Dynamic Nature of a Business

• What is a business?

  An organization providing goods or services
• Why do entrepreneurs start businesses?

  To fill a market gap or improve offerings
• What might motivate an entrepreneur to start a business?

  Identifying a gap in the market
• What can new business ideas be based on?

  Changes in technology or consumer demands
• What does it mean for a good or service to become obsolete?

  It is no longer demanded by consumers
• What are the sources of new business ideas?

  • Changes in technology
  • Changes in consumer wants
  • Obsolescence of existing goods or services
• Original Ideas: This is a new never seen before idea that an entrepreneur has made when he or she saw a gap in the market.
• Adapting existing products/services/ideas

  This is when an entrepreneur thinks of a better and improved version of an already existing product or servise.
• The dynamic nature of a business is to constantly adapt to customer wants and needs in variety of methods.