What will be the best basis of self-evaluation for an entrepreneur?
Answer and explanation
Correct answer: Sales, customer satisfaction, cost, quality and learning outcomes
An entrepreneur’s self-evaluation should use several indicators. Sales show market performance; customer satisfaction indicates acceptance of the service; cost reflects efficiency; quality shows the standard of the product or service; and learning outcomes indicate scope for improvement. Looking only at profit is incomplete because quality or customer satisfaction may still be low. Exam tip: choose the comprehensive option that covers both financial and non-financial measures.
Frequently asked questions
What is the correct answer to this question?
Sales, customer satisfaction, cost, quality and learning outcomes
Why is this the correct answer?
An entrepreneur’s self-evaluation should use several indicators. Sales show market performance; customer satisfaction indicates acceptance of the service; cost reflects efficiency; quality shows the standard of the product or service; and learning outcomes indicate scope for improvement. Looking only at profit is incomplete because quality or customer satisfaction may still be low. Exam tip: choose the comprehensive option that covers both financial and non-financial measures.
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.
