Necessities for a successful startup
What is the first step to creating a successful startup?
Failure
What startup began with three men renting mattresses and turned into a billion dollar company?
AirBnB
How do you determine a target audience?
Conducting market research
Can taking risks be a good thing?
Yes
What is the most common form of funding?
Loans
A product, organizational culture, market strategy
What startup started as a DVD rental business and transformed into a large streaming service?
Netflix
How to choose participants for product testing?
Relevance, representativeness, availability, diversity
Elon Musk
Why do people choose to self-fund?
Gives the entrepreneur more control
Why is time crucial to startups?
Optimization of time helps them achieve more in less time
What music app was created as a startup that used technology to find users new music based on personal preferences?
Pandora
How can startup entrepreneurs test the success of product?
User satistfaction, usage rate, user engagement
What are the three types of risk takers in a business?
Aggressive, moderate, conservative
What technology company has a program that helps startup entrepreneurs get connected to the right people to make their startup successful?
Why is having a great team important?
Helps execute the entrepreneur's vision
What game had countless failed attempts and took 8 years to make?
Angry Birds
How would we ethically test a product on an animal?
Comply with laws, use appropriate species, provide proper care, monitor animal welfare
What is the rule of risk management?
If uncertainties are high, keep the amount at stake low and as uncertainties decreases, the amount at stake can increase.
Family & friends, savings, crowd funding
What should startups prioritize to succeed?
Results and customer satisifaction
Platform that was developed in just 8 weeks
What are 6 common ways entrepreneurs test their products?
Customer surveys, focus groups, prototyping, alpha/beta tests, landing page testing, user testing
What startup had direct competition with Steve Jobs and his iCloud service?
DropBox
What % of startups are self-funded?
78%