Dynamic Business Trends and Motivations

Dynamic Nature of Business

• Business success isn't guaranteed due to changes in technology, fashion, and the economy.
• Businesses need to adapt quickly to changing circumstances.
• Customer tastes and needs are influenced by factors beyond a company's control.
• The 2016 European referendum is an example of an unexpected event forcing businesses to adjust.
• Successful businesses adapt to new conditions.
• Snapchat, launched in 2011, illustrates rapid business growth due to adapting to changing technology and consumer desires.
• Starting a new business requires quick decision making due to limited resources.

Motivators for Starting a New Business

• Desire for achievement and satisfaction.
• The desire to be your own boss and have independent decision-making power.
• Financial gain is a significant motivator.
• Many entrepreneurs start franchises, like Subway, for the potential profit of an existing business model.
• Starting your own business involves making quick decisions, which can be challenging.

Key Qualities for Starting a Business

• Personal qualities like determination, resilience, enthusiasm, and hard work.
• Skills such as listening, planning, organizing, persuading, and managing others.
• Resources such as finding help with finance or advice.
• Exceptional knowledge of a specific topic.

How New Business Ideas Are Developed

• Often start as trials while working at another job.
• A business plan guides the process for raising capital.
• A plan must include clear business aims, strategy, financial forecasts, and financial requirements.
• A strong sales forecast based on market research is very critical.

Why New Business Ideas Emerge

• Changing consumer tastes continuously create new openings.
• Obsolescence of existing products and services.
• Technological advancement.
• Consumers may switch from established brands to new ones due to changing tastes and prices.
• Existing businesses may struggle when tastes and technology change.

Identifying and Valuing New Business Ideas

• Businesses need to anticipate and act on changing consumer habits.
• Businesses need to adapt to advancements in technology.
• A new idea can prove more successful than adapting or maintaining an existing product (e.g. iPhone replacing iPods).
• Keeping up with technology is critical for success.
• Original ideas often create or improve competitive advantage.
• Adapting products to respond to market changes (e.g., new chocolate bars, improved crumpets) can be successful.
• Businesses should adapt to changing preferences and technology.
• Maintaining a variety of ideas in a business can improve its adaptability.

External Influences on Business

• A new business will have to adapt to changing market conditions.
• Many business start-ups need funding.
• Customer loyalty is important for maintaining success.

Importance of Creativity and Innovation

• Asking "why" and "why not" fosters creativity and innovation.
• Creative thinking leads to original business ideas.
• The willingness to adapt existing products and services.
• Sharing original ideas within a business is essential.
• Businesses need staff that engage with their roles and are not afraid of experimenting with ideas.