Firm- Business Venture and Innovation
Why Do New Business Ideas Come About? - AnswersNew business ideas come about
because of the DYNAMIC nature of business.
Give 3 examples of why new business ideas come about? - Answers-advances in
technology
-changes in consumer wants
-products/ services becoming obsolete
what are 2 types of ideas for new businesses - Answers- adapting existing
products?services
- new invention
give an example of a new business idea - Answersvirtual reality
give an example of an obsolete business idea - Answerswalkman
What do entrepreneurs and businesses face when starting? - Answersrisks and reward
what do risks do entrepreneurs that start businesses face? - Answers- risk of failure:
most likely to fail in their early days
no customers
-financial loss: starting a new business requires a lot of investment
-lack of security: (wages and salary)
what are some rewards? - Answers- independence (be your own boss)
-financial reward (profit)
-personal satisfaction (pursue an interest at work)
what purpose do businesses serve? - Answers-goods and services
give an example of a service - Answerssnapchat
what do businesses do? - Answersserve customer needs and wants
what is enterprise? - AnswersEnterprise can be defined as a factor of production which
combines land, capital and labour. This is the economists' approach.
in what ways can a business fill a gap in the market? - Answers- quality
-usp
-convenience
-branding
-design
entrepreneurs have to be able to? - Answers-take risks
-identify business opportunities
what qualities do entrepreneurs need? - Answers- hardworking
-organised
-innovative
-willingness to take risks
What are the 4 factors of production? - Answers-land
-labour
-capital
-enterprise
what is an aim? - Answersan ultimate purpose.
what is an objective? - Answerssteps taken in order to help meet the aim
what are some main business aims and objectives? - Answers- survival aim
Why Do New Business Ideas Come About? - AnswersNew business ideas come about
because of the DYNAMIC nature of business.
Give 3 examples of why new business ideas come about? - Answers-advances in
technology
-changes in consumer wants
-products/ services becoming obsolete
what are 2 types of ideas for new businesses - Answers- adapting existing
products?services
- new invention
give an example of a new business idea - Answersvirtual reality
give an example of an obsolete business idea - Answerswalkman
What do entrepreneurs and businesses face when starting? - Answersrisks and reward
what do risks do entrepreneurs that start businesses face? - Answers- risk of failure:
most likely to fail in their early days
no customers
-financial loss: starting a new business requires a lot of investment
-lack of security: (wages and salary)
what are some rewards? - Answers- independence (be your own boss)
-financial reward (profit)
-personal satisfaction (pursue an interest at work)
what purpose do businesses serve? - Answers-goods and services
give an example of a service - Answerssnapchat
what do businesses do? - Answersserve customer needs and wants
what is enterprise? - AnswersEnterprise can be defined as a factor of production which
combines land, capital and labour. This is the economists' approach.
in what ways can a business fill a gap in the market? - Answers- quality
-usp
-convenience
-branding
-design
entrepreneurs have to be able to? - Answers-take risks
-identify business opportunities
what qualities do entrepreneurs need? - Answers- hardworking
-organised
-innovative
-willingness to take risks
What are the 4 factors of production? - Answers-land
-labour
-capital
-enterprise
what is an aim? - Answersan ultimate purpose.
what is an objective? - Answerssteps taken in order to help meet the aim
what are some main business aims and objectives? - Answers- survival aim
