What is the purpose of creating a minimum viable product for an entrepreneur?
Answer and explanation
Correct answer: Test usefulness of the idea with limited resources
A minimum viable product contains the essential features needed to offer a basic solution and obtain real user feedback. Testing it with limited resources helps the entrepreneur learn whether customers understand, use, and value the idea before spending heavily on a fully developed version. It is not the final complete product, and its purpose is precisely to invite learning and reduce unnecessary risk.
Frequently asked questions
What is the correct answer to this question?
Test usefulness of the idea with limited resources
Why is this the correct answer?
A minimum viable product contains the essential features needed to offer a basic solution and obtain real user feedback. Testing it with limited resources helps the entrepreneur learn whether customers understand, use, and value the idea before spending heavily on a fully developed version. It is not the final complete product, and its purpose is precisely to invite learning and reduce unnecessary 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.
