BRAINSCAPE1
ENT 101 Final Corbin Church
solutions latest version
3 myths of entrepreneurship - CORRECT ANSWER-1. PROCESS MYTH (The idea
that a typical process of launching a business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - CORRECT ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - CORRECT ANSWER-
Putting heart into it, Understanding innovation process, Validating with potential
users
Business model canvas - CORRECT ANSWER-a diagram of how a company
creates value for itself and its customers
Why do 90% of businesses fail - CORRECT ANSWER-couldn't get anyone to buy
it / they didn't build what the customers wanted.
What are the role of customers vs role of entrepreneurs - CORRECT ANSWER-
customers validate, entrepreneurs innovate
Three types of customers - CORRECT ANSWER-1. end user customers (the
person uses the product or manages the people who use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? - CORRECT ANSWER-we are
convinced we understand when we actually dont
BRAINSCAPE1
, BRAINSCAPE1
Questions to ask when validating a pain?? - CORRECT ANSWER-1. Is this a pain
you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention - CORRECT ANSWER-the discovery of a new technology, product or
service
innovation - CORRECT ANSWER-combination of an invention (new or old) with
insight about a market need
two major categories of business ideas - CORRECT ANSWER-Brave new world:
break through ideas that turn conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
confirmation trap - CORRECT ANSWER-the tendency to see what we already
believe and discard evidence to the contrary
feature creep syndrome - CORRECT ANSWER-when entrepreneurs try to add
another feature in the hopes that one missing feature will open the magical door
to more sales
fundamental attribution error - CORRECT ANSWER-people often attribute far
more success & failure to the individual than external factors
traditional attribution error - CORRECT ANSWER-the traditional attribution error
can lead entrepreneurs to make incorrect assumptions about the reasons why
their products or services may not be succeeding in the market.
purpose of virtual prototype test - CORRECT ANSWER-deeper initial validation of
solution, insights and surprises about actual solution
wealth according to Corbin - CORRECT ANSWER-passive income derived from
rental property? working for yourself
the 2 fundamental risks while innovating - CORRECT ANSWER-technology (can
we make it)
market risk (will customers buy it)
motivation trap - CORRECT ANSWER-When a entrepreneur stakes his or her
hopes, dreams, and reputation on a start up. (Also known as the problem of sunk
cost and leads to irrational decision making.)
minimum feature set - CORRECT ANSWER-the smallest, most focused set of
features that will drive a customer purchase
BRAINSCAPE1
ENT 101 Final Corbin Church
solutions latest version
3 myths of entrepreneurship - CORRECT ANSWER-1. PROCESS MYTH (The idea
that a typical process of launching a business is simple and bullet proof)
2. HERO MYTH (Believing too much in your product can lead to failure)
3. MONEY MYTH (You need to have a large amount of $ to get started)
5 Phases Nail it Then Scale It - CORRECT ANSWER-1. Nail the Pain
2. Nail the Solution
3. Nail the Go-to-Market strategy
4. Nail the Business Model
5. Scale it
What's essential for making a sustainable company? - CORRECT ANSWER-
Putting heart into it, Understanding innovation process, Validating with potential
users
Business model canvas - CORRECT ANSWER-a diagram of how a company
creates value for itself and its customers
Why do 90% of businesses fail - CORRECT ANSWER-couldn't get anyone to buy
it / they didn't build what the customers wanted.
What are the role of customers vs role of entrepreneurs - CORRECT ANSWER-
customers validate, entrepreneurs innovate
Three types of customers - CORRECT ANSWER-1. end user customers (the
person uses the product or manages the people who use it)
2. technical customers (IT person who installs or maintains the product)
3. economic customers (the person who makes the ultimate purchase decision)
Why should we get outside of the building??? - CORRECT ANSWER-we are
convinced we understand when we actually dont
BRAINSCAPE1
, BRAINSCAPE1
Questions to ask when validating a pain?? - CORRECT ANSWER-1. Is this a pain
you experience?
2. tell me about I , tell me more. Why such a pain?
3. Would something like this solve your pain??
Invention - CORRECT ANSWER-the discovery of a new technology, product or
service
innovation - CORRECT ANSWER-combination of an invention (new or old) with
insight about a market need
two major categories of business ideas - CORRECT ANSWER-Brave new world:
break through ideas that turn conventional wisdom on head.
Better faster cheaper ideas: improvements on existing theme
confirmation trap - CORRECT ANSWER-the tendency to see what we already
believe and discard evidence to the contrary
feature creep syndrome - CORRECT ANSWER-when entrepreneurs try to add
another feature in the hopes that one missing feature will open the magical door
to more sales
fundamental attribution error - CORRECT ANSWER-people often attribute far
more success & failure to the individual than external factors
traditional attribution error - CORRECT ANSWER-the traditional attribution error
can lead entrepreneurs to make incorrect assumptions about the reasons why
their products or services may not be succeeding in the market.
purpose of virtual prototype test - CORRECT ANSWER-deeper initial validation of
solution, insights and surprises about actual solution
wealth according to Corbin - CORRECT ANSWER-passive income derived from
rental property? working for yourself
the 2 fundamental risks while innovating - CORRECT ANSWER-technology (can
we make it)
market risk (will customers buy it)
motivation trap - CORRECT ANSWER-When a entrepreneur stakes his or her
hopes, dreams, and reputation on a start up. (Also known as the problem of sunk
cost and leads to irrational decision making.)
minimum feature set - CORRECT ANSWER-the smallest, most focused set of
features that will drive a customer purchase
BRAINSCAPE1
