Entrepreneurship is the process of identifying a business gap and getting all the necessary resources required to fill the gap. The resources will include the funds, other forms of capital and the manpower that will be required to carry out the business successfully and ensure that the gap that exists in the market has been filled adequately. A gap may exist due to insufficient goods and services that are offered to the market hence the need to increase the amount of goods that reach the market. This may prompt an entrepreneur to engage in production of goods and provision of services to cater for the shortages in the market at the same time earning income from it. The gap can also exist as a result of the quality of the goods and services that are offered in the market. This may force the entrepreneur to engage in the production of goods and services in order to improve the quality of goods and services that customers receive.
These gaps that exist in the market when filled adequately, they lead to numerous benefits to the customers, the government and to the entrepreneur themselves who earn income by initiating these projects into practice. The customers gain by getting the goods and services that they were not able to get before the entrance of the entrepreneur into the industry. The quality of the goods and services in the economy also get to increase as a result of increased competition that the entrepreneur brings to the economy. In order to be able to cope with such competition, other firms are forced to increase the quality of their goods and services and this will in turn improve the general quality of the goods and services in the industry. Entrepreneurship is also a source of revenue to the government through taxation.
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