Essential things to know before starting
It is important to open this up so that you can keep your business finances separate from your personal finances
Business bank account
This happens when you have something that is too similar to something that already exists and is popular
competition
The total money made after subtracting expenses
Profit
some sort of symbol that represents a company
logo
This is the process the foundation of creating a business that relates to generating original and creative ideas.
brainstorming
Best way to avoid missing tax forms and deadlines
Hire an accountant
This is when your product or service you are providing doesn’t exactly line up with your targeted audience.
market risk
A document that details a company’s assets, revenue, and expenses.
balance sheet
The plan for how a company generates revenue and makes a profit.
business model
This practice uses a combination of skills, perseverance, and knowledge that an entrepreneur contributes to a startup.
entrepreneurship mindset
To make sure that you are paying your federal and state taxes, your business is required to have
tax identification numbers (TINs)
Occurs often when you are not educated on how to manage your products and employees
Operational risk
a short-term loan (i.e., two weeks to three years) provided by investors to help entrepreneurs make ends meet until more money is secured or until the next round of funding
a bridge loan
The ability of a business to grow its revenue without a proportional increase in costs.
scalability
This is a creative way to determine a target market by listing the needs and challenges of a specific market.
user personas
These people can help you by growing your idea quickly by providing you with mentorship and fundraising opportunities during a project that only takes a few months.
Accelerator
You can prevent this by making realistic financial and growth predictions based on your early growth indicators.
Growing too quick or too slow (starting at the wrong time)
A broad word used to describe the ownership of a company. It can be measured in stock or other units based on a company’s structure.
equity
A unique feature or offering that sets a startup apart from its competitors.
competitive advantage
This approach to difficult problem-solving builds, defines, and innovates ideas
design thinking
a financial metric used to gauge how the market values a company's sales or revenue based on its projected future revenues
Revenue multiple
This can be prevented as much as possible if you educate your staff about security risks and how to spot them while investing in your security infrastructure
Cybercrimes
The initial funding round for a startup, often used to support early development.
seed round
a performance measure of how profitable an investment is compared to its cost
ROI
This is commonly used to generate new ideas to build off others and their opinions
communication