Types of Business Ownership
A business owner by 1 person
Sole Proprietorship
Highest ranked employee in the company.
CEO
A document that is approximately 2 pages and gives you an overview of the business
Executive Summary
The stage where the business is up and running.
Existence
A small business owner and an entrepreneur are the same.
A business that supports a certain cause, is not owned by anyone, and does not pay taxes.
Non-Profit
This position is in charge of the company's finances.
CFO
A slide presentation used to attract investors.
Pitch Deck
The stage where the owner decides to stay with the current strategy or change to something else
Pivot or Persist
This type of business structure is ideal for a single business owner desiring low risk. Owners are not personally responsible for the company's debt.
LLC
A business that has a higher upfront cost because its brand is well recognized.
Franchise
This position oversees the day-to-day operations of the company.
COO
Shorter alternative to a business plan.
Lean Canvas
The stage where the business is economically healthy and the owner can pass duties on to others.
Success
The only position in the company that is not interchangeable.
Founder
A business that is double taxed.
C Corporation
Those who own shares of stock in a company.
Stockholders
An overview of employee that outlines their positions
Organizational structure
The stage where the business can separate financially and operationally
Resource Maturity
Pay based on a % of the selling price
Commission
A business that has a special tax advantage that allows profits to be taxed through its shareholders. The business itself does NOT pay taxes.
S-Corporation
Those who have an interest in the company. Examples: Employees, Vendors, Customers, Shareholders, etc.
Stakeholders
Empathize, Define, Ideate, Prototype, Test
Stages in the Design Thinking Process
The stage where the business begins to take on new customers and earn a consistent income.
Survival
Pay that is based on the number of items you complete
Piece Work