Getting Started
You have an idea for an app and $300. Before you spend a dollar of it, this is your first move.
What is "talk to customers"?
You post a video, and everyone scrolls past in 2 seconds. The part you have to fix is the first 3 seconds, called this
What is the hook?
You sell a bracelet for $10, and the beads cost you $4. That $6 is this.
What is profit?
The Idea Club event where students set up a booth on campus and sell to actual customers
What is the Idea Club student marketplace?
The Idea Club competition, held every semester, where students pitch their businesses live for cash prizes
What is the Canyon Challenge?
You could spend 2 months perfecting your candle packaging, or make 20 this weekend and sell them at the marketplace. The 20-candle version has a name.
What is an MVP?
You text 50 people about your detailing business, and 45 say no. This is how many of those you should take personally.
What is 0?
A shark offers you $100,000 for 20%. That deal says your whole company is worth this.
What is $500,000?
You want to start this weekend but have no money and no product. This is the answer: you sell your time and skill instead, like cleaning, detailing, tutoring, or mowing.
What is a service business?
Win first place at the Canyon Challenge, and you walk out with a check for this much $
What is $2,500?
Your tutoring business is dead after 6 weeks, but every customer keeps asking if you also write resumes. Switching to resumes and keeping what you learned is called this.
What is a pivot?
A customer says, "It's too expensive." That's not a no, it is this, and the mistake is dropping your price before you ask why.
What is an objection?
Your side hustle gets sued. Without this filed comment, they can come after your personal bank account.
What is an LLC?
Total revenue number students have made from selling at Idea Club student marketplaces
What is $1,000,000?
Your product costs you $4 to make, and you sell it for $12. A store wants 50 units, but they expect to pay about half of retail. This is the word for that kind of pricing.
What is wholesale?
You have $4,000 in the bank, and you spend $1,000 a month. You have this much of something.
What is 4 months of runway?
You just made your first sale, and the customer is thrilled. The cheapest second customer you will ever get comes from asking her for this.
What is a referral?
You spend $50 in ads to land one customer who only ever spends $30 with you. You lose money on every sale, and that $50 has a name.
What is customer acquisition cost?
You do not need an LLC, a website, investors, or a finished product. To vend at this next student marketplace, this is the only thing you have to do.
Sign up on Marketverse using the link in the Ideagcu Instagram bio.
Before you can pitch at the Canyon Challenge, you have to practice your pitch in front of the Idea Club leadership team at least this many times.
What is 2?
Three friends tell you your idea is amazing, and none of them will pre-order it. Only this counts as real proof.
What is a paying customer?
Two students sell the same phone case at the same price, and one outsells the other 3:1. The difference is this, the one-sentence answer to "Why yours?"
What is your value proposition?
Your food truck cost $800 a month to run, and you clear $4 of profit per taco. Sell 200 tacos, and you hit this point.
What is break-even?
If you make $25,000 in revenue at the student markets, you get awarded with one of these at the Canyon Challenge.
What is a $25K club Noggin Boss hat?
A student on our leadership team started at 13, standing in line outside stores, and now has done $8 million in revenue selling this product to more than 130 stores.
What are sneakers?