Which quality helps an entrepreneur improve a business plan according to changing market conditions?
Answer and explanation
Correct answer: Adaptability
Adaptability enables an entrepreneur to respond to changes in customer preferences, competition, prices, technology, or demand. The entrepreneur may revise the product, price, promotion, or operations after considering new information. Carelessness, indecision, and complete dependence on others do not provide a reliable way to improve a plan.
Frequently asked questions
What is the correct answer to this question?
Adaptability
Why is this the correct answer?
Adaptability enables an entrepreneur to respond to changes in customer preferences, competition, prices, technology, or demand. The entrepreneur may revise the product, price, promotion, or operations after considering new information. Carelessness, indecision, and complete dependence on others do not provide a reliable way to improve a plan.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
