Startups Flashcards
A new business venture
Startup
Startup idea: existing product in a new market
New market idea
Startup idea: new product/ service based heavily upon new teach
New technology
Startup idea: a better way to do something leads to a new product or service
New benefit
Type of startup analysis that focuses on internal, resources, capabilities, and competencies
-Adapts externally
Inside out analysis
Type of startup analysis that focuses on general environment or big picture
-Adapts internally
Outside in analysis
Practice of trying to obtain something that is being sought by others under similar circumstances
Competition
Capabilities that distinguish a business
Core competencies
Benefit perceived by target market
-Better than the competition
Competitive advantage
What are two startup strategies
- Broad based strategy
- Focused strategy
Broad based start up strategy the requires maintaining low cost so that the business competes on low price and still profits
Cost based
Broad based startup strategy the provides a product or service with unique attributes that are valued by customers
Differentiation based
Isolates a business from it’s competition by targeting a specific section of the market
Focused strategy
What are some other formation strategies for startups?
-Pick a business structure
-Register the business (Secretary of State office)
-Business/ occupancy license (state, city, municipality)
-Business name (domain, business, trademark)
What is a fictitious name?
When a business has a name other than the name of the owner
