ENT 101 QUESTIONS WITH VERIFIED ANSWERS
What are the phases of the NISI process? - Answers - Nail the pain Nail the solution
Nail Go to the Market Nail Business Model Scale it
Three myths of entrepreneurship - Answers - the process myth the money myth the
hero myth
3. Name at least three reasons why entrepreneurs fail: - Answers - 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.
Customers _____, Entrepreneurs ______ - Answers - Validate and innovate
Why do 90% of businesses fail? - Answers - Couldn't get anyone to buy it
Three types of customers - Answers - end-user customer, technical customer, economic
customer
What legal entity doesn't provide a barrier of protection against a lawsuit? - Answers -
Sole proprietorship
IP includes: - Answers - patents copyrights trademarks
Two categories of ideas: - Answers - brave new world or break through & better faster
cheaper ideas
confirmation trap - Answers - Tendency to see what we already believe and discard
evident to contrary
Feature Creep Syndrome - Answers - When entrepreneurs try to add another feature in
the hopes that the one missing feature will open
the magical door to more sales
fundamental attribution error - Answers - the tendency for observers, when analyzing
another's behavior, to underestimate the impact of the situation and to overestimate the
impact of personal disposition
Prototype test - Answers - Transform virtual prototype into an inexpensive physical
prototype
growing market - Answers - Easier to compete and succeed in growing markets in
Passive Income - Answers - Income derived from rental property
What are the phases of the NISI process? - Answers - Nail the pain Nail the solution
Nail Go to the Market Nail Business Model Scale it
Three myths of entrepreneurship - Answers - the process myth the money myth the
hero myth
3. Name at least three reasons why entrepreneurs fail: - Answers - 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.
Customers _____, Entrepreneurs ______ - Answers - Validate and innovate
Why do 90% of businesses fail? - Answers - Couldn't get anyone to buy it
Three types of customers - Answers - end-user customer, technical customer, economic
customer
What legal entity doesn't provide a barrier of protection against a lawsuit? - Answers -
Sole proprietorship
IP includes: - Answers - patents copyrights trademarks
Two categories of ideas: - Answers - brave new world or break through & better faster
cheaper ideas
confirmation trap - Answers - Tendency to see what we already believe and discard
evident to contrary
Feature Creep Syndrome - Answers - When entrepreneurs try to add another feature in
the hopes that the one missing feature will open
the magical door to more sales
fundamental attribution error - Answers - the tendency for observers, when analyzing
another's behavior, to underestimate the impact of the situation and to overestimate the
impact of personal disposition
Prototype test - Answers - Transform virtual prototype into an inexpensive physical
prototype
growing market - Answers - Easier to compete and succeed in growing markets in
Passive Income - Answers - Income derived from rental property
