Business Life Cycle and Business Roles/Compensation
The first stage of the business life cycle
Existence
This is the third stage of The Design Thinking Process
Ideate
This is legal structure is best for international businesses even with being double taxed
C Corporation
Which business opportunity involves higher start up costs?
Franchise
What is the purpose of a Pitch Deck?
To attract investors and get them excited for another meeting
The stage where an owner can choose to sell the company
Exit Plan
Which stage of the DTP involves learning about customers challenges?
Empathize
This legal structure has no ownership and no US federal taxes
Which business opportunity involves recruiting marketers to join a team?
Network Marketing
What is a Lean Canvas?
A one page document used by startup businesses to summarize key information for investors.
The three highest ranking positions in a business that make major company decisions
CEO, CFO, COO
This stage involves creating multiple inexpensive versions of a product.
Prototype
This legal structure is ideal for a single owner
LLC
Which viability factor can help an entrepreneur make up for a lack of skills?
Passion
Which section of a business plan determines if there is a large enough customer pool?
Marketing Plan
Has a vested interest in the success of a company
Stakeholder
Businesses sells products or services. Give an example of a product vs service.
Product is physical item such as car, clothes.
Service is intangible, such as car detailing, lawn maintenance, etc.
This legal structure shares financial backing.
Partnership
Which business opportunity obtains licenses to use a brand name?
Licensing
Which section of a business plan briefly explains everything in the business plan?
Executive Summary
Typical way for those in a sales role to get paid
Commission
Name one benefit of a franchise?
Less risk involved, recognized brand
This legal structure is easy to create but comes with unlimited liability.
Sole proprietorship
Which viability factor researches the demand for products or service.
Market size
What is a Business Plan?
A written document that details how a business will be structured, managed and grown.