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If an entrepreneur works only on assumptions and ignores data, what is the risk?

Answer and explanation

Correct answer: Higher chance of wrong decisions

Assumptions about customer needs, demand, price, or cost may be incomplete or wrong. Research, trials, sales records, and feedback provide evidence for testing those assumptions and improving decisions. Data cannot guarantee success, but ignoring it increases uncertainty and the chance of investing in an unsuitable product or strategy. The other options describe impossible automatic outcomes.

Related tags

Data-Driven-DecisionBusiness-RiskEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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