- Created by: sam the bfg
- Created on: 06-11-18 12:34
Why do new Business Ideas Come About?
Technology: Changes in technology lead to new business ideas that were previously thought impossible e.g. VR headsets
Changes in Customer Wants: As customer wants change so must the products e.g. cordless vacuums
Products Becoming Obsolete: Technical advances and trends lead to products becoming obsolete and new products being designed to replace them e.g. typewriters and laptops
How do New Business Ideas Come About?
Adapting existing products or services: changing a product or service so that it better suits customer needs
New business idea: an original idea that is new and different to most products on the market. These products are made to fill a gap in the market.
Risk and Reward
Business Failure- many businesses fail within the first year, many customers may not want to buy new products
Financial Loss- Investing in a business is very costly and business failure would result in huge financial loss for the entrepreneur
Lack of Security- Entrepreneur loses security that came with a stable job, wages, and hours. If the business is not profitable the entrepreneur will have no money to live off
Financial Gain- if the…