The term 'minimum viable product' (MVP) emphasizes that a product must be useful enough to serve a purpose for customers; a product that is completely useless is not viable.

Venture Capitalists (VCs) invest small amounts of money to acquire equity in startups, hoping that a few will grow large enough to cover the losses from unsuccessful investments.

Angel investors are individuals who invest their personal money in early-stage startups, typically writing smaller checks and often engaging in this as a side project rather than a full-time job.

Profitability means making more money than you spend each month, but it's important to consider how profit margins change as a startup grows; a company may not be profitable at first but can become highly profitable at scale.

Burn rate refers to the amount of money a startup spends each month; it's crucial for founders to monitor this to ensure they don't run out of funds, even if they have high revenue.

A seed round is typically the first significant amount of money a startup raises, and it can vary widely in size and structure, often without a lead investor involved.

Product Market Fit (PMF) occurs when a startup has built a product that customers love and are using, shifting the focus from defining customer needs to scaling the business. When you're pre-product market fit, your main focus should be on finding that fit, while post-product market fit, your priority shifts to maintaining and scaling that fit.

Bootstrapping means starting a company without raising venture capital, using personal funds or business revenue instead. This approach gives you complete control over your business.

A convertible note is a financial instrument where an investor provides money to a startup, which is treated as a debt-like instrument with specific terms that need careful review.

A SAFE, or Simple Agreement for Future Equity, is an alternative to a convertible note that allows startups to quickly raise funds without the complexities of a priced round.

Equity represents ownership in a startup, indicating what percentage of the company a founder, employee, or investor owns, and it's crucial to understand whether you're receiving stock options or direct equity.

Total Addressable Market (TAM) is a term used to estimate the maximum revenue opportunity for a product if it were to capture 100% of the market, serving as a thought experiment for market potential.

Valuation refers to the estimated worth of a startup based on the last investment round, but it doesn't guarantee a liquid market like in public companies, making it more of a measure of perceived value.

An IPO, or Initial Public Offering, is when a privately held company sells shares to the public, allowing founders, employees, and investors to realize financial gains and signaling the company's growth and maturity.

Annual Recurring Revenue (ARR) is the revenue a company expects to receive annually from its customers, typically through subscription contracts, and it's important to ensure that this revenue is indeed recurring.