Business Basics
This type of business ownership is simple to set up and has only one owner who is personally liable for all debts
What is Sole Proprietoship?
business expenses including: rent, utilities, payroll, maintenance
What are ongoing costs?
A core concept of the Lean Startup Method, this is the smallest version of a product with just enough features to satisfy early customers and provide feedback for future development
What is MVP or Minimum Viable Product?
Specific group of consumers (or organizations) on whom a company focuses its marketing efforts. This group has common needs and wants and are likely potential customers
What is a target market?
An exclusive right given to a creator to decide if they will share their artistic work
What is a copyright?
This strategic management tool helps entrepreneurs identify their internal strengths and weaknesses, and external opportunities and threats
What is a SWOT analysis?
Financial statement that shows a company's revenues and expenses over a period of time, revealing its profit or loss
What is an Income Statement?
a preliminary version of a product or service, used to test ideas and gather feedback
What is a prototype?
The crucial process of getting to know your customer and how to solve problems with your product through intentional feedback
What is customer discovery?
an exclusive right given to a creator to decide if they will share their invention
What is a patent?
This formal document outlines company goals, strategies, and how it plans to achieve them, often to attract investors
What is a Business Plan?
money raising method that typically uses an online platform to increase finances through many small donations from many different people.
What is crowdfunding?
A descriptive term that summarizes the unique benefits a product or service offers its customer - What a company is promising to deliver its customer post-purchase.
What is a value proposition?
the promotion of a product or company through the use of advertising and design
What is branding?
A protection given to a company's name, logo, colors used, or trade characters to help distinguish itself from its competitors
What is a trademark?
This type of business ownership is a legal entity separate from its owners, offering limited liability but more complex setup.
What is a corporation?
An individual who provides capital for a startup, but remains uninvolved in most decisions
What is an Angel Investor?
A methodology designed to speed up the development of a business or product and rapidly discover its viability
What is the Lean Startup Method?
information gathered for a specific purpose (surveys, interviews, focus groups)
What is Primary Research Data?
a legal registration of your company
What is a License?
This framework analyzes external factors that impact a business: political, economic, social, technological, environmental, and legal
What is a Pestel Analysis?
Ratio of money gained or lost on an investment relative to its cost, often expressed as a percentage?
What is Return on Investment?
The process of creative problem solving; it encourages organizations to focus on who they are creating for. Three pillars are empathy, ideation, and experimentation
What is Design thinking?
Where or how a business interacts with their customer segments, creates customer loyalty and brand value through marketing strategies and activities
What are customer relationships?
unique 9 digit number that identifies you to the IRS
What is a Tax ID or EIN?