Chapter 7 Flashcards
What is a pitch?
it is a formal presentation to ask for something.
What is a vision statement?
broader purpose of what the entrepreneur sees the venture growing into.
What is a mission statement?
what an organization is and what it wants to become in the future.
What is a value propostition?
what the organization does that customers will pay for.
What is a goal?
organizations should have goals for their products and services to remain relevant.
What are the different SMART goals?
Specific, Measurable, Achievable, Relevant, and Timely.
What are the different ways to tell your entrepreneurial story?
Fairytale format, and Corporate narrative.
What is the fairytale format?
piecing together different aspects of entrepreneurial venture.
What is the Corporate narrative format?
based on how a successful company grew from something small.
What are the advantages and disadvantages of the storytelling format?
when the pitch is relatable it helps others make sense of the venture, and value is made known to loyal customers so they can relate.
(FOMO) clouds people’s judgment, and personal narratives distracts away from market or product challenges.
What is a pitch deck?
a slide presentation that gives a quick overview of your product and what you are asking for.
What is a elevator pitch?
a shortened pitch which is memorized that can get you into the door to put your full pitch on display.
What is an (NDA) non disclosure agreement?
it is a penalty if the partner disclose any information about the venture.
What is a noncompete agreement?
employees aren’t able to work with rival firms.
What is work-for-hire agreement?
between an employee and company which states that an innovation belongs to the company.
