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Elements of the Design Thinking Process - Stage 1: Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
St...
Elements of the Design Thinking Process - ✔✔Stage 1: Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - ✔✔Small businesses are not always
interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - ✔✔1. Piece work- compensation on a per-unit basis. EX: an employer can
choose to pay mechanics a fixed rate for each vehicle they repair instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without overtime compensation for extra
hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition to a lower salary.
Types of Sales Channel - ✔✔1. Business-to-Business (B2B): a transaction or business conducted
between one business and another, such as a wholesaler and retailer. Transactions tend to happen in
the supply chain, where one company will purchase raw materials from another to be used in the
manufacturing process.
2. Business-to-Consumer (B2C): process of businesses selling products/services directly to consumers,
with no middle person.
, Typically refers to online retailers who sell products/services to consumers through the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a markup to the price.
3. Retail: sell items or services to customers. They typically sell items in-store or may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a discounted price and selling to a
retailer for a higher price, for them to repackage and in turn resell in smaller quantities at an even
higher price to consumers.
Acquisition Costs - ✔✔These costs include shipping, sales taxes, and customs fees, as well as the costs
of site preparation, installation, and testing. When acquiring property, acquisition costs can include
surveying, closing fees, and paying off liens.
Angel Investor - ✔✔a wealthy private investor who provides capital for a business start-up for a stake
in the business in return.
Asset - ✔✔A tangible item a business owns. They can generate revenue or be converted into cash.
They can be physical items, such as machinery, or intangible, such as intellectual property.
Balance Sheet - ✔✔A financial statement used for evaluating the performance of a business. It
compares ASSETS to LIABILITIES plus owner's EQUITY on a specific date.
EX:
Equipment- Long term assets
Bank loans- Current liabilities
Inventory- Current assets
Mortgage payments- Long term liabilities
Bootstrapping - ✔✔A TYPE OF FUNDING. A business owner that uses their own money to fund their
business.
Break-Even Point - ✔✔The point where a business's revenue matches its expenses over a given
period. AKA there is no loss or gain for your small business; you've reached the level of production at
which the costs of production equals the revenues for a product.
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