Start-Up Basics
The highest ranking employee in the company; reports to the board of directors.
Who is the CEO?
A signed contract that outlines employees and employers ___________ and the terms of employment.
What are obligations?
A beginning model of your product.
What is a prototype?
Income from selling goods or services.
What is revenue?
Property created by an individual to be sold or used for a specific purpose and can not be used without permission.
What is intellectual property?
A person who organizes and operates a business, taking on greater than normal financial risks to do so.
What is an entrepreneur?
The simplest business structure, where the owner and the business are the same legal entity.
What is a Sole Proprietorship?
A process used to solve problems by prioritizing the consumer's needs above all else.
What is Design Thinking?
The short, compelling overview of your business plan, often written last.
What is an Executive Summary?
This protects original works of authorship, like music, books, or software.
What is a Copyright?
This type of business sells goods directly to consumers.
What is retail?
This legal structure is owned by shareholders and is considered its own separate legal "person". Great for international businesses.
What is a C Corporation?
This first step in Design Thinking involves understanding your customer's experiences and problems.
What is Empathy?
A visual, one-page business plan that focuses on problems, solutions, and key metrics.
What is a Lean Canvas?
This protects a brand name, logo, or slogan.
What is a Trademark?
The beginning four stages of a business are Existence, Survival, Success, and this "fourth" stage.
What is Take-Off?
A key benefit of this legal structure ensures the owner is not personally responsible for the business's debts.
What is limited liability?
This is a problem or need in the market that a new business can solve.
What is a business opportunity?
This is the formal, detailed document that outlines a business's goals, strategies, and financial projections.
What is a Business Plan?
This grants an inventor the exclusive right to make, use, and sell their invention for a set period.
What is a Patent?
This mindset, identified by NFTE, includes characteristics like "comfort with risk," "initiative," and "flexibility."
What is an entrepreneurial mindset?
This is a major drawback of a C Corporation, where profits are taxed at the business level and again when paid to owners.
What is double taxation?
A type of entrepreneurship that focuses on creating products or services that benefit society.
What is social entrepreneurship?
A brief, visual presentation used to "sell" your business idea to investors.
What is a Pitch Deck?
A formula, process, or other information that a company keeps secret to maintain a competitive advantage (like the Coke formula).
What is a Trade Secret?