BYU ENT 101 FINAL EXAM WITH
CORRECT QUESTIONS AND ANSWERS
2025
Three myths of entrepreneurship - CORRECT-ANSWERS1. Hero
2. Process
3. Money
fundamental attribution error - CORRECT-ANSWERSPeople 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) - CORRECT-ANSWERS1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - CORRECT-ANSWERSNail the pain
Nail the solution
Nail the marketing strategy
, Nail the business model
Scale it
What is essential for making a sustainable business? - CORRECT-ANSWERSProfits, people,
planet
Who said, "innovation distinguishes between a leader and a follower"? - CORRECT-
ANSWERSSteve Jobs
Who said, "I never want to build something that nobody wants to buy"? - CORRECT-
ANSWERSThomas Edison
Who said, "No success can compensate for failure in the home"? - CORRECT-ANSWERSDavid O.
McKay
Who said, "If I had asked customers what they wanted they would have said faster horses"? -
CORRECT-ANSWERSHenry Ford
What are the benefits of having less money for a startup? - CORRECT-ANSWERSIt can help you
focus on the external market, your customers, and increase your ability to develop creative
solutions for those customers.
Define invention - CORRECT-ANSWERSThe discovery of a new technology, product, or service
Define innovation - CORRECT-ANSWERSThe combination of an invention (whether new or old)
with insight about a market need.
CORRECT QUESTIONS AND ANSWERS
2025
Three myths of entrepreneurship - CORRECT-ANSWERS1. Hero
2. Process
3. Money
fundamental attribution error - CORRECT-ANSWERSPeople 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) - CORRECT-ANSWERS1. Conceptualization
2. Ideation
3. Formulation
4. Germination
5. Implementation
5 phases of Nail It and Scale It - CORRECT-ANSWERSNail the pain
Nail the solution
Nail the marketing strategy
, Nail the business model
Scale it
What is essential for making a sustainable business? - CORRECT-ANSWERSProfits, people,
planet
Who said, "innovation distinguishes between a leader and a follower"? - CORRECT-
ANSWERSSteve Jobs
Who said, "I never want to build something that nobody wants to buy"? - CORRECT-
ANSWERSThomas Edison
Who said, "No success can compensate for failure in the home"? - CORRECT-ANSWERSDavid O.
McKay
Who said, "If I had asked customers what they wanted they would have said faster horses"? -
CORRECT-ANSWERSHenry Ford
What are the benefits of having less money for a startup? - CORRECT-ANSWERSIt can help you
focus on the external market, your customers, and increase your ability to develop creative
solutions for those customers.
Define invention - CORRECT-ANSWERSThe discovery of a new technology, product, or service
Define innovation - CORRECT-ANSWERSThe combination of an invention (whether new or old)
with insight about a market need.
