Business concept

Business concept

Lower 6th

Business concept

An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors.

Sources of business concept

1.New products

2.New services

3.New processes

4.New markets

5.New organisation structures/forms

6.New sales or distribution channels

7.New development paradigms.

When describing a business idea, the entrepreneur should answer the following questions:

• What is my product/service?

• What does my product/service do?

• How is it different or better than other products/ services?

• Who will buy the product/service?

• Why will they buy the product/service?

• How will the product/service be promoted and sold/offered

• Who are my competitors?

Multiple Choice

Which of the following is NOT a source of a business concept?

• New markets

• New products

• Existing markets

• New organizational structures

Multiple Choice

An entrepreneur creates new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying

• threats

• people

• products

• opportunities

Multiple Choice

• A

• B

• C

• D

Multiple Choice

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• B

• C

• D

Multiple Choice

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• B

• C

• D

Multiple Choice

• A

• B

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• D

Multiple Choice

• A

• B

• C

• D

Multiple Choice

• A

• B

• C

• D