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
