dynamic nature of business

• Why new business ideas come about?

  • New business ideas often come about due to changes in technology, changes in consumer demand, and the obsolescence of products and services
  • New business ideas emerge as entrepreneurs recognise opportunities created by changes in the market
  • Successful businesses can identify these opportunities and develop innovative solutions that meet the changing needs of customers
• changes in technology

  • Consumer demand often changes over time, creating opportunities for businesses to develop new products and services that meet these changing needs
  • E.g. The growing demand for plant-based food products has led to the emergence of new businesses in the food industry
• products and services becoming obsolete

  • products and services can become outdated due to changes in technology or changes in consumer demand
  • This can create opportunities for businesses to develop new products and services that meet the needs of consumers in new and innovative ways
  • E.g. The decline of physical media like CDs and DVDs created opportunities for businesses to develop digital streaming services like Netflix and Spotify
• changes in consumer wants

  • Consumer demand often changes over time, creating opportunities for businesses to develop new products and services that meet these changing needs
  • E.g. The growing demand for plant-based food products has led to the emergence of new businesses in the food industry
• how new business ideas come about

  • New business ideas can come about through original ideas or by adapting existing products, services, or ideas
  • The key to business success is identifying a need or opportunity in the market and developing an innovative solution that meets the needs of customers in a unique and valuable way
• original ideas

  • These are new and unique concepts that are not based on existing products/services, or ideas
  • They often arise when entrepreneurs identify a gap in the market or a new need that has not yet been met
  • Original ideas can be based on a new technology, a new market, or a unique perspective on an existing problem
  • E.g. The business Nutrigene offered a subscription service for personalised vitamin supplements based on an individual's DNA, which was an original idea that was not based on an existing product or service
• adapting existing products, services and ideas

  • This involves taking an existing concept and making it better or more suitable for a different market or customer base
  • This approach often involves identifying a problem with an existing product or service and developing a solution that addresses the problem
  • E.g. The ride-sharing app Uber adapted the existing concept of taxi services by offering a more convenient, efficient, and cost-effective solution that was accessible through a mobile app