When an entrepreneur creates a new solution with limited resources, which quality is shown?
Answer and explanation
Correct answer: Resourcefulness
Resourcefulness is the ability to find practical and creative ways to achieve a goal despite limited money, materials, time, or equipment. The entrepreneur may reuse available materials, combine skills, simplify a process, or find an affordable substitute while still solving the customer’s problem. This is different from carelessness, blind imitation, or delay because it involves purposeful, efficient action and problem solving.
Frequently asked questions
What is the correct answer to this question?
Resourcefulness
Why is this the correct answer?
Resourcefulness is the ability to find practical and creative ways to achieve a goal despite limited money, materials, time, or equipment. The entrepreneur may reuse available materials, combine skills, simplify a process, or find an affordable substitute while still solving the customer’s problem. This is different from carelessness, blind imitation, or delay because it involves purposeful, efficient action and problem solving.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
