UTD ENTP 3301 EXAM #1 Questions With Complete Solutions

UTD ENTP 3301 EXAM #1 Questions With Complete Solutions /.What is a MATT? - Answer-Milestones, Assumptions, Tests Tasks. Milestones - working demo, getting a sell / paying customer, initial capital, breakeven, etc. Assumptions - market size, gross margin, sales calls per person, cost of customer acquisition, conversation rate. Tests - do customers acquisitions costs permit profitable operations? Will people use your product? Can you afford? Tasks - recruit employees, finding vendors, setting up accounting, filing legal documents. /.The Big Three - Answer-Product, Market, Team /.Team - Answer-Good mix and blend of skills. - Work well together - Great people moderate ideas /.Characteristics of Entrepreneurs - Answer-Emotional Commitment, Vision, Determination. - Complimentary team emmbers -healthy sense of paranoia -ability to take risks - finding a niche, wedging it open - superior customer service /.Myths - Answer-- Money CANT be your motivation - You cant do it yourself - fame is fickle /.3 importants for hiring - Answer-- 1 filling functional gaps/weaknesses (dont create useless/pointless/not needed positions) - build credibility w/ outside world of your own ability & risk - compatible people w/ same vision /.Boo Explosion - Answer-Theory that when you as the CEO (A level person), if you hire a B level person they are going to start hiring B level employees and C level, and so on - the quality of people you hire goes down. Idea that A level people hire A level people. /.five dysfunctions of a team - Answer-inattention to results, avoidance of accountability, lack of commitment, fear of conflict /.members of teams w/ absence of trust - Answer-conceal weaknesses from each other, hesistate to ask for help /.teams that engage in constructive conflict - Answer-lively engaging meetings, solve problems easily /.teams that fail to commit - Answer-breeds lack of confidence, confusion of direction of company /.teams that avvoid accountability - Answer-resentment between employees, mediocrity, miss deadlines /.teams not focused on results - Answer-stagnant / no growth in company, rarely defeating competitors /.qualities of outstanding teams - Answer-encourage, trust, commit, support /.Traditional Product Development / Waterfall Model - Answer-requirements design implementation reprication maintenance/service /.storyboarding - Answer-simple & fast, inexpensive, engaging and effective /.scientific method - Answer-ask a question, background research, hypothesis /.the minimal viable product (mvp) - Answer-not your first prototype, simplest thing to customers so they can get the most info and you can learn the most, what you are trying to test and what you are trying to learn /.picking a team name - Answer-be unique, something that says what you want to do, possibly something that can become a verb (google that), avoids trademark infidgement: apple music vs computer /.business model - Answer-story of how you are going to make money: product, service, b2c, b2b, product & service combo. /.sale - Answer-pay once, own the product