Question

Given below are two statements:
Statement I : Ideas should not be examined for their real‐life use and application.
Statement II : Business opportunity can be described as an economic idea that can be implemented to create business enterprises and earn profits. In light of the above statements, choose the correct answer from the options given below

• A. Both Statement I and Statement II are true
• B. Both Statement I and Statement II are false
• C. Statement I is true but Statement II is false
• D. Statement I is false but Statement II is true

Answer 1

The Correct Option is D

To solve this question, we need to evaluate the truthfulness of the given statements based on our understanding of the concepts related to Innovation & Entrepreneurship.

1. Analyzing Statement I:
   "Ideas should not be examined for their real-life use and application."
   • In the context of entrepreneurship and innovation, the practical applicability of ideas is crucial. Every successful business starts with an idea that needs to be assessed for its feasibility, viability, and potential to solve real-life problems or meet market needs.
   • Examining ideas for their real-life application is essential to transform ideas into successful business ventures.
   • Therefore, Statement I is false because it contradicts the essential process of evaluating ideas against their practical applications.
2. Analyzing Statement II:
   "Business opportunity can be described as an economic idea that can be implemented to create business enterprises and earn profits."
   • A business opportunity indeed refers to a viable idea that has the potential to be developed into a profitable business. This idea needs to be implementable and economically sound.
   • This aligns with the fundamental definition of a business opportunity, which revolves around its capacity to generate profits through its implementation.
   • Statement II is therefore true as it correctly describes what constitutes a business opportunity.

Conclusion: Based on the analysis, "Statement I is false but Statement II is true" is the correct answer. Statement I incorrectly negates the importance of evaluating ideas for practical application, whereas Statement II accurately defines a business opportunity.