Myths or Facts on Startup Entrepreneurship
This is the amount of startups that fail each year.
What is “8 out of 10?”
This term describes a company in its early stages, entrepreneurs created this to offer a product or service people need.
What is “a startup?”
What is the rule of 40 in startups?
Revenue growth + profit margin = 40% or higher
Who said product-market fit is being in a good market with the right product?
Marc Andreessen
Who coined the term entrepreneur?
Who is "Jean-Baptiste Say?"
Entrepreneurs hear this advice a lot, instead of waiting for the perfect time, just get started.
What is “Don’t wait for the right moment?”
Before “getting off the ground” they usually use their own money to try and get this type of funding from others.
What is “venture capital?”
What is a SAFE?
Simple agreement for future equity
What does MVP stand for?
Minimum viable product
Who is known as the “Father of the Industrial Revolution” through the creation of the spinning machine?
Who is Richard Arkwright?
Believing this myth can cause burnout in new entrepreneurs because they think the non-stop hustle is the way to success
What is “a startup should take up all your time?”
When starting a business, founders need to consider this and where they’ll operate their company.
What is “the legal structure?”
What do TAM, SAM, and SOM measure?
Market size at different levels for example total, serviceable, and obtainable.
What book teaches you to ask better interview questions?
The mom test
Who revolutionized manufacturing through the creation of the assembly line?
Who is Henry Ford?
Entrepreneurs waste months trying to develop this certain plan when a simple one-pager might just do the trick.
What is a “detailed business plan?”
Choosing this can make or break a business, and startups must decide to operate online, in-store, or through pop-ups.
What is “business location?”
What is a convertible note?
A loan that converts to equity with interest
What is the business model canvas?
A visual tool for planning startups
This company was founded in 1971, introducing the world’s first commercially made programmable microprocessor that sparked the era of personal computing.
What is Intel?
Despite the stories you hear, companies like Starbucks, Airbnb, and Walmart grew slowly over the years, proving that “quick success” is just a fantasy.
What is “the myth of overnight success?”
This type of legal structure is best for a founder who is the key employee of their company.
What is “sole proprietorship?”
What is burn rate?
How fast a startup spends cash.
What is the number one reason startups fail?
No market needed
This startup was founded in 2008 and is a community-based online platform for listing and renting local homes
What is Airbnb?