Business 1.1.1- The Dynamic Nature of Business

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Why do new businesses come about?

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4 Terms

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Why do new businesses come about?

changes in technology, changes in what consumers want and products and services becoming obsolete

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2

How do new business ideas come about?

original ideas and adapting existing products/services/ideas

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3

What are original ideas?

ones that have not been used before to put a product or service into production

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4

what are adapting business ideas?

create a new product by mix and match new version of an old product or a cheaper version of an old product

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