Business is dynamic. This means it is always changing. They make products (tangible) or provide services (intangible) for customers.
dynamic – always changing
obsolete – a product that is no longer used or out of date
entrepreneur – someone who creates a business, taking on financial risks with the aim of making a profit from the business
You need to know how ideas for new products come about:
- changes in technology (ebay)
- changes in what consumers want (wearable technology)
- changes in tastes and trends (stand alone MP3 players are becoming obsolete)
- original ideas (from research, spotting a gap in the market, adapting existing ideas)
Complete these questions to test your understanding of this lesson.