What is called a business opportunity?
Answer and explanation
Correct answer: A situation where value can be created by meeting customer need
A business opportunity exists when a recognised customer need or problem can be addressed through a feasible product or service that creates value and may support a viable enterprise. It requires more than an idea: demand, resources, timing, and the ability to deliver matter as well. No demand, only loss, or prohibition on working does not constitute an opportunity. Thus, A is correct.
Frequently asked questions
What is the correct answer to this question?
A situation where value can be created by meeting customer need
Why is this the correct answer?
A business opportunity exists when a recognised customer need or problem can be addressed through a feasible product or service that creates value and may support a viable enterprise. It requires more than an idea: demand, resources, timing, and the ability to deliver matter as well. No demand, only loss, or prohibition on working does not constitute an opportunity. Thus, A 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.
