Series on Startup Lingo: E
…terms you should know
Continuing with our startup terminologies, we are looking at some terms starting with the letter E that you definitely need to know.
Let’s dive in.
- Early Adopters
Early adopters are customers that use your product or service long before the general public. They usually have a high willingness to buy and tend to provide insightful and honest feedback to help you improve the product or service before taking it to the larger target audience.
- Elevator pitch
A brief statement providing an overview of your business.
The target customer, for whom the product or service is ultimately designed for. The goal of a startup is usually for the product or service to be useful to the end user.
Equity represents the value of shares issued by a startup to its respective shareholders. Equity is calculated by taking away a company’s total liabilities from its total assets.
Evangelists are basically ambassadors for your business. You as a the founder should be the number one evangelist, convincing and converting people to believe in and use your products. An evangelist can be a team member, a board member, or anyone else with a purpose in your business.
- Exit Strategy
An exit strategy is a plan to sell off ownership of a company either via mergers, acquisitions or IPO. The exit strategy is usually set up in advance to give the founder/owner a way to reduce or liquidate their stake in the business (generally for profit). It can both be for when to close the business due to poor profitability or when to sell due to reached targets.
There you have it,
6 startup terms starting with the letter E
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