What should an entrepreneur do when resources are limited?
Answer and explanation
Correct answer: Prioritize tasks and use available resources efficiently
Limited money, time, people, or materials require careful allocation. The entrepreneur should identify essential activities, set priorities, and use available resources where they create the greatest value. This improves efficiency and reduces waste. Limited resources do not automatically mean that the idea must be abandoned, and unplanned spending is risky.
Frequently asked questions
What is the correct answer to this question?
Prioritize tasks and use available resources efficiently
Why is this the correct answer?
Limited money, time, people, or materials require careful allocation. The entrepreneur should identify essential activities, set priorities, and use available resources where they create the greatest value. This improves efficiency and reduces waste. Limited resources do not automatically mean that the idea must be abandoned, and unplanned spending is risky.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
