Pivot
Definition
A fundamental change in your business strategy while keeping one foot planted. Pivots happen when you learn your original idea isn't working, but you spot a better opportunity nearby.
Related terms in Fundamentals
All 100 terms →Startup
A young company designed to grow fast and solve a problem in a new or innovative way. Unlike traditional small businesses, startups aim for rapid scale and often seek outside investment.
Founder
The person (or people) who start a company. Founders typically set the vision, build the initial team, and take on significant risk in exchange for equity ownership.
Co-founder
A partner who shares founding responsibilities. Co-founders often bring complementary skills—one might be technical while another handles business development.
MVP (Minimum Viable Product)
The simplest version of your product that still delivers value to early users. An MVP lets you test your core idea quickly without building everything first.
Product-Market Fit
The magical moment when customers love your product so much that growth becomes organic. You'll know you have it when customers actively recommend you and retention is strong.