What is the benefit of making a minimum viable product while starting a small enterprise?
Answer and explanation
Correct answer: It gives a chance to test the idea with customers using fewer resources
A minimum viable product, or MVP, is a basic usable version containing enough features to test an important business assumption. It lets the entrepreneur obtain early customer feedback, learn what needs improvement, and avoid spending heavily before demand is understood. An MVP does not control the market, remove customers, or eliminate every risk. Hence, A is correct.
Frequently asked questions
What is the correct answer to this question?
It gives a chance to test the idea with customers using fewer resources
Why is this the correct answer?
A minimum viable product, or MVP, is a basic usable version containing enough features to test an important business assumption. It lets the entrepreneur obtain early customer feedback, learn what needs improvement, and avoid spending heavily before demand is understood. An MVP does not control the market, remove customers, or eliminate every risk. Hence, 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.
