For a new enterprise, what is better to confirm first?
Answer and explanation
Correct answer: The problem is real and people want a solution
Before investing heavily, an entrepreneur should validate that a real customer problem exists and that people consider a proposed solution useful enough to seek or pay for it. This reduces the chance of building an unwanted product. A popular name or large shop cannot prove demand, and profit never comes without appropriate effort, resources, and execution.
Frequently asked questions
What is the correct answer to this question?
The problem is real and people want a solution
Why is this the correct answer?
Before investing heavily, an entrepreneur should validate that a real customer problem exists and that people consider a proposed solution useful enough to seek or pay for it. This reduces the chance of building an unwanted product. A popular name or large shop cannot prove demand, and profit never comes without appropriate effort, resources, and execution.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
