Ideas + Risk and Reward Flashcards
why do new ideas come about?
dynamic nature of business
technology
allows to produce new ideas previously not possible
customer wants
constantly change, satisfied by new ideas
obsolete
product or service no longer in demand, due to technological advancements
original ideas
gap in market, different from anything else in a market
adapting existing ideas
improving products or services
reward
succeeds, financial or emotional
reward e.g.
satisfaction, financial gain, interest, independence
risks
unsuccessful
risk e.g.
failure, financial loss, lack of security
purpose of a business
supply product or service
goods
physical products
services
non physical actions performed by a business
distributor
business buys products from a manufactures and sells to other business or customers
customer needs
necessity to live
