Startup Basics
A new business designed to develop and grow around a business model or innovative product
What is a startup
The first step to building a startup is identifying a problem or opportunity and developing one of these
What is a business idea
The minimum visible version of a product built to test an idea
What is Minimum Viable Product
This is a ride app that was founded by Travis Kalanick and Garrett Camp
What is uber
What is the earliest rendition of a project that contains enough functionality to get user feedback?
What is Minimum Viable Product
This abbreviation stands for the simplest version of a product used to test if customers find value in it
What is a minimum viable product (MVP)
Before spending a lot of money building a product, entrepreneurs should have conversations with potential customers to learn about their needs through this process
What is customer discovery
A sharp change in strategy while keeping a companies vision in tact
What is pivot
This company started from a sold out conference and the founder renting air mattresses
What is airbnb
A term quantifying how much a product satisfies a strong demand in its market
What is Product-Market fit
This involves talking to potential customers and doing tests to decide if they actually have the problem your startup wants to solve
What is customer discovery
An early model of a product is used to show how an idea could work before the final version is built
What is a prototype
A funding before series A that involves friends family or angel investors
What is seed round
This company was started by the founder being mad at a late fee from a rented movie
What is netflix
When a startup makes a significant change to its target consumer, market, or product.
What is a pivot
When a startup makes a big change to its product, marketing, or target customers, it has made this
What is a pivot
A startup should identify this before building its product..the exact problem the customers need solved
What is a customer pain point
The valuation of a startup companies worth after investors
What is post money valuation
This social media started in a dorm called “Thefacebook”
What is facebook
Process of gathering information on a market.
What is Market Research
The term that describes the process of confirming that customers actually want a product and actually will use it
What is validation
This tool can help entrepreneurs map out important parts of their business, including customers and resources
What is a business model canvas
A startup valued over 1 Billion dollars
What is unicorn
This company was founded just selling books
What is Amazon
A framework developed by Alexander Osterwalder and Yves Pigneur that maps the “9 components” of a company’s business model.
What is Business Model Canvas