We discuss the entrepreneur as a creator of employment and ensuring competition. Entrepreneurs are the root of almost all businesses that exist today. From one inspired man who has a creative business idea that addresses the current market gaps and societal challenges, many companies and organisations can emerge. Which ultimately leads to countless employment opportunities and a healthy competitive market space.
- 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: How to be an Entrepreneur