Business Types and Life Cycle
A person who takes a risk to start their own business in the hopes of making a profit.
What is Entrepreneur
Easiest form of business ownership due to lack of government regulation
Sole Proprietorship
Responsible for the day to day business activities
Who is COO (Chief Operations Officer)
paid to a salesperson for every sale that he or she completes EX: realtor, car salesman
Commission
A learning process focused on customer needs.
What is Design Thinking?
A Tangible Item
What is a product?
This form of business ownership uses a double layer of Taxation
What is a C Corporation
Owns 1 share of a company.
Who is a stockholder or shareholder?
Covers details of compensation, schedule, duration of employment, benefits and responsibilities
What is an Employment Contract
This stage is where you analyze observations and information gathered.
What is Define Stage?
Owners decide if they want a big business and determine the best solution to finance rapid growth in this stage.
What is the Take-off Stage.
No more than 100 shareholders
Interest in the success of a company
Who is a Stakeholder?
A fixed payment amout every pay period
What is a Salary
A design team review and refines the product in this stage.
What is the Final Testing Stage?
What is Existence Stage?
Pass through taxation similar to an S Corp
What is an LLC
A wage or salary worker.
Who is an employee?
Non Cash Compensation
Equity
DAILY DOUBLE
What are Minimum Viable Products or MVP'S
A Business purchases from another business
What is a B2B Transaction? or a Business to Business Transaction
Tax Exempt Business ownership
What is a non- profit ( or not for profit) entity ?
The only non-interchangeable role
Who is a founder?
Compensation per unit produced
What is piece work?
In this stage you will observe and engage with customers to understand their needs.
What is the empathize stage?