Startup Terms
What is seed stage?
The stage where you are gather financial support and test prototype.
What are 5 requirements of a small business?
Structure of the business, creative business title, tax ID number, licenses/permits and insurance
This famous startup entrepreneur is known for founding Apple
Steve Jobs
personality traits you need to be a successful Enrtrepreneur?
passion, drive, risktaker
Why is innovation an important element of entrepreneurship?
It allows three important things which are adaptability, growth within yourself and it separates you from the competition.
What is a startup growth plan?
A strategy that involves building an in-depth plan on how to develop your startup.
What is a small business Insurance?
Helps protect your people, property, income and reputation from the unexpected.
This famous entrepreneur is a co-founder of the software company Oracle
Larry Ellison
on average how much money does it take to start a company?
Who are some well know Innovative Entrepreneur?
Sean Leary (CEO of Sports Thread), Randi Shinder (SBLA Beauty) and Adam Jablin (The Hero Project).
What is a short-term program that provides small businesses with guidance, coaching, and resources to help them grow?
Accelerator
How would tariffs affect my small business?
They will increase the cost of goods, a price increase for the customer, disrupt the supply chain and issues with exporting goods.
Who is the most well known entrepreneur in the world?
Steve Jobs
How do you register your business name?
Register local or state government.
How to be an Innovative Entrepreneur?
You must be a curios learner as well someone who has a drive to read and find new facts about topics
What is analyzing the competition?
A strategy that involves researching competitors.
How to obtain a tax id number for a small business?
Fill out the USA LLC (Limited Liability Company) application.
This famous entrepreneur founded the Virgin Group, a British multinational venture capital conglomerate of over 400 companies.
Richard Branson
how many entrepreneur are actually successful (percent)?
about 20%
How does Innovative Entrepreneurship increase profitability?
Lead to cost savings, improved productivity, and ultimately increased profitability.
What about is a startup is worth after receiving first round funding from outside investments?
Post-Money Valuation
What are best states statically to start a small business in?
Delaware (no sales tax), Wyoming (no corporate income tax), California (LLC fee $70), Texas (no individual income tax) and North Carolina (no Gross receipts tax).
This famous entrepreneur is known for her philanthropic efforts as well as her billionaire husband, who founded the massive tech company Microsoft.
Melinda Gates
what do most Entrepreneurs consider their main drive?
How does Innovative Entrepreneurship provide economic growth?
By creating jobs, fostering competitiveness, and contributing to productivity, entrepreneurs play a vital role in economic development.