Dynamic Business Trends and Motivations

Asking "Why not?" encourages creative thinking and helps to challenge conventional assumptions. This can lead to new ideas and innovations.

True (A)

<p>New business ideas emerge due to changes in consumer tastes, products and services becoming obsolete, and changes in technology.</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>New technology can make existing products and services obsolete.</p> Signup and view all the answers

<p>Minor changes are small adjustments to existing products or services, while dramatic innovations are entirely new products or services that often introduce transformative changes to the market.</p> Signup and view all the answers

<p>A business should focus on ensuring their new product is original and relevant to the market, monitor competitor activity, build customer loyalty by providing excellent products and services, and constantly adapt to changing market dynamics.</p> Signup and view all the answers

<p>Businesses can encourage and use ideas from their employees by creating a culture of open communication, providing channels for employees to share their ideas, and recognizing and rewarding employees for their contributions.</p> Signup and view all the answers

<p>The cat's eye reflector was designed to be self-cleaning, with a rubberised top that would give when cars ran over it, wiping the reflector clean.</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

The idea that business is constantly changing because external factors, like technology, are always changing.

Risk capital provided by an investor who wants a share of future profits in exchange for taking a risk.

The number of goods or services that customers want and can afford to buy.

A person who sees business opportunities and is willing to take risks to make them happen.

A product or service with declining or no sales because customers have found something newer.

Creating new products based on an existing successful product.

Features that help a business be more successful compared to its rivals.

Ideas that are new and not copied from other businesses.

Shifting customer preferences and desires driving new business opportunities.

When a product or service is no longer in demand as something new emerges or customer behavior changes.

Technological advancements leading to new opportunities and the obsolescence of old products.

A document outlining business aims, strategy, financial forecasts, and needs.

The goals and targets for a business.

Income, expenses and the overall financial gain of a business.

The point at which total revenue equals total costs, resulting in zero profit or loss.

Predictions of a business's future cash inflows and outflows.

Ways in which a small business can obtain capital or funding to start or grow.

The legal structure of a business concerning accountability, obligations and rights.