In which situation is an entrepreneur's foresight shown?
Answer and explanation
Correct answer: Anticipating future demand and preparing the required skills and products
Foresight means anticipating future market needs, changing customer preferences, and possible opportunities, then preparing in advance. Therefore, preparing skills and products according to expected future demand shows an entrepreneur’s foresight. Focusing only on present sales is not foresight because it does not involve planning for future market changes. Exam tip: Link ‘anticipation of future needs and advance preparation’ with foresight.
Frequently asked questions
What is the correct answer to this question?
Anticipating future demand and preparing the required skills and products
Why is this the correct answer?
Foresight means anticipating future market needs, changing customer preferences, and possible opportunities, then preparing in advance. Therefore, preparing skills and products according to expected future demand shows an entrepreneur’s foresight. Focusing only on present sales is not foresight because it does not involve planning for future market changes. Exam tip: Link ‘anticipation of future needs and advance preparation’ with foresight.
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.
