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?

    <p>Adapting involves improving existing concepts</p> Signup and view all the answers

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

    <p>Ride-sharing app</p> Signup and view all the answers

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

    <p>Changes in technology, changes in consumer demand, and the obsolescence of products and services</p> Signup and view all the answers

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

    <p>Consumer demand drives the need for innovative products and services</p> Signup and view all the answers

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

    <p>Changes in technology can create new opportunities for businesses to develop innovative products and services</p> Signup and view all the answers

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

    <p>They can become obsolete, creating opportunities for businesses to innovate</p> Signup and view all the answers

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

    <p>To develop innovative solutions that meet changing customer needs</p> Signup and view all the answers

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