What does a successful entrepreneur do after failure instead of repeating the same mistake?
Answer and explanation
Correct answer: Analyses causes and improves
Failure can provide useful learning when the entrepreneur reviews the event, identifies its real causes, and changes the relevant plan or process. Customer feedback, costs, timing, and execution may need examination before another attempt. Immediate closure, blaming customers, or abandoning goals avoids learning rather than solving the problem. Therefore, analysing causes and improving is correct.
Frequently asked questions
What is the correct answer to this question?
Analyses causes and improves
Why is this the correct answer?
Failure can provide useful learning when the entrepreneur reviews the event, identifies its real causes, and changes the relevant plan or process. Customer feedback, costs, timing, and execution may need examination before another attempt. Immediate closure, blaming customers, or abandoning goals avoids learning rather than solving the problem. Therefore, analysing causes and improving is correct.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
