Entrepreneurship: one of society’s scarce resources
Have you ever wondered what are the 4 most important resources in a given economy?
They go as follows:
1. Earth – which includes all the natural resources that accompany it.
2. Labor 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 item.
4. Entrepreneurship Something unique and specific to people! Not everyone has this! You do?
It’s not interesting that a 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 to combine resources such as land, labor, tools, and other items to produce some type of service or product. They are the ones who start it all! If you don’t have an entrepreneur, there is no progress in society; therefore, it hinders the growth and improvement of an economy.
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 are not creative, you may not be fit for business tasks.
Furthermore, one of the reasons that entrepreneurship is such a scarce resource is because the entrepreneur assumes ALL risk. What happens 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 the likes of Bill Gates, Benjamin Franklin, Thomas Edison, and Henry Ford – these are some of the best entrepreneurs and to bring us so many wonderful things, these men had to risk it all!
It is clear that society could not have an efficient economy unless there is entrepreneurship 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!