The Startup Process
This goes into your business plan
All of the information to help you start the business and plan what the business will look like, own, do, and how it will function
Who were the two founders of the startup clothing company at Miami University?
Hannah Gialamas and Sarah Eichelman
Company in the early or growth stages of operation.
startup
While comic books were on the decline this company needed to come up with a new idea to help save their company from failing, so they turned to the movie industry
Marvel
Does your first idea have to be a brand new one?
False, it just has to be better than the competition
Is starting a business in the same area as a competitor but doing the service better a viable option for entrepreneurs?
Yes, many successful businesses have been started by someone who gets mad at a competitor and wants to be better than them or by an employee who saw that the place they used to be working at wasn’t doing or selling quality work and thought they could do better.
Who is the founder of Blush and Bubbly in Cincinnati?
Kate Stefani
An organization or program that offers advice, mentorship and resources to help small businesses grow
Accelerator
With the leader moving on from the company and stepping down, this major clothing and sports brand turned to athletic endorsements, and changing its company from a corporation to public saved it from going out of business in 1993.
Adidas
If the beginning product is good does that automatically mean customers will buy it?
False, you have to spend time on marketing
Most Startups are related to this thing
technology and are online based
Who started the store Leeli & Lou that takes place in Cincinnati and Oxford?
Elizabeth Lance
A short version of a business plan which presents key figures to potential investors in hopes of winning them over
Pitch deck
After being named one of the worst NASDAQ performers in history having a 42 point slide this company turned to new training of espresso making and customer satisfaction and immediately saw a great turnaround
Starbucks
A small space to start the business is okay
True, you don’t need anything fancy
What is the most common path to starting a startup?
The most common path to starting a startup is working for someone else in a closely related field and either deciding to go out on your own and do what you did at your job by yourself or coming up with an idea while working and deciding to put it to work.
Who started their own company off of Instagram?
Marissa Bruno
A way to transition the ownership of your company to another company and pay back your investors
Exit
After being around since the early 1900s this company had to file for bankruptcy in 2001 but soon was bought out by its top competitor and got a whole new rebranding and look causing it to shoot up in sales right away
Converse
Can you just make prices lower than the competition and be successful?
False, it would mean you would lose money. It is not a sustainable business practice
These are common difficulties startups face
sourcing capital, finding customers, dealing with competition, inexperience, unexpected challenges
Who started the skincare company Summer Fridays?
Marianna Hewitt and Lauren Gore
A method used to validate a business concept quickly and cheaply when founding a new company or introducing a new product
Lean startup
After 4 people died and a severe outbreak of E. coli this company turned to heavy investments into marketing and rebranding to help save them from imminent bankruptcy
Jack in the Box
There is a chance you don’t make it even if you have a good idea
True