What is most important to assess when selecting a business idea?
Answer and explanation
Correct answer: People's needs and market demand
A business idea is more viable when it solves a real customer problem and has enough potential demand. Assessing customer needs and the market helps the entrepreneur consider buyers, competitors, pricing, and likely sales before investing resources. A name or advertisement may support promotion, but cannot replace evidence of a genuine market.
Frequently asked questions
What is the correct answer to this question?
People's needs and market demand
Why is this the correct answer?
A business idea is more viable when it solves a real customer problem and has enough potential demand. Assessing customer needs and the market helps the entrepreneur consider buyers, competitors, pricing, and likely sales before investing resources. A name or advertisement may support promotion, but cannot replace evidence of a genuine market.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
