Domain 1 review topics

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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


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