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How should an entrepreneur use competition instead of fearing it?

Answer and explanation

Correct answer: By improving quality and service and creating differentiation

Competition gives an entrepreneur information about customer expectations, rival offerings, prices, and service standards. By studying it, the entrepreneur can improve quality, provide better service, introduce useful features, or create a clear difference in the market. Closing the business or hiding from customers is not a strategy, and blindly cutting prices can reduce profit. Hence, option A is correct.

Related tags

CompetitionEntrepreneurial-StrategyEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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