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The Entrepreneur as a Creator of Employment and Ensuring Competition

The Entrepreneur as a Creator of Employment and Ensuring Competition On this page, we talk about how entrepreneurs foster competition and the creation of new jobs. The foundation of practically every modern firm is an entrepreneur. Several enterprises and organizations might arise from one inspired guy who has an innovative business idea that answers the existing market gaps and societal concerns. It ultimately results in an abundance of employment opportunities and a healthy level of market competition.

Entrepreneurship is one of the four factors of production.
Entrepreneurs are responsible for combining the other three factors of production
(labour, capital and natural resources).
They are able to see a business opportunity and have the ability and courage to change this opportunity into a profitable business.
This allows them to earn profits and create jobs for others.

How Entrepreneurs Create jobs in a Country

As entrepreneurs grow and expand their business opportunities many jobs are created in the following forms:

For example, as entrepreneurs:

register their businesses, business registrations establishments make profits
build websites – website designers jobs increase and related services increase
market their businesses – they hire marketers and brand strategists
formalise their money transactions and tax affairs – accountants and bookkeepeers are hired
draft contracts – legal professionals are hired
expand operations – more workers are hired to meet the demands of the growing supply chain
hire more people – human resources professionals are hired in order to manage staff affairs

How Entrepreneurs Impact Business Competition

Entrepreneurs influence and shape the competition in the business space. By establishing new businesses, entrepreneurs solidify competition for existing businesses, big or small. This is a great opportunity for consumers for the following reasons:

more choice of products or service to use
products and services become more affordable

Video Guide: How to be an Entrepreneur

How to Pass Agricultural Sciences Grade 11 with distinctions

One of the most significant accomplishments in your academic career is passing matric. It provides access to a wide range of post secondary options and employment possibilities. Use our best study advice to complete your matriculation, and you’ll succeed with flying colors.

Attend class
Ask questions
Make notes
Study
Practise
Study groups
Extra class
Motivation
Complete assessments
Prepare for the Exams in due time

The Entrepreneur as a Creator of Employment and Ensuring Competition