Vocabulary
Pivot
When a startup is ‘Pivoting’ it means that they may be using the established tech for an entirely new purpose. Changing directions of the company entirely or it can also mean doing business in a different market segment.
The risk that legislative and policy changes will result in higher costs to the startup.
The new startups should analyze and learn about all the risk factors before starting their own company. The startup should be very aware of every kind of risk which can come in its way. If we don't analyze, even a minor risk can take the startup down.
Which entrepreneur has a building names after him in New York City
John D. Rockefeller
What famous startup was originally known as Auction Web
Ebay
How many small business are in american?
28 million
Market Penetration
Market Penetration simply means what is the percentage of the potential market you are hoping or have captured. The VCs would also want to know how fast you can capture it.
The service life of a product or service in the market is shorter than originally anticipated or predicted, and there is a risk that the competitiveness of the product will decline and be eliminated quickly.
1. Understand What Quality Is.
2. Build a Solid Product Strategy
3.Implement a Quality Management System (QMS)
4.Make Quality a Part of Your Company Culture
5. Perform Product and Market Testing
Who is working to revolutionize transportation both on Earth and space
Elon Musk
What famous startup was originally known as Burbn
How many employees does a small business have?
500 employees.
Return On Investment
It’s what investors expect to get for what they put in. It can also mean your returns over a particular marketing campaign.
The risk that the actual market’s demand for the product or service will not yield the projected sales volumes.
Acquire a position in better forecasting tools to accurately predict demand and follow a proper risk management process to reduce the impact of demand risk. It also requires reviewing historical demand trends and keeping an eye fixed out for potential economic changes within the future that would impact demand.
What entrepreneur designed a race car called Sweepstakes?
Henry Ford
What famous startup was originally known as Speedee Service System
McDonalds
How many new business are stated each month
About 543,000
Boot Strap
Ever heard the phrase pulling oneself up by one’s bootstraps? Well, this term has evolved from it and it means to self-fund using personal resources, like friends and family, to get cash going.
The risk that development of the product or service is not completed on time, within budget or to defined specifications.
1. Formulate faster and more precise strategic needs and accurate and scientific estimates.
2. make sure a project sponsor or other appointed business representative participates during the development phase.
4. Management and resource supply should be fast.
5. Resilience to plan changes and risk control.
Who began working on their starting product with an old friend from high school named Stephen Wozniakz
Steve Jobs
What famous startup was originally known as Blue Ribbon Sport
Nike
What is startup entrepreneurship?
Transformation of an idea into commercial oppurtunity.
Angel Investment
This type of investment typically happens when a startup is in its early stages; it’s when an investor, or a “business angel,” provides startups with initial or growth capital for a stake in the company. Having invested in big names like Google and Uber, CEO of Amazon Jeff Bezos is one of the world’s most well known angel investors.
How to maintain the company if it encounters unpredictable social risks such as a pandemic?
They must decide with speed over precision, adapt to changing circumstances boldly, reliably deliver despite environmental factors, and engage deeply with their teams. Evaluate how roles will change in the postcrisis world and consider whether your key leaders are positioned for success.
What entrepreneur's first job was Jcpenney
Sam Walton
What famous startup product was originally known as caster board
What are three ways you can brand yourself?
Social media, website, logo