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Why do new business ideas come about?
Changes in technology
Changes in consumer wants
Products and services being obsolete
How does changes in technology result in new business ideas?
Advancements in technology creates new opportunities and markets.
How does changes in consumer wants result in new business ideas?
Evolving consumer preferences drive demand for innovative products and services.
How does products and services becoming obsolete result in new business ideas?
As existing offerings become outdated, new ideas emerge to fill the gaps.
How do new business ideas come about?
Original Ideas
Adapting existing products
How does original ideas result in new business ideas?
Entrepreneurs develop entirely new concepts to address unmet needs.
How does adapting existing products/services/ideas result in new business ideas?
Existing concepts are improved or repurposed to meet current demands or to solve new problems.
What are the risks of setting up a business?
Business failure
Financial Loss
Lack of security
What is the impact of business failure?
The potential for failure in a business can result in lost investments, damaged reputation and emotional distress for owners and employees.
It can also lead to job losses and negative effects on the local economy
What is the impact of financial loss?
Financial loss can strain cash flow, limit growth opportunities and lead to debt accumulation.
This can hinder a company’s ability to invest in future projects or sustain its operations.
What is the impact of lack of security?
Uncertainty regarding income and market stability
It may lead to hesitation to invest in growth opportunities which can have an affect on personal life
What is the impact of business success?
Achievements of goals and objectives
It can lead to expansion and growth opportunities
Enhances reputation and market position
What is the impact of profit?
Financial gains beyond covering costs
Allows for reinvestment in the business
It can provide personal financial benefits to owners
What is the impact of lindependance?
it gives the freedom to make business decisions
It gives the ability to shape company’s direction and culture
Gives personal satisfaction of being one’s own boss
What is the role of business enterprise and the purpose of business activity?
To produce goods or services
To meet customer needs
To add value
What’s the purpose of producing goods and services?
Businesses create tangible products or provide intangible services. This forms the core offering the business to the market.
What’s the purpose of meeting customer needs?
Businesses aim to identify and fulfil consumer demands. They strive to solve problems or satisfy the desires of their target market.
What’s the purpose of adding value?
Businesses enhance their offerings through various means.
Convenience
Branding
Quality
Design
Unique selling point
How does a business enhance their offerings through convenience?
Making products or services easily accessible.
How does a business enhance their offerings through branding?
Creating a recognisable and trusted identity.
How does a business enhance their offerings through quality?
Ensuring high standards in products and services.
How does a business enhance their offerings through design?
Improving aesthetics or functionality.
How does a business enhance their offerings through unique selling point?
Offering distinctive features that set them apart from competitors.
What’s the role of an entrepreneur?
Organising Resources
Making business decisions
Takes risks
How is an entrepreneur responsible for organising resources?
They gather and manage necessary inputs such as labour, capital and materials.
How is an entrepreneur responsible for making business decisions?
Engages in strategic planning and day to day operational choices that guide the business in direction and growth.
How is an entrepreneur responsible for taking risks?
Accepts financial and personal risks associated with the business venture, dealing with uncertainty in pursuit of potential rewards.
