7 Step Sales Process
the fulfillment or performance of a contract especially for the sale
What is closing?
Process of starting a company with only personal savings,
What is bootstrapping?
What is a franchise?
generate ideas & unconventional solutions to the identified problems
What is Ideate?
Expenses are a different amount every month like a water bill.
What is Variable Expenses?
conveys information from a speaker to an audience.
What is presentation?
Provides funding and receives ownership stake in the company and expect returns if the company succeeds
What is Angel Investor?
business type I am the only owner and want to protect my personal property from lawsuits
What is a Limited Liability Partnership?
During which stage of the design thinking process will the design team create multiple inexpensive product versions
What is a prototype?
two or more businesses offer the same product or service and compete for the same market.
What is direct competition?
the process of initiating and developing new business by searching for potential customers,
What is prospecting?
fundraisers to collect money from a large number of people via online platforms and you don't pay it back.
What is Crowdfunding?
common business structure that can have up to 100 owners or shareholders = Example Kardashian Kimsaprincess Corporation
What is S Corporation?
understand the perspective of the target audience/customer/consumer to identify and address the problem at hand.
What is Empathize?
Data gathered from facebook, surveys, interviews
What is Primary Data?
an act of communicating with another person or group in order to ask for something
What is Approach?
Loan given by small business administration that you don't have to pay back.
What is SBA Grant?
business run solely by one individual with no distinction between the business and the personal
What is a Sole Proprietorship?
Using prototype to determine if problem has been solved.
What is Test?
Rent is the same every month
What are fixed expenses?
step of the sales process where you would address customer concerns.
What is handling objections?
money provided by a large investor.
What is a Venture Capitalist?
Is best for international businesses, have limited liability, and are double taxed
What is a C Corporation?
Putting together all of the information gathered in the first stage, the next step is to focus on the problem statement clearly.
What is Define?
simple statement that summarizes why a customer would choose your product or service.
What is Value Proposition?