1.1

• new business ideas come because of:

  • changes in technology
  • changes in what customers want
  • products/services becoming obselete
• new business ideas come from

  • new versions of existing products
  • combining product ideas
• a business can fail because of :

  • poor decision making
  • competition
  • not meeting customer needs
  • not knowing the market well
• risk:

  • business faliure
  • financial loss
• reward:

  • business success
  • profit
• ways a business can add value:

  • design
  • quality
  • branding
  • USP
• roles of an entrepreneurship:

  • organise resources
  • take risks
  • make business decisions