Dynamic nature of business

• Product

  Anything that is capable of satisfying customer needs, including physical products like cars, washing machines, mobile phones, laptops, tablets, computers, chairs, tables, pens, books, newspapers
• Service


  An act that a person carries out for you in exchange for money, such as dental treatment, accountancy, travel agents, gardening, cleaning, hairdressers, insurance, banks
• Absolute


  A product that is no longer used or out-of-date, such as floppy disks, VCRs, dot matrix printers
• Reasons why new business ideas come about


  • Changes in technology
  • Changes in what consumers want
  • Products and services becoming obsolete
• Original idea


  Something that serves as a modern form, making copies, or is the first idea of its kind, that has not been used before to produce a product or service
• Original business ideas


  • Solving problems
  • Entrepreneur's passion or interest
  • Spotting a gap in the market
  • Research into consumer wants and needs
• Adopting existing products, services or ideas


  • Mix-and-match (combining two products)
  • New version of an older product
  • Cheaper version of an older product
• The iPhone has evolved from the first generation in 2007 to the iPhone 10X, with similar features but more capacity, apps and technology