Starting a Startup
What is a startup?
What is a company founded by one or more entrepreneurs to develop a unique product or service.
Entrepreneurs need to raise a lot of money from venture capitalists to start a business.
What is myth...Entrepreneurs typically fund their companies with personal savings. They will also get loans from friends and family and banks in order to finance their startups
What factors come into play when coming up with an idea?
What is the leader, team, and the plan
This type of startup involves an entrepreneur living out their passion in both their every day life and their business
What is lifestyle startup
What are two characteristics of an entrepreneur?
What is determination, leadership, hard work, perseverance, etc.
How risky are startups?
What is always risky.
Entrepreneurs need to have years of experience and be experts in their industry.
What is myth...One does not need years of experience or be an expert in a specific field to become an entrepreneur. Some entrepreneurs have some expertise, but they have not started a business before.
How does a plan differ from the idea of a business?
What is you construct your goals, mission, product and target audience
What type of startup is most popular in the United States?
What is small businesses
Entrepreneurs must know what to sell in the market. What two things can a business sell?
What is one of the first tasks of a startup?
What is raising money to develop the product or service
Entrepreneurs are risk-averse and test ideas before going big; they are not gamblers.
What is fact...entrepreneurs take no more risk than managers. They seek to mitigate risk through thoughtful experiments and leveraging resources.
Why Is timing important in coming up with an idea?
What is it is certainly underestimated on how important it is in the business because it is the balance between supply and demand.
What type of startup do Silicon Valley investors often look for the most?
What is scalable startups
What are some things an entrepreneur must know?
What is regulations, the economy, the market, etc.
What are the traditional funding sources for startups?
What is small business loans from banks or credit unions
An entrepreneur takes other business ideas and makes them more accessible, or better, or cost-effective.
What is fact...Entrepreneurs do not need to make a brand-new technological advancement. Entrepreneurs solve problems and make people’s lives easier by making things more accessible, better, or cost-effective. Start-ups bring a new perspective and builds value
Why is it important to respond to a crisis in a professional manner to save your business?
What is no matter if the idea and process of your business is successful and popular, if you come across a crisis and respond to it poorly, your company can possibly go under.
What type of startup has the goal to make the world/community a better place?
What is social startup
What country has the best economy for an entrepreneur?
What is the United States
How is value attributed to startups?
What is potential investors use approaches like the cost to duplicate approach, market approach, discounted cash flow approach, and the development stage approach
Entrepreneurs fully develop their ideas, do a lot of research, and have a complete business plan before taking action.
Entrepreneurs will have multiple rough drafts to their business plans that will change with trial and error. They will go out and talk to people to see if their business idea could be successful. The average entrepreneur changes business models six times prior to launch.
Coming up with an idea comes from yourself and is your responsibility as an entrepreneur?
What is no, a successful business comes from a team of entrepreneurs that all contribute to execute your goals at a high level.
At their early stages, FaceBook, Twitter, and Skype were what type of startup?
What is scalable startup
What is the age limit to become an entrepreneur?
What is none