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 go with 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! It includes tools and machinery, and any other productive element.
4. Entrepreneurship- something unique and specific for people! Not everyone has this! You?
Isn’t it interesting that any given economy should have entrepreneurs! All the world’s resources, including land, wood, 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 initiative 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 it all! If you don’t have an entrepreneur, there is no progress 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 don’t have creativity, you may not be fit for business 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 entrepreneurs and to bring us so many great things, these men had to risk it all!
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!
