Which quality helps an entrepreneur make well-considered decisions even in uncertain situations?
Answer and explanation
Correct answer: Willingness to take calculated risks
Calculated risk-taking means examining an opportunity, estimating possible benefits and losses, considering available evidence, and then accepting a reasonable level of uncertainty. It is different from reckless gambling. Depending entirely on instructions, avoiding challenges, or continually delaying decisions prevents an entrepreneur from responding to opportunities effectively.
Frequently asked questions
What is the correct answer to this question?
Willingness to take calculated risks
Why is this the correct answer?
Calculated risk-taking means examining an opportunity, estimating possible benefits and losses, considering available evidence, and then accepting a reasonable level of uncertainty. It is different from reckless gambling. Depending entirely on instructions, avoiding challenges, or continually delaying decisions prevents an entrepreneur from responding to opportunities effectively.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Business Risk.
