Legal Lingo
What is the legal agreement that outlines terms of employment:
What is an employee contract?
Instead of always having a breakthrough invention, many entrepreneurs improve existing ideas by making them more what?
more accessible or cost-effective
A plan or approach that a company uses to expand its business, increase market share, and boost revenues
What is a growth strategy?
This business model involves creating a product or service and charging customers for it
Product-based business model
The earliest form of startup
What is small businesses
What legal agreement protects employees from sharing proprietary information:
What is an NDA?
Entrepreneurship implies that successful founders always have a strong track record and years of experience in their industry.
Myth
market penetration, market development, product development, and diversification.
What are the main types of growth strategies?
This business model involves charging customers for access to a service or platform
Subscription-based business model
A famous and very influential American polymath created one of the first startups which was a printing company
Who is Benjamin Franklin
Protects intellectual property such as music
What is a copyright?
Most successful entrepreneurs take wild, uncalculated risks when starting their companies
myth
This growth strategy focuses on creating new products for existing markets
What is product development?
This business model involves earning revenue from advertising displayed on a platform
Advertising-based business model
A value did traditional corporate companies lack that most startups had
What is innovation/creativity
A document that ensures that high-ranking employees or founders cannot start a similar business
What is a non-compete?
Entrepreneurs are not always experts in fields like accounting before they start their business
Fact
Strategic partnerships can facilitate growth by combining resources, sharing risks, and accessing new markets. Collaborations might include joint ventures, co-marketing efforts, or alliances with other businesses that complement a company’s offerings.
How can businesses utilize partnerships for growth?
This business model involves creating a marketplace where buyers and sellers can connect
Marketplace business model
A platform that helps different people from different backgrounds all over the world bring attention and publicity to their startups
What is the internet
A legal entity that shields personal assets from business liabilities
What is an LLC?
Rather than having a complete business plan from the start, successful entrepreneurs often begin with what?
an incomplete business plan with many assumptions yet to be proven
Market competition, resource constraints, operational inefficiencies, and the risk of overextending the company’s capabilities.
What challenges might a company face when pursuing growth?
This business model involves charging customers for access to a physical product
Rental-based business model
A term used to describe fast growing companies, started gaining popularity in 1970
what is a start-up