Teddy Swims
End - New / Start * 100
Customer Retention Rate
Revenue * 12
Run Rate
Every Day I Post Things
Empathize
Define
Ideate
Prototype
Test
The Design Thinking Process
Know when you would use based on scenario
S CORP- for profit, lower tax rate that prevents double taxation (strict requirements for S corps)
C CORP- profits taxed when earned, best for international businesses,
LLC- pay taxes on profits or losses through your own tax rate, mitigates risk
SOLE PROPRIETORSHIP- easy to create but expose yourself to liability
PARTNERSHIP- shared financial backing
NON-PROFIT- no ownership, no US federal taxes
LEGAL BUSINESS STRUCTURES
A(n) _____________ shows what a company owns (both assets and liabilities.)
Balance Sheet
Marketing Expenses + Sales Expense / # New Customer
Customer Acquisition Cost
(Selling Price - Cost) / Cost of investment * 100
Return of Investments
Please Prepare a Plate of Christmas Food
Prospecting
Prepare
Approach
Presentation
Objections
Closing
Followup
Steps in the Sales Process
10-20 SLIDES, Highly Visual, Used to get attention
PITCH DECK
A(n) _____________ shows the total revenues and expenses for a specific period of time.
Income Statement
(Cost * Profit Margin) + Cost
Selling Price
Beginning Cash + Cash Sales = Total Cash - All Expenses
Cash Flow
She Made Everyone Angry
Set Standards
Measure (Test product)
Evaluate the results
Adjust the product to improve quality
The Quality Control Process
10-100 PAGES
Lots of text
Used to get investors
BUSINESS PLAN
__________ is where an owner uses their own savings to fund a business.
Bootstrapping
Expenses / Selling Price
Breakeven Point
Assets - liabilities
Equity
I play Laser Tag Monday, Girl
Idea
Prototype
Launch
Traction
Monetization
Growth
Product Market Fit
CC- Creative Commons License
BY- Give credit to author (By: J. Doe)
SA- SHARED ADAPTATIONS (adaptations must be shared under same terms)
NC- Non Commercial uses of work are permitted
ND- No Derivatives or adaptations of the work permitted
CREATIVE COMMONS LICENSES
___________is done by sharing your startup business on an online platform where you can pre-sell your products. The $ from the pre-sell orders can be used as capital for your business. (some websites require a processing fee and/or you meet your full financial goal to access the $ you raise)
Crowdfunding
Company's Starting Monthly Balance - Company's Ending Monthly Balance
Burn Rate
Every Student Should Take My PE
Existence
Survival
Success
Takeoff
Maturity
-Pivot / Persist
-Exit
Stages in the Business Life Cycle
Trademark- protects brand names and logos Copyright- protects original work such as writings or music
Patent- protects an invention
Trade Secrets- confidential info that can be sold or licensed
Intellectual Property
Sarah is a(n) ________ because she performs tasks while abiding by company policies and receives a wage for her work.
Employee
Which is one of the greatest risks of being an entrepreneur?
Financial instability