Which is the best example of an entrepreneur converting a problem into an opportunity?
Answer and explanation
Correct answer: Starting a low-energy study-lamp service in an area with power cuts
Frequent power cuts create a real need for dependable lighting. A low-energy study-lamp service responds to that need and therefore converts a problem into a possible business opportunity. The other choices avoid the problem, ignore customers, or create a product without demonstrated demand, so they do not show opportunity recognition.
Frequently asked questions
What is the correct answer to this question?
Starting a low-energy study-lamp service in an area with power cuts
Why is this the correct answer?
Frequent power cuts create a real need for dependable lighting. A low-energy study-lamp service responds to that need and therefore converts a problem into a possible business opportunity. The other choices avoid the problem, ignore customers, or create a product without demonstrated demand, so they do not show opportunity recognition.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
