Finance
Own at least one share of the company stock
Stockholder
Easy to create, the owner is responsible for all of the business’s debt
Sole proprietorship
A learning process focused on customers and their needs; user-friendly products
Design thinking
An individual with an innovative product or service. Formulates and grows a business from an idea.
Entrepreneur
In this holiday classic, Ralphie’s dad’s “leg lamp” causes quite a stir.
A Christmas Story
Employees are paid for the hours they worked.
Hourly
This arrangement has an agreed amount that the owners have the license for the operations, products, or services, branding of the company.
Franchise
Analyze observations and information gathered during the empathize
Define
In charge of the company’s finances, cash flow, budget & all it’s financial matters
Chief Financial Officer (CFO)
Originally worn by sailors, these flared jeans became popular on college campuses in the 1960’s and 1970’s (and currently making a bit of a comeback).
Bellbottoms
A non-cash compensation offered to employees in place of cash or a lower salary; include stocks or shares
Equity
Offers shame limited liability as corporation but costs less to create, taxation is paid the owners personal tax rate
LLC
The design team reviews and refines the product.
Test
Employees are paid for the number of units they produce.
Piece of work
In the 1980 Winter Olympics, the U.S. Hockey team defeated this country to win the Gold Medal.
Finland
A fee paid for completing a task. Used in a competitive sales environment.
Commission
For profit corporation that has a special tax advantage that allows the company to pass it income, losses and deduction through the shareholders which results in low taxation.
S corporation
Observe, engage and empathize with customers to understand their experiences, needs and challenges
Empathize
Responsible for the business’s success, major decisions, oversees operations & resources, visions, strategies & mission.
Chief Executive Officer (CEO)
This is the only U.S. state that grows coffee
Hawaii
A fixed payment amount for each pay period, consistent payments
Salary
Ideal for international business, owners don’t have to file US income tax, however profits have double taxation on profits earned & shareholders are taxed on dividends.
C corporation
The design team develops solution ideas to provide customer satisfaction.
Ideate
Overseas the business’s day-to-day operational and administrative functions
Chief Operating Officer (COO)
The third Saturday in May is this American military observance
Armed Forces Day