Business Concepts and Design Thinking

Which statement defines entrepreneurship?

• Marketing and selling products.

• Setting up a business with the aim to make a profit.

• Acquiring leadership and managerial skills.

• Quickly advancing in positions within a corporation.

You've been asked to classify several businesses as either B2B or B2C. For each business, select B2B or B2C.

• Purchases requiring a tax exemption certificate

• B2C

• Chain of local grocery stores

• B2B

• Wholesale flooring distributor

• B2C

• Motorcycle repair shop

• B2B

You need to create a legal structure for your small business. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protected from business liabilities. Which legal structure should you set up for your business?

• Sole Proprietorship

• C-Corporation

• Limited Liability Company

• S-Corporation

For each role and responsibility for a business, categorize the role or responsibility as belonging to either a founder or a stakeholder.

• Affected by company activities

• stakeholder

• Start companies around ideas

• stakeholder

• Affected by a company’s financial picture

• stakeholder

• Are the main drivers for the vision of a startup

• founder

Complete each statement about business compensation structure by selecting the correct option from each drop-down list. An example of ________ compensation is paying field laborers for the amount of fruit they pick.

• Piece Work

• Hourly Wage

• Salary

• Commission

A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked.

• Salary

• Hourly

• Commission

• Freelance

Employees most affected by minimum wage laws are compensated ________.

• Hourly

• Annually

• Monthly

• Weekly

An employee who is paid a percentage of a sale is paid by ________.

• Commission

• Salary

• Hourly Wage

• Bonus

Place the stages of the business life cycle in the correct order.

• Existence, Survival of the Fittest, Success, Takeoff, Maturity

• Existence, Success, Survival of the Fittest, Takeoff, Maturity

• Existence, Takeoff, Success, Survival of the Fittest, Maturity

• Existence, Maturity, Success, Takeoff, Survival of the Fittest

Match each Element of the Design Thinking Process to its corresponding description.

• Empathize

• Try Your Solutions

• Test

• State Your Users' Needs and Problems

• Define

• Research Your Users' Needs

• Ideate

• Assumptions and Create Ideas

• Prototype

• Create Solutions