The Dynamic Nature of Business (Edexcel GCSE Business)

• New business ideas can come about through original ideas or by adapting existing products, services, or ideas
• The key to business success is identifying a need or opportunity in the market and developing an innovative solution that meets the needs of customers in a unique and valuable way
    
  

The best source of original, or adaptive ideas, is being able to identify a problem
(Image credit: Fit Small Business)

• Original ideas are new and unique concepts that are not based on existing products/services, or ideas
  • They often arise when entrepreneurs identify a gap in the market or a new need that has not yet been met
  • Original ideas can be based on a new technology, a new market, or a unique perspective on an existing problem
  • E.g. The business Nutrigene offered a subscription service for personalised vitamin supplements based on an individual's DNA, which was an original idea that was not based on an existing product or service
    
    
• Adapting existing products, services, or ideas involves taking an existing concept and making it better or more suitable for a different market or customer base
  • This approach often involves identifying a problem with an existing product or service and developing a solution that addresses the problem
  • E.g. The ride-sharing app Uber adapted the existing concept of taxi services by offering a more convenient, efficient, and cost-effective solution that was accessible through a mobile app