the dynamic nature of business Flashcards
part of: enterprise and entrepreneurship
Why do most business exist?
To meet a specific need or fill a gap in the market.
How do businesses fulfil a gap in the market?
By either selling products or services. Or selling both.
What is an entrepreneur?
Someone who sets up a business and takes calculated risks in return for financial gain.
Why might a business be created?
Because there is a demand for the goods or services or there is a gap in the market.
What is a dynamic market?
It is a market where the business environment is quickly and always changing.
What is an enterprise?
An enterprise can be the different skills an entrepreneur needs in order to be successful or it can be a term for a business organisation.
How can new business ideas come about?
New business ideas can come about due to:
- changes in technology
- new trends
- changes in what consumers want
- products and services becoming obsolete
- new and original ideas
- adapting to existing products, services and ideas
What does the term ‘obsolete’ mean?
The term means no longer used; no longer needed; really old.
