Final FME Final

Question 1

What does ET&A stand for?

Answer 1

Entrepreneurial Thought and Action

Question 2

The philosophy of ET&A is that you _______, learn, build.

Answer 2

Act

Question 3

Name 3 of the 6 steps in the ET&A process.

Answer 3

My WHY (start), my means at hand, my idea at the moment, actions, enroll stakeholders, calculate affordable loss. ET into EA

Question 4

What is ET&A? (What is it for?)

Answer 4

• Managerial Thinking Prediction Reasoning
• Entrepreneurial Thinking  Creaction Reasoning
• ET&A  A method comprising two logics for creating the things that really matter to you by taking swift, confident, and smart action when faced with the unknown
  o Creaction (effectual logic)  small actions, starting w/ what you have
  o Prediction (casual logic)  avoid failure, competitiveness, knowable

Question 5

Imagine you are starting a carpooling business on campus. What are the two logics ET&A is comprised of and when do you apply each?

Answer 5

-

Question 6

In a startup, who does sales?

Answer 6

EVERYONE

Question 7

The mistake many salespeople make is that, at the end of their interaction with a potential customer, they do not _______________.

Answer 7

Ask for feedback

Question 8

Name 3 key skills effective salespeople have.

Answer 8

listening, product knowledge, empathy

Question 9

Describe the “human-centered” approach to sales

Answer 9

o Goal is to help
o Salesperson listens and customer talks
o Intent to start a conversation
o Presents solutions to the customer’s specific need

Question 10

You are selling a programmable water bottle in front of LGRAC. What are two common objections you may receive and how will you deal with them.

Answer 10

Don’t have the time or I have something similar/cheaper

Question 11

What is the principle behind the “purple cow”

Answer 11

Be remarkable, not just good enough, stand out

Question 12

What makes a good logo?

Answer 12

simple colors and details, memorable, relevant, timeless

Question 13

What are the two aspects of a brand?

Answer 13

identity and image

Question 14

You are crafting a promotional strategy for a programmable water bottle. What are 3 elements of the promotional mix that you could use?

Answer 14

Direct marketing, sales promotions, public relations

Question 15

What is the relationship between marketing and sales? What does each provide the other?

Answer 15

Effective marketing sets up sales success, - And,,, front-line sales informs marketing
o <-Marketing New wants/needs, competitive development, effectiveness of promotion, pricing terms <-Sales
4Ps - SAVE

Question 16

What is operations?

Answer 16

How a business runs things to maximize efficiency and profit

Question 17

On what two aspects could we judge Tesla’s operations? Give an example of each. (hint: 2x2 matrix)

Answer 17

Efficiency: Doing things - Doing things right
Effective: Doing the right things-Doing the right things right

Question 18

Why should we map an operational process? Give 2 reasons.

Answer 18

visualize steps, identify problems, figure out roles, decide where to put operational controls

Question 19

How was Elizabeth Holmes able to get away with a fraudulent Theranos product for years? Give 3 reasons

Answer 19

charismatic leadership and power of having a vision, lack technical oversight(no checks and balances), culture of secrecy and fear

Question 20

Name 2 different types of experiments you could run.

Answer 20

A/B testing
Feature Flagging

Question 21

How do you prevent theft, loss, or fraud of assets in a business?

Answer 21

CAR, custody, authorization, record keeping, three different people especially custody and record keeping must be different

Question 22

What are the requirements of a good key performance indicator?

Answer 22

measurable, well-defined, easily communicates performance

Question 23

How do you use key performance indicators?

Answer 23

Create visual representations graphs, charts to accurately reflect relevant KPIs can be used to make sales or get investors

Question 24

In order to test your hypothesis that X factor matters, you need to run an experiment where, in one instance, you modify X, and in the other instance, you do not. However, in both instances, you must ______________________

Answer 24

Keep all else constant

Question 25

What is the purpose of the marketing funnel? How would you implement it if starting a programable water bottle business?

Answer 25

To convert prospective customers into actual ones and make the LT advocates Awareness, Interest, Desire, Action, Loyalty

Question 26

Why do a lot of startup founders get fired as their companies grow?

Answer 26

Stubborn to change and don't understand growth, thinking short term cannot maintain progress

Question 27

What are 3 lessons from Peloton’s story?

Answer 27

Don't mistake temporary demand for LT growth (don't get lost in the tornado), flexibility beats control in operations, brand trust is easy to lose, hard to rebuild, learn to cross the chasm

Question 28

Name 2 mistakes companies often make when growing and how you avoid or fix them.

Answer 28

❌ 1. Scaling Before Finding Product-Market Fit Why it happens: Early hype or investor pressure pushes companies to grow too fast. Fix: Use the Lean Startup method: validate with MVPs and early adopters first. Don’t scale until there's real demand, low churn, and repeatable acquisition. ❌ 2. Growing a Single Revenue Stream Why it happens: Founders double down on one successful product and neglect diversification. Fix: Use frameworks like the Business Model Canvas to explore parallel value propositions. Build monetization into core strategy early: subscriptions, partnerships, ecosystem plays, etc.

Question 29

One of the ways to grow is to monetize your existing customer base. How would you apply this for your programmable water bottle, if your initial customers are college athletes?

Answer 29

Build a CRM and then sell it to create revenue. Build on own or use template and analyze specific target market using specific KPIs, gather data that is new that other companies can use to understand the market

Question 30

Assuming women who prefer to work out in the privacy of their home was Peloton’s first market, what are logical 2 next “pins” if the company pursued the Bowling Alley approach to growth?

Answer 30

1) People who work long hours, need a quick workout 2) People just getting started and want a feel for a workout class in a controlled environment

Question 31

Key Takeaways from Ron Saich fast food podcast?

Answer 31

1. Start with Empathy and Observation At Au Bon Pain, he noticed customers using baguettes to make sandwiches, leading him to transform the bakery into a bakery café. This shift was driven by recognizing and responding to customer behavior.​ 2. Identify Unmet Needs and Create Differentiation He advocates for finding "jobs to be done"—unmet needs in the market—and offering solutions that are clearly better than existing alternatives. This approach led to the creation of the fast-casual dining category, filling the gap between fast food and full-service restaurants.​ 3. Balance Niche Focus with Scalability For instance, his investment in Cava was based on the widespread appeal of Mediterranean cuisine, which combines bold flavors with health benefits, making it both niche and scalable.​ 4. Continuously Evolve the Business Model He highlights the necessity of adapting to changing consumer expectations. At Panera, this meant integrating digital ordering, loyalty programs, and delivery services to enhance customer experience and stay competitive.​ 5. Define and Reassess the "Concept Essence" Shaich introduces the idea of a "concept essence," a clear articulation of what the business stands for and how it differentiates itself. He stresses the need to periodically reassess and refine this essence to remain relevant in a dynamic market.​

Question 32

What did we learn from Daniel Pink?

Answer 32

everyone is in sales and persuasion, not about tricking ppl about getting to know them, mimicking is great, invite others as a collaborator

Question 33

What did we learn from Prof Onyemah?

Answer 33

sales is everything, LISTEN to the customer

Question 34

What did we learn from Seth Godin on building a brand?

Answer 34

authenticity, impact, avoid false proxies, innovate and lead, be remarkable, focus on the few and reach the many

Question 35

How do you cross the chasm in growth?

Answer 35

Create the “whole product” – don’t try to cross the chasm without a complete feature set and all major bugs eliminated Position the product appropriately for skeptical pragmatists who make up the early majority Price the product relative to competitive comparisons rather than using value-based pricing Distribute the product through the right channels relates to the four Ps use the bowling alley method to cross the chasm focus on that first "pin"