Blog

Business terms 📔📌2.0

Once you are eager to delve into the business world, you will have to get acquainted with its specific terms and notions. Startups mean their own terminology which you should be aware of in order to do business successfully.

Read the first part here!📌

Venture
An enterprise in which something is risked with an intention to earn. The venture rule is the bigger the risk, the bigger the win. Venture capital is money, technical, or managerial expertise offered by investors to startups they regard promising. A venture capital fund invests in innovative projects, particularly, startups.

Sales funnel/pipeline
A sales pipeline means the stages a consumer goes through to become a customer. A sales pipeline deals with the steps in the sales process, from gaining the lead to closing the sale. The sales funnel — each step that someone has to take in order to become your customer.

At every stage a part of consumers fall away. For instance, the part of the ads targeted audience noticed your offer. Some of them entered the link. Some of them signed up. Some of them bought something on your website.

Gamification
The application of game elements in companies. This includes points, ranks, and local currency. It is commonly used in educational projects. Gamification allows involving and motivating customers to study more effectively.

Hypothesis
This is a basic style of startup life. Entrepreneurs view ideas as hypotheses and look for cheap and quick methods to prove or disprove them. It makes facilitate the process of experimenting or testing and learning from it. A hypothesis enables us to see validating and invalidating things in terms of your business and customers.

Dashboard
This is a tool used to track, analyze, and display key performance indicators, and metrics. You can track daily/monthly/annual income or the number of active customers. Dashboard helps you visualize all the key data in order to better understand and remember them.

Which notion is new for you? Share in the comments! 💬


t.me/ideafactory1/648
#BusinessEducation