Why is identifying local needs important in entrepreneurship?
Answer and explanation
Correct answer: Because it provides useful business ideas
Local needs reveal problems that nearby people actually experience, such as a lack of a service or difficulty obtaining a product. An entrepreneur can convert such a gap into a relevant business idea after checking demand and feasibility. Option A is correct. Identifying a need does not automatically reduce costs or remove the need for planning.
Frequently asked questions
What is the correct answer to this question?
Because it provides useful business ideas
Why is this the correct answer?
Local needs reveal problems that nearby people actually experience, such as a lack of a service or difficulty obtaining a product. An entrepreneur can convert such a gap into a relevant business idea after checking demand and feasibility. Option A is correct. Identifying a need does not automatically reduce costs or remove the need for planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
