How should competition be viewed in entrepreneurship?
Answer and explanation
Correct answer: As motivation to provide better products and services
Competition gives entrepreneurs a reason to understand customers, improve quality, control costs, and offer better service or innovation. It may create pressure, but it should not automatically be feared. Avoiding customers or copying others is neither a productive nor an ethical response, so A is correct.
Frequently asked questions
What is the correct answer to this question?
As motivation to provide better products and services
Why is this the correct answer?
Competition gives entrepreneurs a reason to understand customers, improve quality, control costs, and offer better service or innovation. It may create pressure, but it should not automatically be feared. Avoiding customers or copying others is neither a productive nor an ethical response, so A is correct.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
