ENT 101 FINAL QUESTIONS WITH VERIFIED
ANSWERS
3 myths of entrepreneurship - Answers - 1. the process myth
2. the hero myth
3. the money myth
What is the fundamental attribution error? - Answers - attributing far more success &
failure to an individual than they actually deserve
Traditional entrepreneurship process model (5 steps) - Answers - 1. entrepreneur has
idea
2. discuss w/ friends/raise money
3. find location, build product
4. test product, perfect it
5. sell it
5 phases of the nail it then scale it process - Answers - 1. nail the pain
2. nail the solution
3. nail go to market strategy
4. nail business model
5. scale it
Answer is - Answers - All of the Above
"Innovation distinguishes between a leader and a follower" - who said this? - Answers -
Steve Jobs
"I never want to build something that nobody wants to buy" - who said this? - Answers -
Thomas Edison
"No success can compensate for failure in the home" - who said this? - Answers - David
O. Mckay
"If I had asked customers what they wanted they would've said faster horses" - who said
this? - Answers - Henry Ford
What are some of the benefits of having less money in a startup? - Answers - scrappy
less expenses
Definition of invention - Answers - the discovery of a new technology, product, or
service
ANSWERS
3 myths of entrepreneurship - Answers - 1. the process myth
2. the hero myth
3. the money myth
What is the fundamental attribution error? - Answers - attributing far more success &
failure to an individual than they actually deserve
Traditional entrepreneurship process model (5 steps) - Answers - 1. entrepreneur has
idea
2. discuss w/ friends/raise money
3. find location, build product
4. test product, perfect it
5. sell it
5 phases of the nail it then scale it process - Answers - 1. nail the pain
2. nail the solution
3. nail go to market strategy
4. nail business model
5. scale it
Answer is - Answers - All of the Above
"Innovation distinguishes between a leader and a follower" - who said this? - Answers -
Steve Jobs
"I never want to build something that nobody wants to buy" - who said this? - Answers -
Thomas Edison
"No success can compensate for failure in the home" - who said this? - Answers - David
O. Mckay
"If I had asked customers what they wanted they would've said faster horses" - who said
this? - Answers - Henry Ford
What are some of the benefits of having less money in a startup? - Answers - scrappy
less expenses
Definition of invention - Answers - the discovery of a new technology, product, or
service
