The dynamic nature of business
Many businesses exist in order to meet a specific need or fill a certain gap in the market. To do this, they sell goods, services or both. An A calculated risk-taker who sets up a business in return for financial gain. might start a business enterprise because there is a A request for something to be sold or supplied. for the goods or services they can provide. A dynamic market is one that is in a rapidly changing business environment. In order to understand what makes a business dynamic, it is necessary to understand the market in which the business or business The different skills an entrepreneur needs to possess in order to be successful. The term can also relate to a business organisation. operates.
A new business has to understand how dynamic the market is that it is entering. This can be very different depending on the type of business.
Businesses have to adapt and develop new ideas, products and services to keep up with technology and new trends. Business ideas can come about through:
- changes in technology
- changes in what In business, a consumer is a person who uses a product and may also buy it. want
- products and services becoming No longer used or needed.
- new and original ideas
- adapting existing products, services and ideas