What is necessary to convert an idea into a business opportunity?
Answer and explanation
Correct answer: Checking need, usefulness, and market possibility
An idea becomes a business opportunity only when it addresses a real need and appears feasible in a market. The entrepreneur should test customer demand, usefulness, resources, costs, competition, and possible returns before committing major funds. Keeping a name attractive is not enough, while spending without checking increases risk.
Frequently asked questions
What is the correct answer to this question?
Checking need, usefulness, and market possibility
Why is this the correct answer?
An idea becomes a business opportunity only when it addresses a real need and appears feasible in a market. The entrepreneur should test customer demand, usefulness, resources, costs, competition, and possible returns before committing major funds. Keeping a name attractive is not enough, while spending without checking increases risk.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
