Business: Entrepreneurship Basics
Starting a business — business plans, funding, lean startup, and growth strategies.
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What is the primary purpose of an Executive Summary in a business plan?
It provides a concise overview of the entire business plan, highlighting the mission statement, product/service, and key financial goals to grab the reader's interest.
What is a Sole Proprietorship?
A business owned and operated by a single individual who has total control but also faces unlimited personal liability for business debts.
What does the term 'bootstrapping' refer to in entrepreneurship?
Starting and growing a company using only personal savings and initial revenue without seeking external investment or venture capital.
What is a Minimum Viable Product (MVP)?
A version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort and development time.
How does a subscription revenue model work?
Customers pay a recurring fee at regular intervals (monthly or annually) to maintain access to a product or service.
What is 'churn rate'?
The percentage of customers who stop using a service or cancel their subscription during a specific time period.
What is the main difference between an Angel Investor and a Venture Capitalist?
Angel investors are typically wealthy individuals investing their own money in early-stage startups, while Venture Capitalists are professional firms investing pooled money from others into later-stage companies.
What are the two main benefits of forming a Limited Liability Company (LLC)?
It protects the owners' personal assets from business liabilities and offers 'pass-through' taxation, avoiding the double taxation of corporations.
Describe the 'Build-Measure-Learn' feedback loop in Lean Startup methodology.
A process of turning ideas into products (Build), measuring how customers respond (Measure), and deciding whether to pivot or persevere (Learn).
How is Customer Acquisition Cost (CAC) calculated?
By dividing the total marketing and sales expenses by the number of new customers acquired during a specific time period.
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This deck contains 20 flashcards with a mix of difficulty levels: 6 easy, 10 medium, and 4 hard cards.
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