Entrepreneurship & Start-Up Acronyms/Glossary

Accelerator – Entrepreneurial programs which have a set timeframe (typically 3 months) where start-ups (typically) receive investment and work with a group of mentors to build out their business and increase their growth.  Examples are Y-Combinator and Techstars.

B2B (Business-to-Business) – A business model where companies sell to other companies

B2C (Business-to-Consumer) – A business model where companies sell to consumers

CPA (Cost Per Acquisition) – How much it costs you to “acquire” a customer due to advertising spend

CRM (Customer Relationship Management) – Generally used to describe software that manages contact and relationships with customers

E-Commerce – The buying and selling of goods and services through online retail channels, such as online stores (Amazon.co.uk), online marketplaces (Etsy), etc

FinTech – Short for Financial Technology.  A disruptive sector (huge in London) making financial services more efficient

Growth Hacking – The use of a combination of unconventional techniques and an understanding of human behaviour in order to acquire your first customers without resorting to conventional (paid/conventional PR) techniques

LTV (Customer Life Time Value) – The estimated amount a customer will spend with you over their lifetime

MVP (Minimum Viable Product) – The most basic product you can deliver to test demand and functionality (e.g., Viator manually uploaded events to their mobile app to being with as they didn’t have a back end)

NEF (New Entrepreneurs Foundation) – Training scheme for aspiring entrepreneurs and business leaders comprising of speaker & networking events, training, executive coaching, business mentoring and an optional work placement

NEFer – Someone who is on/has finished the NEF programme

PPC (Pay-Per-Click) – Clickable online advertising where you can be charged per click, such as Google AdWords, Bing Ads, Facebook Ads, Instagram Ads, Twitter Ads (try and avoid clicking on these unless you are genuinely interested in buying/hearing more because small businesses typically end up having to pay more to Google/FB, etc)

SEO (Search Engine Optimisation) – Optimising your website structure and content to rank higher on search engine pages

 

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