1.1 The dynamic nature of business Flashcards
1
Q
Why new business ideas come about? 1.1.1
A
1.Changes in technology
2.Changes in what customers want
3.Products and services becoming obsolete
2
Q
How new business ideas come out? 1.1.1
A
1.Original ideas
2.Adapting existing products/services
3
Q
Impacts of risk 1.1.2
A
Business failure, financial loss, lack of security
4
Q
Impacts of reward 1.1.2
A
Business, success, profit, independance
5
Q
The role of business enterprise and the purpose of business activity 1.1.3
A
1.To produce goods or services
2.To meet customer needs
3.To add value : convenience, branding, quality, design, USP
6
Q
Role of entrepreneurship 1.1.3
A
Organises resources, makes business decisions, takes risks
