1.1 Enterprise and Entrepreneurship

why new business ideas come about

• changes in technology

• changes in what consumers want

• products and services becoming obsolete

how new business ideas come about

• original ideas

• adapting existing products/ services/ ideas

entrepreneur

a person who starts up and takes on the risk of a business

obsolete

out-of-date, no longer in use

m - commerce

using mobile technologies to carry out business transactions

e-commerce

using the internet to carry out business transactions

demographic

related to population balance

average age, income etc

three main risks for new businesses

• business failure

• financial loss

• lack of security

the purpose of business activity

• to produce goods or services

• to meet customer needs

• to add value

how do we add value?

• convenience

• branding

• quality

• design

• unique selling point