If an entrepreneur sees a new demand in the market, what should they do?
Answer and explanation
Correct answer: Examine it as an opportunity
A new market demand may become a business opportunity for an entrepreneur. They should assess customer needs, available resources, feasibility, and potential profit before acting. Ignoring the demand immediately can mean losing a possible business opportunity. Exam tip: In entrepreneurship, connect market demand with opportunity identification.
Frequently asked questions
What is the correct answer to this question?
Examine it as an opportunity
Why is this the correct answer?
A new market demand may become a business opportunity for an entrepreneur. They should assess customer needs, available resources, feasibility, and potential profit before acting. Ignoring the demand immediately can mean losing a possible business opportunity. Exam tip: In entrepreneurship, connect market demand with opportunity identification.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Entrepreneurship: definition and characteristics.
