Why is decision-making ability important for an entrepreneur?
Answer and explanation
Correct answer: To choose the right option at the right time
Entrepreneurs must choose among alternatives involving products, customers, finance, timing, employees, and risk. Sound decision-making requires relevant information, comparison of likely consequences, and timely action. Postponing every task or deciding without evidence can damage the venture, while advice may help but cannot replace responsibility. Hence choosing an appropriate option at the right time is correct.
Frequently asked questions
What is the correct answer to this question?
To choose the right option at the right time
Why is this the correct answer?
Entrepreneurs must choose among alternatives involving products, customers, finance, timing, employees, and risk. Sound decision-making requires relevant information, comparison of likely consequences, and timely action. Postponing every task or deciding without evidence can damage the venture, while advice may help but cannot replace responsibility. Hence choosing an appropriate option at the right time is correct.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
