What is the most appropriate action of a successful entrepreneur after facing failure?
Answer and explanation
Correct answer: Learns from mistakes and improves the plan
Failure can provide evidence about a weak assumption, unsuitable process, or unmet customer need. A resilient entrepreneur studies what happened, learns from mistakes, changes the plan, and tests the improved approach. Giving up, blaming others, or repeating an unexplained mistake produces no learning and does not build a sustainable venture. Thus, B reflects constructive entrepreneurial behaviour.
Frequently asked questions
What is the correct answer to this question?
Learns from mistakes and improves the plan
Why is this the correct answer?
Failure can provide evidence about a weak assumption, unsuitable process, or unmet customer need. A resilient entrepreneur studies what happened, learns from mistakes, changes the plan, and tests the improved approach. Giving up, blaming others, or repeating an unexplained mistake produces no learning and does not build a sustainable venture. Thus, B reflects constructive entrepreneurial behaviour.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
