1.G The Relationship Between Business Opportunities And Concept Development

Question 1

Explain the relationship between business opportunities and concept development.

Answer 1

Identifying a business opportunity is the starting point, but concept development is necessary to turn that opportunity into a profitable business. The quality of the business concept can determine success or failure, so it’s critical to develop a well-thought-out concept that can capitalise on the opportunity.

Question 2

Explain protecting a business idea.

Answer 2

Referred to as intellectual property (IP). IP is any creation of the mind such as a new invention, a brand, a design or artistic creation.

Question 3

List ways to protect a business idea.

Answer 3

• Trademark
• Patent
• Copyright
• Design Rights
• Domain Name