chapter 1 vocab
S Corp
A legal entity that offers limited liability with single taxation.
Stakeholder
A person or organization with an interest in a particular place or issue.
Commission
An amount paid to an employee based on a percentage of the employee's sales
MVP
Minimum Viable Product
Prototype stage (4)
Product testing
Business life cycle - take off stage
Stage of the modernization theory which a country starts to produce goods for trade with others and for profit
Business life cycle - Success Stage
The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.
B2B
business to business
Salaried
receiving or recompensed by a salary rather than a wage.
Capital
the account used to summarize the owner's equity in a business
Ecommerce
the buying and selling of goods and services over the internet
Final Test stage (5)
the last minute test to see how it will do in shops
CEO (Chief Executive Officer)
the person with the highest rank in a company e.g. Mark Zuckerberg is the _____ of facebook.
Tangible
touchable
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 Proprietor
A business owned by one person
non-profit organization
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
C Corp
A legal entity that offers limited liability with double taxation.
Entrepreneur
A person who organizes, manages, and takes on the risks of a business.
Business life cycle - resource maturity stage
At this state the company has grown close to maximum size
CFO
Chief Financial Officer
COO
Chief Operating Officer
Empathize stage (1)
First stage where teams garter research about what consumeres want
Digital Goods
Goods that can be delivered over a digital network (music, video, software, newspapers, books
Employees
Individuals who exchange work for wages or salary; in the U.S., workers who are covered by Fair Labor Standards Act regulations as determined by the IRS.
Stockholder
The owner of one or more shares of stock
Business life cycle - existence stage
The second stage of the business life cycle marked by the business being in operation but not yet stable in terms of markets, operations, or finances.
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
B2C
business to consumer
Business life cycle - Exit Plan Stage
lets determine if you want to sell the business
LLC
limited liability company
Small Business
one that is independently owned and operated for profit and is not dominant in its field
Founder
one who founds or establishes
Business life cycle - survival stage
period when revenues start to grow and help pay some, but typically not all, of the expenses
define stage (2)
this stage is to tell what people want in a simple way
Ideate Stage
where designers generate ideas in a session
Business life cycle - pivot or persist stage
willingness to shift away from the original course to a better one that brings better profit