In which situation should an entrepreneur change the plan?
Answer and explanation
Correct answer: When market information shows that the old plan is not working
A business plan should guide action, but it must remain adaptable when reliable market evidence shows that assumptions or methods are failing. Customer feedback, sales data, costs, or competitor changes may justify revision. Changing a plan for no reason, despite satisfaction, or merely because a goal is clear is not logical. Thus A reflects informed flexibility.
Frequently asked questions
What is the correct answer to this question?
When market information shows that the old plan is not working
Why is this the correct answer?
A business plan should guide action, but it must remain adaptable when reliable market evidence shows that assumptions or methods are failing. Customer feedback, sales data, costs, or competitor changes may justify revision. Changing a plan for no reason, despite satisfaction, or merely because a goal is clear is not logical. Thus A reflects informed flexibility.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
