Key Terms
Lean startup
Methodology for continuous product testing and real-time customer feedback; replaces long development cycles.
LEARN
Assess progress objectively. Make changes.
MVP
The earliest prototype of a product; just enough to elicit useful feedback without heavy investment. Can be sketches, vi
Early adopters
First users of a new product; tolerant of imperfections; valuable for initial feedback.
Iterations
Small changes to a product version to better fit customer needs.
Traditional pitch
Presents full product details and launch plans; asks for money before testing assumptions.
Lean pitch
Investment or partnership pitch built around build-measure- learn data; customer feedback; and validated assumptions.
Pivot
A crucial, often difficult change to test a new hypothesis about the product, growth model, or business strategy. Done w
Runway analogy
Cash in the bank divided by monthly burn rate = months of runway left. Example: $550,000 / $50,000 per month = 11 months
Business failure
Ending a business due to unmet goals; revenue shortfalls; or missed investor expectations.
Two coping strategies
1. Modify your targets: set learning goals instead of only revenue targets.
Most cons have solutions
Planning, mentorship, and realistic goal- setting reduce many of them.
Resources
Women's Business Center (SBA), National Association for Women Owners, Female Entrepreneur Association, Ladies Who Launch
Common challenges across groups
Limited credit history, small business networks, less business education, limited mentorship, lower capital access.
Key resources
Hispanic, Black, and Asian American Chambers of Commerce; Minority Business Development Agency (MBDA); Small Business Ad