The Big Idea
This is a person who starts their own business
What is an entrepreneur?
This is the money a business gets from selling its product or service.
What is revenue?
A word, phrase, or symbol that helps customers remember your product or service.
What is a trademark?
He got enough money for Tesla by selling PayPal
Where did Elon Musk (Tesla) get the funds to start Tesla?
Helps entrepreneurs understand their potential customers, including their needs and interests.
What is market research?
Before starting a business, you should figure out who would actually want to buy your product. This group is called this.
What is a target market?
A person who gives money to a startup hoping it will become successful is called this.
What is an investor?
The unique identity, reputation, and emotional connection a company owns in the minds of its consumers, going deeper than the logo or product name.
What is a Brand?
He operated as an independent organization that made safety guidelines for their information. He protected the information.
How did Evan Spiegel (SnapChat) gain the trust of the public?
Before launching, entrepreneurs should determine wether there is a desire for their product or service.
What is Demand?
This is when you look into your customers and competitors before starting a business.
What is market research?
This is a short presentation entrepreneurs use to convince people to invest in their company.
What is a pitch?
Enforces truth in advertising laws in the US.
What is the Federal Trade Commission (FTC)?
-getting rid of his app that raised $500,000 in order to launch instagram
What was the biggest risk that Kevin Systrom (Instagram) took?
A document that describes a company’s goals and target customers and how the business plans to make money.
What is a business plan?
If two businesses sell similar products to the same customers, they are considered this.
What are competitors?
This is when a startup raises small amounts of money from a lot of different people, usually online.
What is crowdfunding?
Advertising claims must be supported by
What is evidence?
-Spotify made it legal and free to listen to music which stopped the paying for music trend
What made Daniel Ek’s (Spotify) start up different from others?
How many people might be interested in your product or service.
What is market research?
This is what makes your product different or better than other choices customers have.
What is a value proposition?
This term means the amount of money a company is estimated to be worth.
What is valuation?
Searching its database for these potentially conflicting marks.
What are similar trademarks?
-Him and his roommate were short on rent and there weren’t hotels available for most people due to a shortage of rooms and they thought to have people pay to stay at their place.
How did Brian Chesky (AirBnb) get inspiration?
Surveys and questionnaires are examples of customer research.
What is direct customer research?