A good business idea should be related to what?
Answer and explanation
Correct answer: A solution to a need or problem
A business idea becomes meaningful when it identifies a customer need or problem and offers a useful product or service to address it. Such an idea has a better possibility of attracting customers and creating value, although success also requires planning and proper execution. Thus, option A is correct. Working without customers, spending without a plan, or accepting permanent loss does not describe a sound business opportunity.
Frequently asked questions
What is the correct answer to this question?
A solution to a need or problem
Why is this the correct answer?
A business idea becomes meaningful when it identifies a customer need or problem and offers a useful product or service to address it. Such an idea has a better possibility of attracting customers and creating value, although success also requires planning and proper execution. Thus, option A is correct. Working without customers, spending without a plan, or accepting permanent loss does not describe a sound business opportunity.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
