To understand whether a business idea is good or not, what should be checked first?
Answer and explanation
Correct answer: Whether it solves a need or problem
A business idea should first be connected with a real customer need or problem. If people value the proposed solution, there may be demand, although costs, competition, and feasibility must also be studied later. Hence option A is the best first check. The other choices indicate absence of customers, planning, or viability.
Frequently asked questions
What is the correct answer to this question?
Whether it solves a need or problem
Why is this the correct answer?
A business idea should first be connected with a real customer need or problem. If people value the proposed solution, there may be demand, although costs, competition, and feasibility must also be studied later. Hence option A is the best first check. The other choices indicate absence of customers, planning, or viability.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
