Have you ever wondered what are the 4 most important resources in a given economy?
They go as follows:
1.Terrain – which includes all the natural resources that accompany it.
2. Work- people have to work to do something, right?
3. Capital- it’s probably not what you’re thinking; This category is not money! Includes tools and machinery, and any other productive element.
4. Entrepreneurship- something unique and specific to people! Not everyone has this! You?
It is not interesting that any given economy must have entrepreneurs! All the world’s resources, including land, timber, minerals, food, labor, and tools, will create nothing without the entrepreneur. Those innovative minds create many of the luxuries we enjoy today; without them, we would be without everything!
So what exactly does an entrepreneur do?
An entrepreneur, by simple definition, takes the lead in combining resources such as land, labor, tools, and other items to produce some type of service or product. They are the ones that start everything! If you don’t have an entrepreneur, there are no advances in society; therefore, it makes it difficult for an economy to grow and improve.
An entrepreneur is also an innovator; or, in other words, someone who creates from given resources. They collect what is available and put it together to form something useful for everyone. If you do not have creativity, you may not be suitable for entrepreneurial tasks.
Furthermore, one of the reasons entrepreneurship is such a scarce resource is because the entrepreneur bears ALL the risk. What if the idea fails? So what? Does your family end up with no means to survive? The higher the risk, the higher the reward! Look at people like Bill Gates, Benjamin Franklin, Thomas Edison and Henry Ford – these are some of the greatest businessmen and to bring us so much great stuff, these men had to risk everything!
It is clear that society could not have an effective economy unless entrepreneurship existed within its people.
If you have those qualities and have some ideas, feel free to create! Your contributions will promote change and improvement in an ever-growing economy!
