1b Sources of business opportunity part 1 Flashcards
What are 4 sources of business opportunity?
Innovation
Entrepreneurship
Market opportunities
Changing customer needs
What does business opportunities mean?
The potential to increase their success.
What does Innovation mean?
Creating and implementing new ideas or significantly improving existing goods, services or a way of doing something.
E.G - From a horse and carriage - to - Cars
What does Entrepreneurship mean?
Taking a risk to develop, start and manage a profitable business.
E.G - You take a financialy calculated risk to start your new business to make a profitable business.
What does Market opportunities mean?
A need or want that is not currently being met by any business.
E.G - There might be no dress shops around your area, and people want new dresses.
What does Changing customer needs mean?
The transitions in the desires of consumers.
E.G - 2010-I want a mobile phone that connects to the internet - to - 2021-I want a mobile phone that connects to all of my other devices.
The definition of Business environment?
The business environment is made up of surrounding factors that influence how a business operates.
The definition of Demographics?
Statistical information about the characteristics of a population.
E.G - Age, ethnicity, gender and income.
The definition of Ethical behaviour?
Ethical behaviour production is making goods and services in a way that avoids harming people or the environment.
