Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
45 Cards in this Set
- Front
- Back
|
Entrepreneurship |
-A Process that CAN be learned
|
|
|
Entrepreneur Startups
|
Mostly funded with personal money
|
|
|
Critical Components for a Successful New Business
|
-Opportunity -Management Team -Resources Available |
|
|
Most Entrepreneurial Ideas Stem From
|
Working in A Particular Industry
|
|
|
Component of the Business Model Canvas Describes your proposed solution?
|
Value Propisition
|
|
|
Business Model Canvas
|
Fluid Document. Meant to be iterated on
|
|
|
Percentages of Business that will fail in year 3
|
35%
|
|
|
"For whom are you creating value?"
|
Is in the Customer Segment in Business Model Canvas
|
|
|
Startup Marketing Strategy
|
Get a Specific Consumer Base
|
|
|
Hard Assets: Such as specialized equipment
|
Is in the Key Resources component of Business model canvas
|
|
|
Understanding human behavior is essential to creating a solution that is _________.
|
Desirable
|
|
|
Design
|
Applies to More than physical characteristics of product in Design Thinking Methodology
|
|
|
AEIOU Framework Observation
|
-Activities -Enviornment -Interaction -Objectcs -Users |
|
|
Ideation Phase of Design Framework
|
|
|
|
Insight (Design Thinking Methodology)
|
Gap between the way something is now and the way it should be
|
|
|
Design Thinking Methodology
|
-Inspiration -Ideation -Implementation |
|
|
Brainstorming
|
Important to remember quantity over quality
|
|
|
MVP
|
Minimally Viable Product
|
|
|
Lean Startup Methodology
|
develop the product while consumers test it (selenas definition) |
|
|
Iteration Phase (Lean Start Up Process)
|
|
|
|
Trend
|
change in general direction in which we live
|
|
|
Convergence
|
The ability to link seemingly unrelated ideas, concepts and technologies, into a new solution
|
|
|
"First Mover Advantage"
|
|
|
|
Global Connectedness
|
1990's and early 2000's greatest influencer on innovation
|
|
|
Business Plan
|
First and foremost should be written for yourself
|
|
|
What a company's strategy must be to compete:
|
-Faster -Cheaper -Better |
|
|
Business Growth Drivers
|
-Product Mix Expansion -Franchising -Geographic Expasion |
|
|
Sound Business Strategy
|
Fully understanding your revenue and cost drivers
|
|
|
COGS
|
Cost of Goods Sold -can be influenced
|
|
|
Types of Basic Financial Statements
|
-Balance Sheet -Income Statements -Statements of Cash Flows |
|
|
Income Statement
|
Net Income = Revenue - Expenses -Company can still show profit on statement but still go out of business due to lack of capital |
|
|
Statement of Cash Flows
|
|
|
|
Balance Sheet
|
Assets = Liabilities + Share Holders Equity
|
|
|
Basic Mistakes Made During Building Financial Projections
|
-Under Estimating Cost -Lack of Comparables -Underestimating Time to generate sales |
|
|
Seasonality
|
Changes in customer buying behavior throughout the year
|
|
|
Scenario Analysis
|
Running proforma statements using inputs and assumptions of competitors or inputs from unexpected changes in market place
|
|
|
Porforma Statements
|
Helps Entrepreneurs Set metrics and goals prior to launch
|
|
|
Gross Profit Margin
|
|
|
|
Types of Financing Captial
|
Debt and Equity
|
|
|
In most debt financing structurese
|
-No Ownership -Secured by assets of company -1st in line to assets of the company if it fails |
|
|
Equity Capital
|
|
|
|
Dilution
|
|
|
|
Traditional Debt Capital Instruments
|
- SBA Bank Loan -Personal Credit Card -Loan From A Family Member |
|
|
Viable exit strategies
|
-Stock Buy Back' -Sale of the Company -Initial Public Offering (IPO) |
|
|
Positive Coverable Debt Instruments
|
-Does Not Require Firm Company Valuation -Investor Protection Through Collateralized Assets - Speed: They don't require a lot of legal work. |
