Lifestyle Entrepreneurship
True or False: Insurance is covered for lifestyle entrepreneurs
False
What is the defining characteristic of start-ups?
Growth
Using your own money to fund the early stages of a startup is commonly called this
What is bootstrapping?
Term for having a product people actually want
Product-market fit
This method involves interviewing customers to validate assumptions before building a product.
What is customer discovery?
How do lifestyle entrepreneurs challenge our traditional understanding of entrepreneurship?
They integrate an easier way of living into everyday life, enhancing the quality of life.
What is a secondary characteristic of a startup?
“A second basic feature of start ups is that they are temporary—the stage of “starting up” is one of potentially many in a company’s lifecycle (e.g., sustained existence, an acquisition or public offering, decline, or closure), and thus must end.” (StartupUSA.org)
At the validation stage, startups may use this funding method to raise money directly from many individual supporters.
What is crowdfunding?
This document lays out terms of an investment deal before the contracts
Term sheet
This metric measures how many customers recommend a product to others.
What is Net Promoter Score (NPS)?
What is the startup process for lifestyle entrepreneurs?
It is simply living, and running into roadblocks that slow you down. You feel the urge to make them better. Build around.
Can entrepreneurship happen in existing companies?
Yes, if products or services are significantly altered, or strategy changes.
This kind of funding can provide money without requiring a startup to give up ownership.
What is non-dilutive funding?
Spreadsheet that shows who owns what % of a startup
Cap table
This strategy focuses on creating content to attract and retain customers.
What is content marketing?
What role does emotional support play in helping women and men launch lifestyle businesses, gain satisfaction from business ownership, and succeed (Powell and Eddleston, 2013; Neumeyer, Santos, Caetano, and Kalbfleisch, 2019)?
Having a macro perspective on entrepreneurship, specifically lifestyle. When you have a strong group and team and support group,It helps not only your sanity, but also your ability to respond. When you are calmer, you are able to respond to instances easier.
How does creative destruction go along with entrepreneurship?
“Creative destruction describes how new products, processes, and markets continuously reshape the economy by replacing older approaches”(StartupUSA.org)
Before seeking outside investors, customer discovery can help a startup show that it has done this with potential customers.
What is validated its idea/engaged customers?
Gompers and Lerner are top researchers of this high-risk startup funding
Venture capital
This term refers to the specific group of customers a startup aims to serve.
What is a target market?
Why would someone choose lifestyle entrepreneurship over social entrepreneurship?
Choosing lifestyle entrepreneurship over social entrepreneurship is based solely on flexibility. It is all on your schedule and your own time(Emerald Publishing).
What is the difference between a startup and a small business?
The term startup refers to a company in the first stages of operations( what-is-entrepreneurship)
This stage of startup funding focuses on expanding operations and entering new markets.
What is growth stage?
Changing strategy while keeping original vision
Pivot
This approach uses data to segment customers based on behavior.
What is behavioral segmentation?