Business 1.1 - New Business Ideas

Vocabulary flashcards covering key definitions and concepts from Business 1.1 notes regarding why and how new business ideas come about.

Changes in technology

Developments that create opportunities for businesses to invent new products or adapt existing products and services, helping to increase product quality, make production cheaper, and make products cheaper and easier for customers to use.

Obsolete

When something is no longer used or wanted because it has been replaced by something newer or better.

Causes of changes in customer wants

Factors including changes in demographics (such as age or background changes), customer tastes, social trends, lifestyle and consumer behaviour, and advances in technology.

Sources of new business ideas

• Identifying problems

• gaps in the market

• changes in customer wants and needs, new technology and innovation,

• personal interest, skill or experience,

• market research and customer feedback

• inspiration from existing businesses.

Invention

The creation of a completely new product, service, or idea.

Innovation

The process of improving or adapting an existing product, service, or idea.