Business theme 1 flashcards

Created by: Jjser123
Created on: 22-08-19 10:27

(Dynamic nature) 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

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Explain why 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: Techn

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(Risk and Reward) What is the impact of risk on business activity?

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 Lac

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What is the impact of reward on business activity?

Financial Gain- if the business is profitable the entrepreneur will gain a well as, in the future, the entrepreneur can sell a successful business for a lot of money Personal Success- If the business was set up due a passion the entrepreneur makes

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(Business enterprise)What is the meaning of goods?

physical tangible products (e.g. table, drink, shoelace)

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Other cards in this set

Card 2

Front

Explain why new business ideas come about?

Back

Card 3

Front

(Risk and Reward) What is the impact of risk on business activity?

Back

Card 4

Front

What is the impact of reward on business activity?

Back

Card 5

Front

(Business enterprise)What is the meaning of goods?

Back

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Business theme 1 flashcards