Entrepreneur Traits
People who start and run their own businesses are called what?
Entrepreneurs
The Lean Startup method focuses on building businesses quickly while using what type of feedback?
Customer feedback
A basic early version of a product used for testing ideas is called what?
Prototype
A business owned and operated by one person is called what?
Sole proprietorship
Money invested in exchange for ownership in a company is called what type of funding?
Equity
This trait helps entrepreneurs continue even after failures or setbacks.
Persistence, Endurance, Tenacity,
In Lean Startup thinking, businesses should identify customer problems or what?
Customer pains
The simplest working version of a product that allows testing with customers is called what?
Minimum Viable Product (MVP)
A business owned by two or more people sharing profits and responsibilities is called what?
Partnership
Borrowed money that must be repaid with interest is called what?
Debt financing
Entrepreneurs must often make decisions despite uncertainty. What skill is this called?
Risk-taking
What process involves researching customers through surveys, interviews, or observation?
Customer discovery
The stages a product goes through from introduction to decline is called the what?
Product Life Cycle
Which business structure provides owners with limited liability protection?
Corporation or LLC
Online platforms where many people contribute small amounts of money to fund a project is called what?
Crowdfunding
An entrepreneur’s ability to come up with new ideas or solutions is called what?
Creativity or Innovation
A short description explaining why customers should buy a product is called what?
Value proposition
The process of confirming customers actually want your product is called what?
Customer validation
This type of corporation avoids double taxation by passing profits to shareholders.
S Corporation
When a company sells shares of stock to the public for the first time it is called what?
Initial Public Offering (IPO)
What tool measures whether someone has personality traits commonly found in entrepreneurs?
Entrepreneurship assessment
The Lean Startup model encourages entrepreneurs to build, measure, and then do what?
Learn
Gathering feedback from users and adjusting the product based on that feedback is called what process?
Product iteration or refinement
This business structure combines limited liability with flexible taxation options.
Limited Liability Company (LLC)
When employees purchase ownership of the company from the owner it is called what?
Employee Stock Ownership Plan (ESOP)