1.1.1 Dynamic Nature is Business

Question 1

Entrepreneur

Answer 1

Someone who sets up a business, taking on financial risk with the aim of making profit

Question 2

Dynamic

Answer 2

Constantly Changing

Question 3

Obsolete

Answer 3

Out of date or not used anymore

Question 4

Why do new business ideas happen?

Answer 4

Changes in technology

Changes in what consumers want

Products and Services becoming obsolete

Question 5

Changes in technology

Answer 5

Making expensive technology affordable

E-commerce and M-commerce

Social Media

Question 6

E-commerce

Answer 6

Using the internet (PC) to carry out business transactions

Question 7

M-commerce

Answer 7

Using mobile technologies, such as smartphones to carry out business transations

Question 8

Changes in what consumers want

Answer 8

People demand a new or different product or changes to an existing one

Question 9

Products and services becoming obsolete

Answer 9

Changes in technology, fashion and taste are main causes of products and services becoming obsolete.

Question 10

Original Ideas

Answer 10

Ideas that are new and unique. Very challenging to come up with. Often occur through changes in technology or new trends.

Question 11

Adapting Ideas

Answer 11

Modifying a product or service so it is suitable for new customers or markets. Less risky that original ideas

Question 12

Types of adaptation

Answer 12

Changing branding
Changing format of a product
Adapting promotional strategies
Adaption with new innovations