Question

What statement best describes entrepreneurship? It makes people very rich. It relies on large financial investments. It is only possible in the retail industry. It requires creativity and ambition.

Answer 1

Answer:

The statement that best describes entrepreneurship is;

It requires creativity and ambition.

Explanation:

Entrepreneurship is the process of coming up with a business idea and putting it into action. It therefor involves the design and operation of a business. Business ideas always differ in terms of size and profitability depending on what the entrepreneur seeks to achieve and the available funding. Most people who venture into entrepreneurship do so because they want to successful in business. In order to be successful there are a number of factors that need to be considered, namely;

1. Personal creativity and ambition: any entrepreneur who wishes to succeed has to be highly creative to have an edge over other competitors in the market. Ambition is also key, since it provides that extra push needed to succeed in the highly competitive business space.

2. Professional knowledge: one needs to have some basic knowledge about the business idea that they want to pursue. Entrepreneurial knowledge can assist in avoiding financial mistakes that can be very detrimental in the operations of a business. Entrepreneurship is possible in any industry even the retail industry.

3. Consistency: the road to success in entrepreneurship is usually very bumpy. It requires that one needs to be very consistent with their passion in order to succeed. There is however no guarantee that one will be rich from entrepreneurship.

4. Knowledge about the costs: an entrepreneur needs to have some knowledge about the costs of the business he/she wants to pursue. The costs include; opportunity cost, start up costs, operations and maintenance costs.