When a student wants to start a stationery service near school and first checks which items students need most, which entrepreneurial process is being used?
Answer and explanation
Correct answer: Identifying a market need
The student is studying the needs of a specific customer group before investing in the venture. This is market-need identification and is an early part of recognising a business opportunity. Advertising, spending, or distributing profit can occur later, but none explains the initial investigation of demand.
Frequently asked questions
What is the correct answer to this question?
Identifying a market need
Why is this the correct answer?
The student is studying the needs of a specific customer group before investing in the venture. This is market-need identification and is an early part of recognising a business opportunity. Advertising, spending, or distributing profit can occur later, but none explains the initial investigation of demand.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
