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ENT101 final Exam Study guide |Latest Update, Exams of Entrepreneurship

Michigan State University (MSU)Entrepreneurship

ENT101 final Exam Study guide |Latest Update

Typology: Exams

2025/2026

Available from 04/12/2026

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ENT101 final Exam Study guide |Latest Update
NISI Phases - ANS 1. Nail the Pain
2. Nail the Solution
3. Nail Go to Market
4. Nail the Business Model
5. Scale it
Traditional Process Method - ANS 1. entrepreneur has an idea
2. discusses with friends and family/ raises money
3. find location, build product
4. test product, perfect it
5. sell it
Business model canvas - ANS
3 myths of entrepreneurship - ANS 1. process myth
2. hero myth
3. money myth
Reasons why entrepreneurs fail - ANS - tackle wrong tasks
- do things in wrong order
-fall prey to own strengths
- follow conventional wisdom
- more capital increases failure
Why do 90% of businesses fail - ANS couldn't get anyone to buy it
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ENT101 final Exam Study guide |Latest Update

NISI Phases - ANS 1. Nail the Pain

  1. Nail the Solution
  2. Nail Go to Market
  3. Nail the Business Model
  4. Scale it Traditional Process Method - ANS 1. entrepreneur has an idea
  5. discusses with friends and family/ raises money
  6. find location, build product
  7. test product, perfect it
  8. sell it Business model canvas - ANS 3 myths of entrepreneurship - ANS 1. process myth
  9. hero myth
  10. money myth Reasons why entrepreneurs fail - ANS - tackle wrong tasks
  • do things in wrong order
  • fall prey to own strengths
  • follow conventional wisdom
  • more capital increases failure Why do 90% of businesses fail - ANS couldn't get anyone to buy it

What are the role of customers vs role of entrepreneurs - ANS customers validate, entrepreneurs innovate Three types of customers - ANS 1. end user customers

  1. technical customers
  2. economic customers end user customers - ANS the person uses the product or manages the people who use it technical customers - ANS IT person who installs or maintains the product Economic Customers - ANS the person who makes the ultimate purchase decision Why should we get outside of the building??? - ANS we are convinced we understand when we actually dont Questions to ask when validating a pain?? - ANS 1. Is this a pain you experience?
  3. tell me about I , tell me more. Why such a pain?
  4. Would something like this solve your pain?? IP includes - ANS 1. patents
  5. copyrights
  6. trademarks Invention - ANS the discovery of a new technology, product or service innovation - ANS combination of an invention (new or old) with insight about a market need

minimum feature set - ANS the smallest, most focused set of features that will drive a customer purchase keys to sustainable advantage - ANS putting heart into it, understanding innovation process, validating with potential users testing big idea hypothesis - ANS find customer sample, cold call/email, or capture/ measure results developing customer profiles - ANS analyze and understand different users Corbin Church - ANS "Be extraordinary! Everywhere, everyday, and in everything!" Steve Jobs - ANS "Innovation distinguished between a leader and a follower" Corbin Church - ANS If you don't build your own dream, someone else will hire you to build their dream David O. Mckay - ANS No success can compensate for failure in the home Thomas Edison - ANS I never want to build something that nobody wants to buy Henry Ford - ANS If I had asked customers what they wanted they would have said faster horses