Bus 1440 Final

Net Income

(Total revenue + gains) - (Total expenses + loses)

General Partnership

A business owned by two or more people who share responsibilities and profits

Semi Structured Data

A mix of structured and unstructured data. It includes parts that can be easily organized but also has data that is hard for a machine to sort out.

Budget

A plan for making and spending money

Limited Memory

AI systems that can use past experiences to inform decisions

Self Awareness AI

An AI that has its own conscience, super intelligent, self awareness and sentient. A complete human being

Investors

An investor is a person who has control over some pool of assets, and who invests money into a project in exchange for shares

Retargeting

Contacting existing or potential customers after they have already had an interaction with your brand

Variety

Data comes in all types of formats

Velocity

Data streams into businesses at an unprecedented speed and must be handled in a timely manner

Structured Data

Easy to store and analyze, can be created by machine or humans

The breakeven formula

Fixed Costs / (Unit Selling Price - Variable Costs)

Mixed reality

Mix of AR and VR. Overlays synthetic content into a real environment and like VR this content is interactive and you can manipulate digital objects in their physical space

Unstructured Data

More difficult to analyze and search for. People used to disregard this data until AI was able to make it easier to process

Search Engine Optimization (SEO)

Optimizing your content by making it more visible to search engines

3 P's added in Marketing Mix

People, process, physical evidence

4 P's of Marketing

Product, Price, Place, Promotion

Augmented Reality

Relies on a device to overlay digital graphics into the real world

Unit contribution margin

Sales price - variable costs

Series A round

Series A funding is usually the first funding round you come from outside investors. Generating revenue but not profitable

Theory of Mind

This type of AI can understand people's emotions, beliefs, thoughts, and expectations and be able to interact socially

Five V's of Big Data

Volume, Velocity, Variety, Veracity, Variability

Product

What your business provides to the larger audience

Seven Components of a good budget

Your estimated revenue Your fixed costs Your variable costs Your one off costs Your cash flow (money traveling into and out of a business) Your profit (what you take home after deducting expenses from your revenue)

Co-op

a business owned and operated for the benefit of the members of the organization that use its services

Distributed Ledger Technology (DLT)

a database that is decentralized. In this tech every node will maintain the ledger and if any data changes happen the ledger will get updated

Laminated Object Manufacturing

a laser/knife is used to cut slices of the 3D model out of sheets of material

Strategy

a method or plan chose to bring about a desired future like achievement of a goal or solution to a problem

Limited Liability company (LLC)

a mixture of a partnership and a corp, designed to make it easier to start small businesses. Popular for startups

Corporation

a type of fully independent business with shareholders

Cryptocurrency

a typically decentralized digital money designed to be used over the internet

Narrow AI

also known as weak AI is the AI we have in our world today such as Siri and Alexa, not conscious

Reactive Machines

basic form of AI, cannot use past info for future actions

Government grants or loans

because new businesses are a large source of economic growth governments have it in their best interest to support individuals looking to start a business

Division of labor

breaking down production into small interconnected tasks and then allocating these tasks to different workers based on their sustainability to undertake the task efficiently

Limited partnership

business partnership usually between business operators and investors

Level 5 autonomous vehicles

can operate entirely on their own without any driver presence

Specialization

comes from division of labor. Each worker is given a specialist role which makes everything more efficient

Corporate partners

corporations are looking to transform and innovate and partnering with a startup can help them with this

Break Even Analysis

determines when your business will start making a profit

Demographic segmentation

divides a market through variables such as age, gender, education level, family size, occupation, ethnicity, etc

Series B round

either broken even or are close to it, bu they are generating enough revenue that they carry a solid valuation

Psychographic segmentation

focuses on intrinsic traits your customer possesses. Ex: values, personalities, interests, attitudes, conscious motivators, lifestyles, etc

Behavioral segmentation

focuses on specific reactions and the ways customers go through their decision making and buying process

Crowdfunding platforms

getting a large group of people to back your company with relatively small individual contributions

Level 3 autonomous vehicles

handles dynamic driving tasks but might still need intervention

Virtual Reality

headsets to fully immerse users in a computer simulated reality

Price

how much your product or service costs

Series C

investors want to see higher valuation than in series B

Stereolithography

laser is used to solidify liquid resin with ultraviolet light

LIDAR

light detecting and ranging: uses light waves that bounce of surrounding things and makes a 3D image of everything in the surrounding area

Gross Domestic Product (GDP)

measures a national economy's total output in a given period. Seasonally adjusted to to eliminate quarterly variations based on climate or holidays. Tracks the health of a countries economy.

Fused Deposition Modeling

melts down plastic and extruded out the printer head

Level 4 autonomous vehicles

officially driverless in certain environments

Sole proprietorship

owned and operated by a single person

Self funded

pay yourself

Selective laser Sintering

pretty much the same as SLA but this uses powdered material

Business loans

provide you with a sum of money that then has to be repaid to the lender with interest. You don't have to give up equity but that capital that needs to be repaid can get very high

Content marketing

publishing content in different forms to build brand awareness and nurture relationships

Promotion

refers to how you reach your target market with the right message at the right time

Currency

refers to paper money or coins that are in circulation

Process

refers to the flow of how the service is executed

Physical evidence

refers to the space in which a customer experiences your service

Seed funding

seed capital is an outside investment in a startup during the nascent stages in exchange for equity in the company

Marketing

selling at a larger scale

Email Marketing

sending email communications to users who have signed up for them

Friends and family

start seeking funding from you family and friends and branch out from there

Geographic segmentation

targets customers based on a predefined geographic border

Big data

term that describes large, hard to manage volumes of data both structured and unstructured that inundate businesses on a day to day business

Fixed costs

the costs that are the same no matter how many items you sell

Strong AI

the machines that can actually think and perform task like a human being

Veracity

the quality of the data

Extended reality

the term used for VR, AR and MR as well as the future realities tech will bring

Variable costs

these are recurring costs that you must absorb with each unit you sell

Accelerators

they focus on supercharging early stage business growth by providing short programs. Take applications, give out their funding in exchange for equity

Burn rate

total change in cash position over a changed/specified time

Nonprofit organization

type of business that uses its profits for charitable purposes. Tax exempt but most follow rules

Variability

unpredictable, changing often

Volume

uses a wide variety of sources to gather this data

Social Media Marketing

using social media platforms to build relationships with existing customers and reach wider

Place

where and how people buy your product

Possession

who actually runs the company on a day to day basis

Control

who formally governs the company's affairs

Ownership

who legally owns the companies equity