSWER-People often attribute far more success or
failure to the individual than the individual actually deserves
Traditional Model - ANSWER-Idea (midnight genius), raise money and discuss
(american idol stage), find a location and develop(feature lock-in stage), perfect product
and add features (escalation of commitment stage), sell the product (sales pipeline
problem stage).
NISI Process - ANSWER-Nail the pain, nail the solution, nail the go-to market strategy,
nail the business model, scale it!
What is essential to a sustainable business? - ANSWER-Understanding and
empowering the innovation process.
Who said this: "Innovation distinguishes between a leader and a follower?" - ANSWER-
Steve Jobs
Who said this: "I never want to build something no one will buy?" - ANSWER-Thomas
Edison
Who said this: "No success can compensate for failure in the home?" - ANSWER-David
O. McKay
Who said this: "If I had asked customers what they wanted they would have said faster
horses?" - ANSWER-Henry Ford
What are the benefits of having less money as a start up? - ANSWER-Helps you focus
on the external market/customers and brings more creativity.
Definition of invention - ANSWER-The discovery of a new technology, product, or
service
Definition of innovation - ANSWER-Combination of an invention (new or old) with insight
about a market need
Two fundamental risk of innovation - ANSWER-Technology risk (can we make it) and
market risk (will customers buy it)
