business-enterprise and entrepreneurship

1.1

what is a good

a physical item eg a book

what is a service

an action that helps people eg hairdresser

how can u add value to an existing product

this means a business finds a way to improve the product so that customers.

you can add value by making it more convenient to get

build a good brand image

improve design or quality

why do new business ideas come about

from changes in technology

changes in what a costumer wants

a good or service becomes obsolete

what does obsolete mean

means the product is no longer used and has become outdated

new business ideas can be brand new or improvements on old ideas

what are 3 things an entrepreneur does

organise resources

take risks

make business decisions

What are the risks when running a business

dont have much security

always a risk that the business will fail

what are some of the rewards when running a business

you can be your own boss

earn more money= a better quality of life

gain independence