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