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Business - Coggle Diagram
Business
1.1
1.1.1 - The Dynamic Nature of a Business
Why new business ideas come about
Changes in technology
Products and services become obsolete
Changes in what consumers want
How new business ideas come about
If someone needs a product that hasn't been seen before
Niche markets
1.1.2 - Risk and Reward
The impact of Risk and Reward on business activity
Rewards
Business success
Profit
Independence
Risks
Business Failure
Financial loss
Lack of Security
1.1.3 - The Role of Business Enterprise
The Role of Business Enterprise and the Purpose of Business Activity
To produce goods and services
To meet customer needs
To add value - Branding, Convenience, Quality and Design, Unique Selling Point
Role of Entrepreneurship
They need to be:
Organised
Risk taker
Decisive
show initiative
Create jobs
boost economy from consumer spending
create products to meet customer needs