Business 1.1.1- The Dynamic Nature of Business

Why do new businesses come about?

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

How do new business ideas come about?

original ideas and adapting existing products/services/ideas

What are original ideas?

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

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