What does identifying an opportunity mean?
Answer and explanation
Correct answer: Recognising a need, problem, or demand and finding a possibility for useful work or a business
Identifying an opportunity means noticing a genuine need, problem, or demand and examining whether it can be addressed through a useful product, service, or business activity. The entrepreneur studies the situation and considers feasibility rather than acting blindly. Avoiding a problem, ignoring customers, or spending money without information does not involve opportunity recognition.
Frequently asked questions
What is the correct answer to this question?
Recognising a need, problem, or demand and finding a possibility for useful work or a business
Why is this the correct answer?
Identifying an opportunity means noticing a genuine need, problem, or demand and examining whether it can be addressed through a useful product, service, or business activity. The entrepreneur studies the situation and considers feasibility rather than acting blindly. Avoiding a problem, ignoring customers, or spending money without information does not involve opportunity recognition.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
