Startup Definitions & Concepts
Harvard professor Howard Stevenson defined entrepreneurship as pursuing opportunity without worrying about these.
What are resources (or resources controlled)?
his entrepreneur cofounded Apple with Steve Wozniak and Ronald Wayne in 1976.
Who is Steve Jobs?
Do entrepreneurs have a personal life?
What is yes?
How many times will the product need to be sold?
What is multiple times?
This means funding a startup using your own savings or money earned by the business.
What is bootstrapping?
Guy Kawasaki described entrepreneurship as the mindset of people who fundamentally want to change this.
What is the future?
This entrepreneur cofounded Microsoft with Paul Allen in 1975.
Who is Bill Gates?
Can Your startup idea has to be fully developed in order to launch?
What is false?
A legal maximum price that a seller can charge for a good or service, as set by a government or regulatory body.
What is the ceiling for the product?
This funding method collects money from many people, often through an online platform.
What is crowdfunding?
A 3-day fall immersion event at Miami where students take an idea from concept to prototype and pitch to judges.
What is Startup Weekend (ESP 102)
This entrepreneur launched Facebook while attending Harvard.
Who is Mark Zuckerberg?
Instead of having decades of startup experience, most first-time founders simply bring background skills from a practical field like this.
What is accounting (or functional expertise)?
Why should an entrepreneur be involved with their customers or buyers?
What is making sales?
This type of funding comes from a founder’s relatives and personal connections.
What is friends and family funding?
The point where a startup proves there is strong customer demand that matches what the product offers.
What is Product-Market Fit?
This entrepreneur founded Amazon, which originally sold books online.
Who is Jeff Bezos?
Rather than taking wild gambles, successful founders do this to test ideas before spending big money.
What is pre-testing (or customer validation)
Started as a company that would mail DVDs for movies, then they became one of the most used streaming services in the world.
What is Netflix?
This type of crowdfunding gives supporters products or perks instead of ownership in the company.
What is rewards crowdfunding?
Babson professor Jeffery Timmons defined entrepreneurship as turning an idea into this.
What is a commercial opportunity?
Who spent a large portion of his Zip2 earnings to co-found?
Who is Elon Musk?
What is the quote John Donne said about entrepreneurs having bosses?
What is "No man is an island"?
Before _____ was an online store that sold everything, they originally only sold books. The renovation of adding more items helped the brand take off and become the brand that it is today.
What is Amazon?
Before investing, investors use this review process to examine a startup’s finances, team, and products.
What is due diligence?