Which option best shows entrepreneurial thinking in identifying an opportunity?
Answer and explanation
Correct answer: Creating a useful solution after observing a local problem
Opportunity recognition begins with observing a real need or difficulty and asking whether a useful, feasible solution can be offered. Understanding local customers can reveal an unmet need and a possible market. Copying others, reacting only to advertisements, or opening a shop without customer knowledge does not establish a genuine opportunity.
Frequently asked questions
What is the correct answer to this question?
Creating a useful solution after observing a local problem
Why is this the correct answer?
Opportunity recognition begins with observing a real need or difficulty and asking whether a useful, feasible solution can be offered. Understanding local customers can reveal an unmet need and a possible market. Copying others, reacting only to advertisements, or opening a shop without customer knowledge does not establish a genuine opportunity.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
