Business ownership types
- Unlimited liability
- Easiest to start and close
- Sole decision maker
- Not a separate entity
What is a Sole proprietor
Pricing targeting customers looking to save as much money as possible
Economy pricing
The highest ranking employee in the company; reports to the board of directors
What is a CEO (Chief Executive Officer)
Research users needs
Answer choices:
(Prototype, Ideate, Define, Empathize, or Test)
What is Empathize
Businesses that sell to other businesses
What is B2B
- Unlimited liability
- 2 or more people
- Shared risk and responsibilities
What is a Partnership
Paring several products together and selling them for less money
Creating budgets, analyzes financial data, and forecast profits
What is a CFO (Chief Financial Officer)
State the users needs and problems
Answer choices:
(Prototype, Ideate, Define, Empathize, or Test)
What is Define
Businesses that sell to consumers
- Taxed twice
- Best for international business
- Unlimited shareholders
- Limited liability
- Sells shares to the public
What is a C-Corp
High quality products marketed and sold to high income individuals
Premium pricing
Oversees the day-to-day administrative functions of a business, second in command
What is a COO (Chief Operating Officer)
Challenge assumptions and create ideas
Answer choices:
(Prototype, Ideate, Define, Empathize, or Test)
What is Ideate
A business that sells directly to the end user
Ex: Manufacturer selling directly to a consumer
What is Direct to Consumer
- Taxed once
- Limited liability
- Shareholders limited to 100
What is a S-Corp
Setting prices high when a product is introduced and then gradually lowering the price
Price Skimming
Manages the technological requirements of a company
What is a CTO (Chief Technological Officer)
Create solutions
Answer choices:
(Prototype, Ideate, Define, Empathize, or Test)
What is a Prototype
Ex: Costco
What is a Wholesaler
- Not personally liable
- Increased credibility
- Can be taxed as a sole prop, partnership, S-corp, or C-Corp
What is a LLC
Setting prices low until after a reliable customer base is established then raising the prices
Market Penetration
Company executive in charge of the implementation, management, and useability of information for the company. Answers to the CEO
What is a CIO (Chief Information Officer)
Try your solutions
Answer choices:
(Prototype, Ideate, Define, Empathize, or Test)
What is a Test
Businesses selling products to customers for profit, either in store, online, mail, or by phone
Ex: Hollister, American Eagle, Target
What is a Retailer