ENT 101 Final Test
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?
• Tell Me About It, Tell Me More
• Does something like this solve your pain?
- Remember, don't expect the customer to solve the pain
Intellectual Property (IP) - What legal entity doesn't provide a barrier of protection against a lawsuit? -
Answer-Sole Proprietorship
IP Includes - Answer-• Patents
• Copyrights
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?
• Tell Me About It, Tell Me More
• Does something like this solve your pain?
- Remember, don't expect the customer to solve the pain
Intellectual Property (IP) - What legal entity doesn't provide a barrier of protection against a lawsuit? -
Answer-Sole Proprietorship
IP Includes - Answer-• Patents
• Copyrights
