If an entrepreneur has a promising idea but lacks the required skills, what is the most suitable step?
Answer and explanation
Correct answer: Learn the required skills or collaborate with people who possess them
A business idea becomes feasible only when the entrepreneur can obtain the knowledge and capabilities needed to execute it. The skill gap can be addressed through training, practice, mentoring, hiring, or collaboration with competent people. Abandoning the idea may be unnecessary, while starting without understanding increases errors and risk. Avoiding customers also prevents the entrepreneur from testing whether the idea solves a real need. Thus, option A is best.
Frequently asked questions
What is the correct answer to this question?
Learn the required skills or collaborate with people who possess them
Why is this the correct answer?
A business idea becomes feasible only when the entrepreneur can obtain the knowledge and capabilities needed to execute it. The skill gap can be addressed through training, practice, mentoring, hiring, or collaboration with competent people. Abandoning the idea may be unnecessary, while starting without understanding increases errors and risk. Avoiding customers also prevents the entrepreneur from testing whether the idea solves a real need. Thus, option A is best.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
