Vocabulary
The potential for financial loss or other negative outcomes in a business venture is known as
risk
in this stage, income and customer's begin to grow
success stage
creates the company
founder
Muffins
product
no ownership; no us taxes
non-profit corporation
This is what entrepreneurs get in exchange for starting a business; this could be money, personal satisfaction, independence, or positive impact on the economy/community.
reward
in this stage the owner can separate financially and operationally from a business
resource maturity
oversees company's finances
CFO
a/c repairs
service
best for international businesses
c corporation
The ability to understand and share the feelings of others, particularly in a business context, is known as
Empathy
An owner decides if they will continue to grow the business into a large company or pivot to a new project
pivot or persist
reports to the board of directors
CEO
Jewlery
product
easy to create but with limited liability
sole proprietorship
involves creating new products, services, or processes that add value to a business or market.
innovation
An owner decides whether to continue growing the business or to sell the business.
take-off stage
oversees daily operational and administrative functions
COO
piano lessons
service
lower tax rate
s corporation
is an innovation, service, or feature intended to make a company or product more attractive to consumers.
Value proposition
List the correct order of the business life cycle stages
Existence, Survival, Success, Take-Off Resource Maturity, Pivot or Persist and Exit Plan
has a personal stake in the success of the company
stakeholder
couch
product
idea for single owner seeking low risk
LLC