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Factors Influencing New Business Ideas

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Questions and Answers

What is the key to business success according to the text?

Creating original ideas
Adapting existing products
Identifying a problem (correct)
Incorporating new technology

Which type of ideas often arise when entrepreneurs identify a gap in the market?

Existing product ideas
Original ideas (correct)
Technology-based ideas
Adaptive ideas

What did Nutrigene offer as a subscription service based on an individual's DNA?

Fitness tracking app
Vitamins based on age
Personalised vitamin supplements (correct)
Music streaming service

How does adapting existing products, services, or ideas differ from original ideas?

Adapting involves improving existing concepts (A) Signup and view all the answers

What did Uber offer as a more convenient and cost-effective alternative to traditional taxi services?

Ride-sharing app (C) Signup and view all the answers

What are some common factors that contribute to the emergence of new business ideas?

Changes in technology, changes in consumer demand, and the obsolescence of products and services (A) Signup and view all the answers

What role does consumer demand play in the generation of new business ideas?

Consumer demand drives the need for innovative products and services (C) Signup and view all the answers

How can changes in technology impact the emergence of new business opportunities?

Changes in technology can create new opportunities for businesses to develop innovative products and services (D) Signup and view all the answers

What can happen to products and services that do not adapt to changes in technology or consumer demand?

They can become obsolete, creating opportunities for businesses to innovate (C) Signup and view all the answers

Why is it essential for businesses to recognize and capitalize on new opportunities?

To develop innovative solutions that meet changing customer needs (B) Signup and view all the answers

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