Legal Structure / Roles & Compensation
This role is responsible for creating the company.
What is the Founder?
This is the first stage of the business life cycle.
What is Existence?
This stage of design thinking focuses on stating the problem clearly.
What is Define?
This one-page document summarizes problems, solutions, and business details.
What is a Lean Canvas?
This protects creative works such as books, music, or art.
What is Copyright?
This business structure provides lower tax rates and avoids double taxation.
What is an S-Corporation?
At this stage, the owner must decide whether to pursue growth into a large business or sell.
What is the Take-off Stage?
This business opportunity requires a fee or royalty to use another company’s brand on clothing.
What is Licensing?
This section of a business plan contains a budget and profit-and-loss projection.
What is the Financial Plan?
This legal agreement is signed by employees to prevent them from sharing trade secrets.
What is a Non-Disclosure Agreement (NDA)?
You invest in a company that is best for international growth but faces double taxation. As an investor, you have voting rights and the CEO reports to you through the board of directors. What type of company and role do you have?
What is a C-Corporation and a Stakeholder/Stockholder?
This process begins with existence and ends with an exit plan. What are the seven stages of the business life cycle, in order?
What are Existence, Survival, Success, Take-off, Resource Maturity, Pivot or Persist, and Exit Plan?
In this type of business opportunity, buyers agree to sell products developed by the seller and follow strict location rules.
What is a Franchise?
This section of the business plan includes roles that may not yet be filled and explains the company’s structure.
What is the Organizational Structure?
An employee was required to sign a non-disclosure agreement (NDA) but sold confidential design plans for a new product to a competitor. What legal mechanism protects the company’s information?
What is a Trade Secret?
Jordan runs a small graphic design firm alone. It was quick to set up, but now creditors are suing him personally for unpaid debts. What type of legal structure does Jordan’s business have?
What is a Sole Proprietorship?
Maria’s software company has grown rapidly, and investors are asking if she wants to expand into new global markets or sell the business while it’s valuable. Which stage of the business life cycle is she in?
What is the Take-off Stage?
A design team at a medical startup creates several low-cost versions of a heart monitor so doctors can test them and give feedback. Which stage of the design thinking process are they in?
What is Prototype?
David is presenting his startup idea. His slideshow highlights the company mission, needed funding, and financial projections. What is this presentation called?
What is a Pitch Deck?
Sophia designs a new logo for her online boutique and files paperwork so no competitor can legally use it. Which type of intellectual property protects her logo?
What is a Trademark?
A startup pays its new marketing manager partly with company ownership instead of a full salary, hoping she’ll stay committed long-term. What type of compensation is this?
What is Equity?
After five years, Alexis’s bakery is financially stable and profitable. She no longer needs to manage daily operations herself and is considering promoting a manager to handle them while she focuses on long-term strategy. Which stage of the business life cycle is Alexis in?
What is the Success Stage?
Marcus joins a wellness company where he sells supplements. To grow his income, he must recruit other sellers to work under him, creating multiple layers of distributors. What type of business opportunity is this?
What is Network Marketing?
An investor asks a business owner to explain how large the customer pool is for her new organic snack company. Which section of the business plan provides this answer?
What is the Marketing Plan?
A company invents a new wearable device and allows another firm to manufacture and sell it, while receiving royalty fees for each unit sold. What legal mechanism allows this arrangement?
What is a Patent License?