General notes

• What is the significance of innovations in new technology for businesses?

  They are essential for business growth
• Why is it important for businesses to include new technology?

  More tech leads to more app development
• What does the term 'obsolete' mean in a business context?

  Outdated and no longer needed
• What makes Google Maps better than a compass?

  It is more affordable and easier to use
• How have changes in consumer health awareness affected product popularity?

  Old products are becoming less popular
• What factors contribute to the changing trends in consumer wants and needs?

  Health awareness and disposable income changes
• What are the implications of obsolete products and services for businesses?

  • Need to innovate and adapt
  • Potential loss of market share
  • Importance of understanding consumer trends
• How do trends in consumer behavior affect product development?

  • Trends influence what products are created
  • Health consciousness drives demand for new products
  • Changes in disposable income affect purchasing decisions
• What are original ideas?

  Ideas that have never been thought of before
• What does adapting existing products/services involve?

  Improving on a past product
• How did Apple exemplify adapting existing products?

  By modifying new versions of past products
• How does adapting a product differ from creating an original idea?

  Adapting improves existing products, while originals are new
• Advantages of Oringinal ideas:

  •You have no risk of being sued for fraud.

  •People will be attracted to something new.

  •No competition.

  •Investors like new products.
• Disadvantages of Original Ideas:

  •The risk that everyone will hate it.

  •Most useful and helpful products have already been developed, so people may hate it.

  •Loose money or fail as a company.
• Advantages of Adapting Exsisting ideas:

  •If you have common sense, you will choose a liked product so more people may like it.

  •The old product may be outdated.

  •Other companies will have a customer base.
• Disadvantages of Adapting exsisting ideas:

  •There is a chance you could be sued or something for coping.

  •If you modify your own product people will know it's better.

  •Will be a point where you run out of ideas to improve.

  •Customer might get bored and try a new band.
• What is financial risk?

  When a company loses more money than invested
• What does unlimited liability mean?

  You are responsible for all business debts
• What does lack of security in a job imply?

  You may not have consistent pay each year
• Why is teaching considered a secure job?

  Teachers receive the same pay every month
• What is business failure?

  When a business completely goes out of operation
• What led to Blockbuster's failure?

  It had a better and easier competitor
• What are the key concepts related to financial risk, job security, and business failure?

  • Financial risk: Losing more money than invested
  • Unlimited liability: Full responsibility for business debts
  • Lack of security: Uncertainty in consistent pay
  • Secure job: Consistent monthly pay (e.g., teaching)
  • Business failure: Complete operational shutdown (e.g., Blockbuster)
• What is the feel-good factor in business success?

  Feeling proud of creating the business
• Why is recognition important for business success?

  It validates the owner's efforts and achievements
• What does profit money refer to?

  The money made from the business
• What does successful profit money imply?

  Consistent monthly income and high pay
• What does independence mean in the context of business ownership?

  The ability to make personal choices freely
• How does independence affect a business owner's work schedule?

  They can choose when to go home
• What are the implications of having no one to tell a business owner what to do?

  They have complete control over decisions
• What is the significance of awards in business success?

  Awards signify recognition of achievements
• What is the first reason businesses fail?

  Management mistakes
• Why is management important for a business?

  It ensures proper operation in all aspects
• What is the second reason businesses fail?

  Lack of experience
• How does lack of experience affect a business?

  It leads to not knowing what to expect
• What is the third reason businesses fail?

  Poor financial control
• What does poor financial control indicate?

  Not knowing how much money is needed
• What is the fourth reason businesses fail?

  Not making it easy for people to find you
• Why is visibility important for a business?

  It helps attract potential customers
• What is the fifth reason businesses fail?

  Failure to develop a strategic plan