An Error of Omission Occurs When an Entrepreneur

question 24

Multiple Choice

An error of omission occurs when an entrepreneur: 

• A) enters a market but overestimates the customer demand.
• B) develops a product for a market that is too narrow.
• C) decides not to enter a market that is, in fact, desirable.
• D) fails to understand the limitations of a market.

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Definitions:

Performance

Performance refers to the act of carrying out a task or conducting an activity, often measured against known standards of accuracy, completeness, and speed.

Extrinsic Motivation

A desire to perform an activity to achieve an external goal that activity is directed toward.

Self-efficacy

An individual's belief in their own ability to complete tasks and achieve goals.

Intrinsic Motivation

A desire to perform an activity because of the value or pleasure associated with that activity, rather than for an apparent external goal or purpose.