Why do new business come about
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changes in technology - new technology allows new or improved products and services to be made
changes in customers want- people’s tastes, values and lifestyle changes over time
products or services becoming obsolete- some products are no longer useful because of technology or demand changes
Click to see question
Why do new business come about
changes in technology - new technology allows new or improved products and services to be made
changes in customers want- people’s tastes, values and lifestyle changes over time
products or services becoming obsolete- some products are no longer useful because of technology or demand changes
why does an entrepreneur need to make business decisions
there are lots of decisions that need to be made when running a business and not all of them are easy to make
why does an entrepreneur need to organsie resources
to keep on top of all the day to day tasks of running the business as well as planning for the future
How do new business ideas come about
original ideas- completely new products or services that have not existed before
adapting existing products- improving or changing an existing product or services to make it better or reach a new market
What are the roles of an entrepreneur
organise resources
take risks
make business decisions
what are the 5 ways to add value
convenience
quality
design
branding
USP
why does an entrepreneur need to take risk
there are lots of unknown in running a business they can’t know exactly what’s going to happen before they start so they have to be willing to take calculated risks
