What should an entrepreneur do first with limited resources?
Answer and explanation
Correct answer: Set priorities and start essential work
When resources are limited, the entrepreneur should identify the activities most necessary for creating value and meeting immediate objectives. Prioritising essential spending helps preserve cash, reduce waste, and complete critical work before less important activities. Option A is correct. Spending everything at once or on decoration can create shortages, while abandoning work shows poor resource management.
Frequently asked questions
What is the correct answer to this question?
Set priorities and start essential work
Why is this the correct answer?
When resources are limited, the entrepreneur should identify the activities most necessary for creating value and meeting immediate objectives. Prioritising essential spending helps preserve cash, reduce waste, and complete critical work before less important activities. Option A is correct. Spending everything at once or on decoration can create shortages, while abandoning work shows poor resource management.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
