Which signal is strongest for an entrepreneur while identifying an opportunity?
Answer and explanation
Correct answer: Unsolved customer problem
An unsolved customer problem is a strong opportunity signal because it reveals a need for which existing solutions may be inadequate. If enough people experience the problem and value a possible solution, demand may develop. Friends’ opinions can be useful starting clues but are not representative evidence. An old habit or attractive shop does not by itself show that customers need or will pay for a new offering.
Frequently asked questions
What is the correct answer to this question?
Unsolved customer problem
Why is this the correct answer?
An unsolved customer problem is a strong opportunity signal because it reveals a need for which existing solutions may be inadequate. If enough people experience the problem and value a possible solution, demand may develop. Friends’ opinions can be useful starting clues but are not representative evidence. An old habit or attractive shop does not by itself show that customers need or will pay for a new offering.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
