Business concept

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12th Grade

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Practice Problem

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jason worrell

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4 Slides • 8 Questions

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

Multiple Choice

Business concept

Lower 6th

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