Start-Up Entrepreneurship
The transformation of an idea into a commercial opportunity
What is Entrepreneurship?
The name of creating a completely new product from scratch, or the introduction of a new process (the first occurrence)
What is invention?
A basic first version of a product used to test an idea.
What is minimum viable product?
When founders use their own money to start the business.
What is bootstrapping?
Data on consumers that includes population, age, wealth, family, and interests.
What is demographic information?
An individual who is wired to create change
What is an entrepreneur?
The name of creating new ideas or completely different ways of doing something
What is innovation?
The process of learning what customers actually want before launching.
What is Market Research?
The three informal sources often called the 3 F's.
What is Family, friends, and fools?
Blends consumer behavior and economic trends to confirm and improve your business idea.
What is market research?
The most important part of an individual who wants to change the future.
What is the mindset?
The term for the ability to imagine new ideas and see new perspectives
What is creativity?
Document lays out what a business will be run and grow.
What is business plan?
The point where a product has been fully incorporated into its target audience.
What is market saturation?
Another name for things that entrepreneurs must look out for and take advantage of
What are opportunities?
The ability to see shapes, ideas, or concepts that do not exist in reality
What is imagination?
Tells customers why they should choose your product over another one.
What is valuable proposition?
The type of funding that gives investors part ownership of a startup.
What is Equity financing?
Money coming into a business or an organization in a steady, repeatable way that can be reliable in the long term.
What is sustainable revenue?
Emphasizes producing novel and unique ideas or creations
What is originality?
The term coined from working harder than everyone else, even if you have much less innate talent. 90% of the time, individuals that possess this term are the most successful.
What is grit?
The lean startup cycle of building, testing, and improving called.
What is Build-measure-lean?
The kind of investor that usually looks for startups with strong growth potential.
What is venture capitalist?
The percentage of total industry, sales, or revenue that a single company controls over a specific period.
What is market share?