Business Structures
This is the simplest business structure and is owned and operated by one person.
What is a sole proprietorship?
In this type of distribution, the manufacturer sells a product directly to the customer without an intermediary.
What is direct distribution?
This tool is typically a visual presentation, often created using PowerPoint or Google Slides, to present a business idea to investors or other audiences.
What is a pitch deck
This step focuses on understanding the users, their needs, feelings, and experiences.
What is Empathize?
This person is responsible for starting a business and developing the original business idea.
What is a Founder?
Unlike a sole proprietorship, this business structure generally protects the owner's personal assets from the company's business debts and liabilities.
What is an LLC?
Direct distribution is also known by this term because there are no intermediaries between the manufacturer and the customer.
What is a zero-level channel?
This is a detailed written document that explains a business's goals, strategies, operations, marketing, and financial plans.
What is a business plan?
In this step, designers clearly identify and state the problem they need to solve.
What is Define?
This person owns part of a business and shares in its responsibilities, profits, and losses with other owners.
What is a Partner?
This business structure is legally separate from its owners and can raise money by selling shares of stock.
What is a C corporation?
This type of facility stores products and may handle picking, packing, and shipping orders on behalf of a business.
What is a fulfillment center?
This business tool is typically a one-page visual model that summarizes important parts of a business idea, including its problem, solution, customers, and revenue
What is a lean canvas?
This step involves brainstorming and generating as many possible solutions as possible.
What is Ideate?
This person or organization provides money to a business that must generally be repaid, usually with interest.
What is a Lender?
A business owned by one person who receives all of the profits but is also personally responsible for the business's debts is this type of business.
What is a sole proprietorship?
A business or individual that helps move products from the manufacturer to the final customer is known by this term.
What is a intermediary?
An entrepreneur wants to explain their business idea to potential investors using several short, visual slides instead of a lengthy written document. Which tool would they use?
What is a pitch deck?
In this step, designers create a model or early version of their proposed solution.
What is Prototype?
This person or group has an interest in a business and can be affected by its decisions or success.
What is a Stakeholder?
This business structure combines limited liability protection with a simpler management structure than a traditional corporation and is commonly chosen by small-business owners.
What is an LLC (Limited Liability Company)?
This is the final stage of the production process, where products are sold directly to consumers.
What is a retailer
This section of a business plan provides a brief overview of the entire business, including its purpose, goals, products or services, and key points from the plan.
What is an executive summary?
This step involves putting the prototype in front of users to gather feedback and see what works.
What is Test?
This person is typically the highest-ranking executive responsible for overseeing the company's overall operations and direction.
What is a CEO?