In this post, we will discuss some of the terms that you should know if you are or want to be an entrepreneur.
Table of Contents
Sunset
Relating the phase before sunset with the disappearance of a product. When this “goes out of style” or is replaced with another better or superior product, the previous one tends to disappear after living together for some time.
Brainstorming
It is a group work tool that facilitates new ideas on a specific topic or problem. Brainstorming is a group technique for generating original ideas in a relaxed environment.
Briefing or roadmap
It refers to the path that is going to be taken and the company’s direction. From the beginning, you should keep in mind several points, such as, for example, what are you going to sell, for whom, the competition, the advantages you have compared to other companies, the consumer market, determine your objectives, etc.
Business Angel
The person who lends money to the business venture to recoup his investment in it or have some participation. There are cases in which a successful entrepreneur decides to donate part of his capital to one or more entrepreneurs in exchange for recovering money and earning something else.
Business to Business or B2B
Business model dedicated to dealing between two wholesale companies, in which one sells its product to another and not to the final consumer.
Capital
Money or monetary inheritance that a person can have, either received by himself or outside the company.
Seed capital
The initial financing for the project creation phase, when the company cannot generate profits. Options such as FFF financing or by a business angel are included.
Eat your dog’s food (Not literally wink)
Test a product before it goes on the market, to avoid possible problems already in it, to be able to see if the product completes its purpose. For example, in the case of food, it would have to pass quality controls (tasting, smell, aroma, texture, origin, etc.)
Crowdfunding
It is about making money and moving forward with the new company’s growth through Crowdfunding or Crowdfunding in a selfless way by donors. There are pages dedicated to project Crowdfunding. If you have a good project that may interest many people, do not be afraid to raise money with applicants’ help.
Crowdlending
It is a form of Crowdfunding. It consists of financing by numerous investors rather than by a single or a limited number of investors. It is an innovative model that allows funding by the financial community without resorting to the services of a bank or other traditional financial institution.
Elevator pitch
A project presentation speech, lasting seconds or a few minutes, to potential clients. A good message and a clear idea can get you to sell the project or product.
Empowerment
It consists of giving equal parts authority and responsibility to the workers of a company. It is a process with which the competencies and abilities of the human factor of the company can be maximized.
FFF
“Friends, Family and Fools,” the 3 “efes” that designate the closest source of financing for the company. They are the first three people an entrepreneur turns to when they think about launching a business. The first two efes refer to friends and family who share an emotional and affective bond with the employer. The last efe means “crazy or stupid.” They invest in the project even without previously knowing the entrepreneur.
Personal Branding
Translated as “Personal Brand,” it consists of constructing a visible, solid, and honest personal brand with the values of each one, always promoting the best of the individual. This allows us to tell clients what we can contribute and, in this way, see where the benefit of choosing our company lies.
Startup
It refers to a company that has just been created and that has the potential to increase in a short period. This term towards a company is “temporary,” After a while, the company becomes a sustainable company or bankrupt.
Also Read: Sales Psychology – 6 Marketing Principles To Success
