Domain 1 review topics
Minimum Viable Product
A bare-bones offering that allows entrepreneurs and product developers to collect customer feedback and to validate concepts and assumptions that underlie a business idea.
Franchise
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
Partnership
A business in which two or more persons combine their assets and skills
Sole Proprietorship
A business owned by one person, who bears unlimited liability for the enterprise
C Corp
A legal entity that offers limited liability with double taxation.
S Corp
A legal entity that offers limited liability with single taxation.
Entrepreneur
A person who organizes, manages, and takes on the risks of a business.
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
commission
An amount paid to an employee based on a percentage of the employee's sales
non-profit
An organization that is set up to help those in need but not to make a profit from the business.
Design Thinking Process Second Stage
Define
Design Thinking Process First Stage
Empathize
Business life cycle First Stage
Existence stage
Business life cycle Seventh Stage
Exit Plan Stage
Design Thinking Process Third Stage
Ideate
LLC (Limited Liability Company)
Limited liability, pass through income taxation, flexibility
CFO (Chief Financial Officer)
Manager responsible for managing the financial risks of the corporation (and financial planning/record-keeping)
Business life cycle Sixth Stage
Pivot or Persist Stage
Design Thinking Process fourth stage
Prototype
Business life cycle Fifth Stage
Resource maturity stage
Business life cycle Second Stage
Survival Stage
Business life cycle Fourth Stage
Take off stage
founder
The person who started the franchise or business.
Piecework
a compensation system in which employees are paid a set rate for each item they produce
Equity
a condition in which people receive from a relationship in proportion to what they give to it
employee
a worker who is hired to perform a job
tangible
capable of being touched; real, concrete
Digital Goods
goods that can be delivered over a digital network
Capital
money for investment
small business
one that is independently owned and operated for profit and is not dominant in its field
Stockholders
people or entities that own stock in a corporation and therefore are its owners
Business life cycle Third Stage
success stage
Design Thinking Process Final stage
test
Ecommerce
the buying and selling of goods and services over the internet
Salaries
the pay that employees receive over a fixed period, most often weekly or monthly
CEO (Chief Executive Officer)
the person with the highest rank in a company e.g. Mark Zuckerberg is the _____ of facebook.
COO (Chief Operating Officer)
the position responsible for overseeing the company's operations
B2C
the process in which businesses sell to consumers
B2B (business-to-business)
the process of selling merchandise or services from one business to another