Entrepreneurship Basics
This is the word for someone who starts their own business in hopes of earning a profit.
What is an entrepreneur?
Steve Jobs and Steve Wozniak started this computer company in Job’s parent’s garage in 1976.
What is Apple?
a plan for the how a company will run and its structure
what is a business plan
These investors are individuals who provide their own money to early stage startups, typically in exchange for partial ownership
Who are angel investors?
This is the process of finding out what customers actually want
What is customer discovery?
This is the word for someone who starts a company.
What is a founder?
Jeff Bezos started this company as an online bookstore in 1994.
What is Amazon?
specific group of customers that a startup plan to sell its product or service to
what is target market
This type of financing involves borrowing money that a business is expected to repay, usually with interest
What is debt financing?
This is a basic version of a product made to test an idea
What is an MVP?
This is the word that means what a business aims to sell or provide to its customers.
What is a product?
This clothing company started out as Blue Ribbon Sports” and was founded by a coach who invented a shoe sole using his wife's waffle iron.
What is Nike?
when a company's total revenue equals its total costs meaning the business has neither a profit nor a loss
what is the break-even point
This type of startup investment provides capital in exchange for an ownership stake in the company
What is venture capital?
This term means changing a startup’s strategy after learning something new
What is a pivot?
This is the word that means the chance that something won’t work out.
What is risk?
Mark Zuckerberg launched this social media website from his dorm room, in February 2004.
What is Facebook?
when entrepreneurs study other businesses in their industry to determine their competitors strengths
what is competitive analysis
This fundraising method allows a business to collect relatively small amounts of money from a large number of people
What is crowdfunding?
This type of startup funding comes from the founder’s own money
What is bootstrapping?
This is the percentage of ownership one has in their company.
What is equity?
Two brothers started this restaurant in California in 1940, and a milkshake machine salesman named Ray Kroc transformed it into one of the world’s most recognized brands.
What is McDonald's?
gathering research directly through customers through surveys questionnaires and focus groups
what is a primary/direct market research
A privately held startup that reaches a valuation of at least $1 billion is commonly given this name
What is a unicorn?
This startup method focuses on testing ideas, learning, and making changes quickly
What is the Lean Startup method?