is vital that the right product or service is chosen, due to the high chances
of failure. The Department for
Trade and Industry has estimated that a quarter of all business start ups
fail within the first eighteen months and 35% fail after five years.
business start-ups select an existing good or service and find an innovative
approach to providing it. This
new approach will be one that the entrepreneur feels the consumers will
prefer, or suits society’s tastes and views at the time.
of a business that has opened which simply presents an old product in a new
and innovative way. How have they done this?
of a business that has opened that sells its goods in such a manner that
reflects society’s tastes and views. How
have they done this?