ENT 101 Final exam with answers
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5 Phases of the Nail it then Scale It Process - CORRECT ANSWERS
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✔✔1. Nail the Pain
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2. Nail the Solution
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3. Nail the Go-to-Market Strategy
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4. Nail the Business Model
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5. Scale It
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Myths of Entrepreneurship - CORRECT ANSWERS ✔✔1. The
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Process Myth |\
2. The Hero Myth
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3. The Money Myth
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The Process Myth - CORRECT ANSWERS ✔✔The conventional,
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"build it and then sell it" process doesn't work because
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entrepreneurs start out with a guess |\ |\ |\ |\ |\
The Hero Myth - CORRECT ANSWERS ✔✔Qualities that are
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heralded as traits of the successful may lead to your startup's
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demise
The Money Myth - CORRECT ANSWERS ✔✔More money isn't
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necessarily better |\
, Failures - CORRECT ANSWERS ✔✔• Tackle wrong tasks
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• Do things in wrong order
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• Fall prey to own strengths
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• Follow conventional wisdom
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• More capital can increase failure
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• Is okay if you Fail Fast, and Fail Cheap
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• Why do 90% of businesses fail - Couldn't get anyone to buy it
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Customers do what in entrepreneurism - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\
✔✔Validate a Product |\ |\
Types of Customers - CORRECT ANSWERS ✔✔1. End-User
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Customers
2. Technical Customers
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3. Economic Customers
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End-User Customers - CORRECT ANSWERS ✔✔Person who uses
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the product or manages people who use the product
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Technical Customers - CORRECT ANSWERS ✔✔The IT person who
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installs or maintains the product
|\ |\ |\ |\
Economic Customers - CORRECT ANSWERS ✔✔The person who
|\ |\ |\ |\ |\ |\ |\ |\
makes the purchase decision|\ |\ |\
|\ |\ |\ |\ |\
5 Phases of the Nail it then Scale It Process - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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 - CORRECT ANSWERS ✔✔1. The
|\ |\ |\ |\ |\ |\ |\ |\
Process Myth |\
2. The Hero Myth
|\ |\ |\
3. The Money Myth
|\ |\ |\
The Process Myth - CORRECT ANSWERS ✔✔The conventional,
|\ |\ |\ |\ |\ |\ |\
"build it and then sell it" process doesn't work because
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entrepreneurs start out with a guess |\ |\ |\ |\ |\
The Hero Myth - CORRECT ANSWERS ✔✔Qualities that are
|\ |\ |\ |\ |\ |\ |\ |\ |\
heralded as traits of the successful may lead to your startup's
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
demise
The Money Myth - CORRECT ANSWERS ✔✔More money isn't
|\ |\ |\ |\ |\ |\ |\ |\ |\
necessarily better |\
, Failures - CORRECT ANSWERS ✔✔• 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 - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\
✔✔Validate a Product |\ |\
Types of Customers - CORRECT ANSWERS ✔✔1. End-User
|\ |\ |\ |\ |\ |\ |\ |\
Customers
2. Technical Customers
|\ |\
3. Economic Customers
|\ |\
End-User Customers - CORRECT ANSWERS ✔✔Person who uses
|\ |\ |\ |\ |\ |\ |\ |\
the product or manages people who use the product
|\ |\ |\ |\ |\ |\ |\ |\
Technical Customers - CORRECT ANSWERS ✔✔The IT person who
|\ |\ |\ |\ |\ |\ |\ |\ |\
installs or maintains the product
|\ |\ |\ |\
Economic Customers - CORRECT ANSWERS ✔✔The person who
|\ |\ |\ |\ |\ |\ |\ |\
makes the purchase decision|\ |\ |\
