ENT 101 CORBIN CHURCH QUESTIONS WITH
VERIFIED ANSWERS
What are the 3 myths of entrepreneurship? - Answers - • Process myth - idea, product,
team, test, sell
• Hero myth - believing in your product leads to failure
• Money myth - you need a large sum of money to get started
Fundamental attribution error - Answers - People often attribute far more success and
far more failure to the individual than the individual actually deserves
5 steps of traditional ent process model - Answers - 1. Entrepreneur has an idea
2. Discuss and raise money w fam, friends, & fools
3. Find location, develop product
4. Perfect the product and add features for broad appeal
5. Sell product
5 NISI phases - Answers - 1. Nail pain
2. Nail solution
3. Nail go-to-market strategy
4. Nail the business model
5. Scale it!
What is essential to a sustainable business - Answers - All of the above!
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
Benefits of having less money with a startup - Answers - Creativity, focus on the
customers, better, useful solutions
Definition of invention - Answers - The discovery of a new technology, product or
service
VERIFIED ANSWERS
What are the 3 myths of entrepreneurship? - Answers - • Process myth - idea, product,
team, test, sell
• Hero myth - believing in your product leads to failure
• Money myth - you need a large sum of money to get started
Fundamental attribution error - Answers - People often attribute far more success and
far more failure to the individual than the individual actually deserves
5 steps of traditional ent process model - Answers - 1. Entrepreneur has an idea
2. Discuss and raise money w fam, friends, & fools
3. Find location, develop product
4. Perfect the product and add features for broad appeal
5. Sell product
5 NISI phases - Answers - 1. Nail pain
2. Nail solution
3. Nail go-to-market strategy
4. Nail the business model
5. Scale it!
What is essential to a sustainable business - Answers - All of the above!
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
Benefits of having less money with a startup - Answers - Creativity, focus on the
customers, better, useful solutions
Definition of invention - Answers - The discovery of a new technology, product or
service
