What shows that a business idea may be an opportunity and not just an imagination?
Answer and explanation
Correct answer: A real customer problem, demand, and willingness to pay exist
An idea becomes a possible business opportunity when it addresses a genuine problem for a defined group of customers and there is evidence of demand. Customers must also be willing and able to pay. Personal liking or an untested idea does not provide market validation.
Frequently asked questions
What is the correct answer to this question?
A real customer problem, demand, and willingness to pay exist
Why is this the correct answer?
An idea becomes a possible business opportunity when it addresses a genuine problem for a defined group of customers and there is evidence of demand. Customers must also be willing and able to pay. Personal liking or an untested idea does not provide market validation.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
