In which situation will an entrepreneurial opportunity be considered real?
Answer and explanation
Correct answer: A problem exists and people are willing to pay for a solution
A promising opportunity combines a genuine customer problem with a solution that people consider valuable enough to buy. Willingness to pay helps distinguish a possible market from the entrepreneur’s personal preference or an attractive but unnecessary product. The idea must still be tested for cost, competition, legality, and feasibility, but need and buying interest are the essential starting evidence.
Frequently asked questions
What is the correct answer to this question?
A problem exists and people are willing to pay for a solution
Why is this the correct answer?
A promising opportunity combines a genuine customer problem with a solution that people consider valuable enough to buy. Willingness to pay helps distinguish a possible market from the entrepreneur’s personal preference or an attractive but unnecessary product. The idea must still be tested for cost, competition, legality, and feasibility, but need and buying interest are the essential starting evidence.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
