business opportunities

Question 1

what are sources of business opportunity?

Answer 1

business owners are usually looking for opp. that have the potential to increase their success. it could be new ideas for products, new customers or new methods of trading.

Question 2

innovation

Answer 2

transforming into reality a new idea about a product or service, or it could be a new way of doing things.

Question 3

characteristics of innovation

Answer 3

• new efficient processes can save time, money and create less waste.
• allows the business to grow
• helps business to adapt to the changing market place.
• gives a competitive advantage.
• builds a culture of innovation to encourage creative thinking.

Question 4

entrepreneurship

Answer 4

refers to the concept of developing and managing a business venture in order to gain a profit by taking several calculated risks.

Question 5

characteristics of entrepreneurship

Answer 5

• seeks out new opp.
• manages business activities.
• inversts their own money and takes calculated financial risks.
• experiences business success.

Question 6

market opportunities

Answer 6

refers to the chance to increase trade caused by changing trends in a market. the key is to recognize a market trend. rely on the changes in a business enviro. changes to the enviro. can create a gap in the market. important that business owners are constantly monitoring the market.

Question 7

some market opportunities are…

Answer 7

• changing demographics.
• changing societal attitudes and norms.
• changing laws and regulations.
• advancements in technology.

Question 8

changing customer needs

Answer 8

todays customers have many needs:
- busy: want convenience(quick service, easy ordering) , want 24/7 trade (shop when it suits them).
- tech. savvy: have access to info. shops online. can give reviews.
- demanding: has high expectations of corporate social responsibility. high expectations of excellence.

Question 9

research and development

Answer 9

a set of activities undertaken to improve existing products, create new products and improve production process. commonly completed by businesses to investigate, create and then test new products.

Question 10

process of r + d

Answer 10

idea -> gather info -> analyse costs and benefits -> create and test products -> launch product

Question 11

technological development

Answer 11

act as a source of business opp. as it improves how businesses create, deliver and update goods and services.

Question 12

what are the two ways that td can present a business opp.

Answer 12

• can make existing goods or services more popular and accessible, such as mobile apps for food delivery.
• tech. developments can allow business to improve the speed of their production and lower production costs, such as machinery that can replace human labour.

Question 13

global markets

Answer 13

give businesses access to international markets in order to:
- access global customers -> allows the business to sell more.
- access overseas suppliers -> sources supplies are lower cost.
- access to overseas workers -> skilled workers