Entrepreneurship Lecture Review

Flashcards for New Venture Team, Social Network Theory, Business Models & Canvas, Startup Funding, Lean Startup Concepts, Technology Adoption & Exit, and Intellectual Property

New Venture Team

A group of founders, key employees, and advisors who move a venture from idea to operation.

Key Roles in a New Venture Team

Founders, Board of Directors, Board of Advisors, Lenders, and Investors.

Board of Directors

Oversees the firm, appoints officers, declares dividends, and has legal responsibility.

Board of Advisors

Provides guidance, has no legal responsibility, and enhances credibility.

Strong Ties

Close relationships like friends, coworkers, and family.

Weak Ties

Acquaintance relationships connect you to new information or opportunities.

Business Model

A way a company creates, delivers, and captures value.

Basic Business Formula

Profit = Revenue – Cost.

Startup Funding Sources

Personal savings, friends & family, and angel investors.

Term Sheet

A document that outlines investment terms including ownership equity and milestones.

Pre-money valuation

Company value before outside investment

Post-money valuation

Company value after investment is added

MVP (Minimum Viable Product)

The simplest version of a product to test hypotheses quickly.

Innovation Accounting

A method to track if you're making measurable progress in a startup.

Pivot

A major change in product, strategy, or business model based on learning.

Technology Adoption Cycle Stages

Innovators, Early Adopters, Early Majority, Late Majority, Laggards.

Entrepreneurial Exit Strategies

Acquisition, IPO, family succession, or liquidation.

Patent

Protects inventions or processes.

Trademark

Protects brand names, slogans, and logos.

Copyright

Protects original creative works like writing, music, and art.