Series on Startup Lingo: K,L & M
It’s another Friday. Cheers to a beautiful weekend
Dive in for some more terms you should know as as a startup enthusiast
- Key Metrics
Key metrics are measures of your company’s performance in order to gain insights to help grow the business e.g. sales revenue, retention rate, etc.
- Key Performance Indicator (KPI)
KPIs are targets for your business’s performance. It is a way of measuring a company’s progress towards a goal. KPIs need to be measurable.
A startup’s launch is when it finally brings its product or service to market. It usually means that you are past the initial development - all the troubles of setting up your business. This can also include a soft launch, which is more of a test launch with beta products and services to help gauge interest from potential clients.
- Lean Startup
Lean startup focuses on validated learning through the process of test, adjust, repeat. The goal of a “lean” startup is to build and test products as quickly and inexpensively as possible to improve the product through trial and error rather than building out a fully developed product that might not attract buyers. This will weed out the bad ideas that can fail early in the process, leaving resources for new ones.
Liquidity refers to the ease with which an asset or security can be converted into ready cash without affecting its market price. Cash itself is the most liquid asset that exists. Stocks are also relatively liquid. Assets considered being liquid-poor include houses, cars, and land.
- Loss Leader Pricing
A marketing strategy that involves selling a product below its cost in the hopes of attracting customers or to sell additional products to customers. Companies typically use loss leader pricing when they are entering new markets or attempting to increase market share.
There you have it
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