domain 1 DECA

nonprofit

no ownership, no US federal taxes

C Corp

best for international business even when being double taxed

proprietorship

easy to create, but comes with unlimited liability

s corp

lower tax rate that prevents the company from being double taxed

LLC

Ideal for Single owner seeking low risk

partnership

shared financial Banking

Equity

Non-cash compensation

Commission

usually found in sale roles

stockholder

own stock In a company

stakeholder

Has invested interest in the success of a company

existence

When a business begins

survival stage

Income and customers begin to grow

success stage

Economically healthy

takeoff stage

The owner decides whether the to continue or sell the business

resource maturity stage

The owner can separate financially and Operationally from a business

pivot or persist

The owner decides whether to grow into a large company or to pivot to new project

exit plan stage

The owner decides to sell the company

empathize

Identify needs of a customer

define

Identify And define the problem

Ideate

Idea/create solutions

prototype And test

To design a product and to test it to decide whether it’s going to be sold

Business opportunity

an investment that lets a buyer start a business

types of business opportunities

Selling or leasing A product service or piece of equipment that allows a Buyer to start a business

Franchise

Buyers agreed to buyers sell the product developed by Seller or owner of the Franchise

characteristics of a franchise

Higher startup costs, Offering

Ongoing support and training, Lower risk to start up

Pitch deck

Brief overview of the business plan

network marketing

For fruit of marketing to work under them to create distribution network of the little pyramid with human

network marketers…

make money off commissions

relationship between network, marketing and distributor

distributors agreed to sell products or services. Another company sells.

license

Must pay a fee or loyalty to use their brand or trademark of another company on your product. Think of Disney characters on clothes in target

viability

successfully over and over a long term

5 type of viability

market size, relationships, managing cash flow, management skills, and passion

lean canvas

one of documents covering key details of a business plan

copyright

protects creative works such as art literature and music

patent

protects an invention from being copied

trademark

protects brand names, logos, and business names

trade secrets

protects a company practice process or formula from being shared with competitors

to use a patent u the owner must…

assign ownership of the patent to another allowing them to use and sell the invention. royalty is then paid to the OG patent owner

to protect trade secrets and employees will sign

confidentiality or non-disclosure agreement

trademarketed material is

usually well recognized and may boost sales

an entrepreneur can sign a…

licensing agreement and pay a licensing fee to use trademarketed materials