What does adaptability mean for an entrepreneur?
Answer and explanation
Correct answer: Making suitable changes to plans and methods according to the situation
Adaptability is the ability to respond sensibly when market conditions, technology, competition, or customer preferences change. An adaptable entrepreneur reviews the situation, learns from experience, and modifies plans or methods when necessary. Rejecting all change, repeating mistakes, or ignoring customers shows rigidity rather than adaptability.
Frequently asked questions
What is the correct answer to this question?
Making suitable changes to plans and methods according to the situation
Why is this the correct answer?
Adaptability is the ability to respond sensibly when market conditions, technology, competition, or customer preferences change. An adaptable entrepreneur reviews the situation, learns from experience, and modifies plans or methods when necessary. Rejecting all change, repeating mistakes, or ignoring customers shows rigidity rather than adaptability.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
