Domain 1 review

S corp

A legal entity that offers limited liability with single taxation.

stakeholder

A person who has an interest or investment in a project's outcome

CFO

The chief financial officer is responsible for a business's finances.

existence stage - Business life cycle

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.

success stage - Business life cycle

The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.

take off stage - Business life cycle

a period of economic growth accompanied by a growing belief in individualism, competition, and achievement

exit plan stage - Business life cycle

a plan that moves a business toward long-term goals and allows a smooth transition to a new phase

employee

a worker who is hired to perform a job

small business

an independently owned business that usually has the owner as its manager

piecework

being payed on how much you do rather than have a fixed salary or be payed on the hour

B2B

business to business

digital goods

goods that only exist digitally

survival stage - Business life cycle

period when revenues start to grow and help pay some, but typically not all, of the expenses

founder

person who establishes (an organization or business)

Ecommerce

the buying and selling of goods and services over the internet

resource maturity stage - Business life cycle

when a company has grown to near its maximum size

pivot or persist stage - Business life cycle

when the owner of a company has the option to their sell the company or continue as an independent company

partnership

A business in which two or more persons combine their assets and skills

Entrepreneur

A person who organizes, manages, and takes on the risks of a business.

salaried

An employee who is paid yearly or monthly, rather than by the hour

COO

Chief Operating Officer, oversees daily operations and administrative functions

commission

a fee for services rendered based on a percentage of an amount received or collected or agreed to be paid (as distinguished from a salary)

equity

a payment in a form other than money

B2C

business to consumer

tangible

capable of being touched; real, concrete

CEO

chief executive officer, oversees the entire company

ideate stage - Design Thinking Process

come up with ideas on how to deliver on promises

prototype stage - Design Thinking Process

creating cheep products for the purpose of testing

Empathize stage - Design Thinking Process

determining what the consumer base wants

C Corporation

double taxed and better for international business

Sole Proprietorship

easy to manage with little regulation but has infinite liability

LLC

limited liability company, easy and cheep to create

capital

money for investment

non-profit

no tax, no ownership

final test stage - Design Thinking Process

releasing a product and seeing the results

stockholder

someone who owns one of more stock in a company

define stage - Design Thinking Process

the purpose is to create a problem statement through the process of analyzing to synthesize

franchise

when a company allows you to use their name in exchange for a profit