The Business Basics
How old do you have to be to become an entrepreneur?
There is no age restriction or limit
What does the term Buyable Startup mean?
Buyable Startups are small teams that build a business from nothing and sell it to a bigger player in their industry.
What percentage of startups fail?
90%
What is a startup accelerator?
What is a hub where startups are given mentorship, space to work on their ideas and sometimes seed capital?
What is a Small businesses entrepreneurship?
A business that has been created by one person, without the goal to expand or franchise.
When do Startup Entrepreneurship businesses test ideas?
Before spending the money to develop the entire product
What industry are Buyable Startups associated with?
Buyable Startups are associated with Software and Tech.
What percentage of startups fail because they do not cater to customers’ needs?
14%
What is crowdfunding?
What is raising money in small amounts from many different people, usually over the internet?
What is a Scalable startup entrepreneurship?
Focusing on how to create a business model that is both repeatable and scalable
What are some challenges of corporate entrepreneurship?
Stick to habits, don’t take risks, have a lot of human resources which can result in conflict, etc.
Can Buyable Startups get bought out?
Buyable Startups can be bought out and they don’t necessarily need to be profitable in order to be bought out.
What percentage of startups actually become profitable?
40%
What does it mean to iterate?
What is to “try something, refine it, try again and keep trying using small steps until successful”
What is an Intrapreneurship
Self-motivated, and action-oriented employee who thinks out of the box and works as an entrepreneur within a company
What potential barriers/setbacks can a start-up entrepreneur may face
Not getting investments, time restraints, it can be hard fitting into the marketplace, etc.
What Industry are Buyable Startups normally found in?
App Development Industry
How long does the average startup last?
Two to Five Years
What does it mean for a startup to ‘exit’?
What is, when they either merge with another company, are acquired by a large corporation, or release an Initial Public Offering (IPO)?
What are some examples of Large Company entrepreneurships?
Disney, Google Toyota, and Microsoft
In order for a startup business to attract the ideal customers for their product they must establish their:
Target Market
What is the goal of a Buyable Startup?
The goal is to create a business that can be sold to a larger enterprise.
What is the #1 cause for the failure of a startup?
Lack of market need
What is bootstrapping?
What is when a startup is self-funded by its own founders?
What is a Social entrepreneurship
They are innovators whose main goal is to create products and services that both benefit the world, and make money.