6 words every entrepreneur needs to know
Might be fun, but probably not.
Thinking of being an entrepreneur? Well, these are 6 words that you definitely need to know so that you don’t look clueless in networking events.
1. Unicorn
What you want to be in 5 years! A unicorn is basically a startup valued at over a billion dollars. Last I checked, 174 startups made the cut.
2. MVP
MVP or the Minimum Viable Product is a product that only has the basic features so that you can test its traction with your first users.
3. BMC
Another acronym, the Business Model Canvas (BMC) is a guideline/template of your business and what it offers to your customers. Confused about how to make one? The Startup Buddy can help with that!
4. Churn
You want a low number for this! Churn is the percentage of customers that cancel your service. A really low number!
5. CAP table
Probably the most important table you’ll ever make when you are out trying to get an investment. A CAP table has analysis on stockholders’ ownership, dilution and option pool.
6. Bootstrapping
Self-funding is the best funding? Probably not… But many startups start out by bootstrapping in the initial stages!
Adapted from: Abdo Riani
The Startup Buddy is Singapore’s founder friendly Startup builder. We provide step-by-step guidance, resources and pitch optimisation in your Startup journey! Find out more at The Startup Buddy!
