Maria opens a cupcake business. Upon doing so she has to hire employees, buy an industrial oven, and buy ingredients such as sugar and flour. Which factor of production does Maria represent?

Maria has already opened the business, she has moved past the seed and development stage and has moved into the startup phase. This of course can share elements with the growth and development phase, but given that she is initiating hiring employees and the question does not mention expansion, she is in the startup phase.