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Business revision - Coggle Diagram
Business revision
1.2
1.2.1 customer needs
1.5
1.3
1.4
1.1
1.1 revision
1.2 Risk and rewards
Independence
Working for yourself
Advanges
Being your own boss
Getting more money
Disadvantages
Not much holiday
Working longer hours
Going out of business
Working for someone
Disadvantages
Not getting as much money as if you were your own boss
Not being your own boss
Advantages
Getting a fixed pay
Being paid while on holiday
Being paid when sick
Why business bother taking risks
Profit
Independence
Business success
1.1.3 business enterprise
How a business adds value
Quality and design
Unique selling point
Branding
Convenience
Entrepreneurs skills needed
Leadership
organisation
Creativity
Risk taker
Determined/ keep going
Purpose of business
To produce goods and services
To meet customer needs
To add value
1.1.1 New business idea
Why people create new business idea?
Changes in consumers needs
Changes in technology
Products and services become back into trend, fashion changes(obsolete)
Mass market research
Example-Stationary
Definition-The market for goods that are bought in large quantities
Where business ideas come from
Original idea (brand new idea)
Example-A sofa, Full fat coke, etc
Adapting original ideas/products/services
Example-Diet coke, reclining sofa, chromebook, etc