In which situation should an entrepreneur change the plan?
Answer and explanation
Correct answer: When customer needs, the market, or data clearly show a need for change
A business plan should be reviewed when evidence shows that assumptions are wrong or conditions have changed. Customer feedback, market movements, costs, and performance data can indicate that a product, price, process, or target market needs revision. Thus option A is correct. Changing a successful plan without reason, acting without information, or reacting only to fear is not sound planning.
Frequently asked questions
What is the correct answer to this question?
When customer needs, the market, or data clearly show a need for change
Why is this the correct answer?
A business plan should be reviewed when evidence shows that assumptions are wrong or conditions have changed. Customer feedback, market movements, costs, and performance data can indicate that a product, price, process, or target market needs revision. Thus option A is correct. Changing a successful plan without reason, acting without information, or reacting only to fear is not sound planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
