BYU ENT 101 Final Exam/ Intro to Entrepreneurship
With complete solu on RATED A+ 2025/2026 NEW!!
Three myths of entrepreneurship - Answers 1. Hero
2. Process
3. Money
fundamental a ribu on error - Answers People o!en a ribute far more success and far more
failure to the individual than the individual actually deserves, when in fact other, more difficult
to observe factors, o!en play a cri cal role in successful outcome
Entrepreneurship process model (5 steps) - Answers 1. Conceptualiza on
2. Idea on
3. Formula on
4. Germina on
5. Implementa on
5 phases of Nail It and Scale It - Answers Nail the pain
Nail the solu on
Nail the marke ng strategy
Nail the business model
Scale it
What is essen al for making a sustainable business? - Answers Profits, people, planet
Who said, "innova on dis nguishes 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
What are the benefits of having less money for a startup? - Answers It can help you focus on
the external market, your customers, and increase your ability to develop crea ve solu ons for
those customers.
Define inven on - Answers The discovery of a new technology, product, or service
Define innova on - Answers The combina on of an inven on (whether new or old) with
insight about a market need.
What the the two fundamental risks you face when you're innova ng? - Answers Technology
(can we make it) and Market (will customers buy it)
Why do 90% of businesses fail? - Answers They can't get anyone to buy it, they don't validate.
Who validates a product? - Answers CUSTOMERS
____________ are responsible for thinking in new ways to solve customer problems - Answers
Entrepreneurs
With complete solu on RATED A+ 2025/2026 NEW!!
Three myths of entrepreneurship - Answers 1. Hero
2. Process
3. Money
fundamental a ribu on error - Answers People o!en a ribute far more success and far more
failure to the individual than the individual actually deserves, when in fact other, more difficult
to observe factors, o!en play a cri cal role in successful outcome
Entrepreneurship process model (5 steps) - Answers 1. Conceptualiza on
2. Idea on
3. Formula on
4. Germina on
5. Implementa on
5 phases of Nail It and Scale It - Answers Nail the pain
Nail the solu on
Nail the marke ng strategy
Nail the business model
Scale it
What is essen al for making a sustainable business? - Answers Profits, people, planet
Who said, "innova on dis nguishes 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
What are the benefits of having less money for a startup? - Answers It can help you focus on
the external market, your customers, and increase your ability to develop crea ve solu ons for
those customers.
Define inven on - Answers The discovery of a new technology, product, or service
Define innova on - Answers The combina on of an inven on (whether new or old) with
insight about a market need.
What the the two fundamental risks you face when you're innova ng? - Answers Technology
(can we make it) and Market (will customers buy it)
Why do 90% of businesses fail? - Answers They can't get anyone to buy it, they don't validate.
Who validates a product? - Answers CUSTOMERS
____________ are responsible for thinking in new ways to solve customer problems - Answers
Entrepreneurs
