BYU ENT 101 FINAL EXAM QUESTIONS WITH
VERIFIED ANSWERS
Three myths of entrepreneurship - Answers - 1. Hero
2. Process
3. Money
fundamental attribution error - Answers - People often attribute far more success and far
more failure to the individual than the individual actually deserves, when in fact other,
more difficult to observe factors, often play a critical role in successful outcome
Entrepreneurship process model (5 steps) - Answers - 1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - Answers - Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business? - Answers - Profits, people, planet
Who said, "innovation distinguishes between a leader and a follower"? - Answers -
Steve Jobs
Who said, "I never want to build something that nobody wants to buy"? - Answers -
Thomas Edison
Who said, "No success can compensate for failure in the home"? - Answers - David O.
McKay
Who said, "If I had asked customers what they wanted they would have said faster
horses"? - Answers - Henry Ford
What are the benefits of having less money for a startup? - Answers - It can help you
focus on the external market, your customers, and increase your ability to develop
creative solutions for those customers.
Define invention - Answers - The discovery of a new technology, product, or service
VERIFIED ANSWERS
Three myths of entrepreneurship - Answers - 1. Hero
2. Process
3. Money
fundamental attribution error - Answers - People often attribute far more success and far
more failure to the individual than the individual actually deserves, when in fact other,
more difficult to observe factors, often play a critical role in successful outcome
Entrepreneurship process model (5 steps) - Answers - 1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - Answers - Nail the pain
Nail the solution
Nail the marketing strategy
Nail the business model
Scale it
What is essential for making a sustainable business? - Answers - Profits, people, planet
Who said, "innovation distinguishes between a leader and a follower"? - Answers -
Steve Jobs
Who said, "I never want to build something that nobody wants to buy"? - Answers -
Thomas Edison
Who said, "No success can compensate for failure in the home"? - Answers - David O.
McKay
Who said, "If I had asked customers what they wanted they would have said faster
horses"? - Answers - Henry Ford
What are the benefits of having less money for a startup? - Answers - It can help you
focus on the external market, your customers, and increase your ability to develop
creative solutions for those customers.
Define invention - Answers - The discovery of a new technology, product, or service
