Entrepreneurs
This type of entrepreneur starts a business based on their personal interests, passions, or desired lifestyle.
Lifestyle
This type of business sells products directly to the final consumer.
Retailing
This type of business is owned and operated by one individual.
Sole Proprietorship
This is the first stage of design thinking, when entrepreneurs seek to understand their customers' needs and experiences.
Empathize
A business targets customers based on age, income, gender, and education. What type of segmentation is this?
Demographics
This entrepreneur starts a business to address social problems and make a positive impact on society.
Social
This type of business provides an activity or skill rather than primarily selling a physical product.
Service
What are the TWO types of partnerships?
General & Limited
During this stage, entrepreneurs clearly identify the problem their customers are experiencing.
Define the problem
A clothing brand targets customers who live in New York City and other large urban areas. What type of segmentation is this?
Geographical
An employee develops a new product or idea while working within an existing company
Corporate or Intrapreneur
This business purchases large quantities of products from manufacturers and resells them to retailers.
Wholesalers
This business structure generally protects its owners' personal assets from business debts while offering flexible management.
Limited Liability Company (LLC)
Students brainstorm 20 different solutions to a problem without immediately judging the ideas. Which stage is this?
Ideate
A fitness brand targets people who value wellness, enjoy exercising, and prioritize a healthy lifestyle. What type of segmentation is this?
Psychographics
An entrepreneur starts multiple businesses over the course of their career, often moving on to new ventures.
Serial
Nike designs athletic shoes and has them produced in factories. The production activity represents which type of business?
Manufacturing
This type of business is a separate legal entity, can face double taxation on distributed profits. Can sell stocks
Corporation
A team creates a simple model of an app before spending money to develop the complete version. Which stage is this?
Prototype
Starbucks offers rewards to customers based on how often they purchase drinks. What type of segmentation is being used?
Behavioral
A business owner invents a new type of reusable packaging that reduces waste. Identify TWO types of entrepreneurs this person could be.
Eco & Innovative
A bakery makes its own cupcakes, sells them directly to customers, and supplies 200 cupcakes to a grocery store for resale. Identify THREE business activities involved
Manufacturing
Retailing
Wholesaling
A person pays an initial fee and ongoing royalties to operate a McDonald's restaurant using its brand and business system. What business model is this?
Franchise
What are the 5 steps of Design Thinking?
1. Empathize
2. Define the Problem
3. Ideate
4. Prototype
5. Test
A sneaker company targets 16–24-year-olds who live in cities, value self-expression. Identify the THREE segmentation categories.
Psychographic
Geographic