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.

Question

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.

Quizplus · Accepted Answer

An error of omission in entrepreneurship happens when the entrepreneur decides not to enter a market although it is a desirable one. This could be due to several reasons, such as fear of competition or lack of resources, which could prevent the entrepreneur from seizing a potentially lucrative opportunity.

An Error of Omission Occurs When an Entrepreneur