The Entrepreneurial Ability – One of Society’s Scarce Resources

Have you ever wondered what the 4 most important resources in any given economy are?

They go as follows:

1. Land – which includes all the natural resources that go along with it.

2. Labor- people have to work to get anything done, right?

3. Capital- probably not what you’re thinking; this category isn’t money! It includes tools and machinery, and any other productive item.

4. Entrepreneurial Ability- something unique and specific to people! Not everybody has this! Do you?

Isn’t interesting that any given economy must have entrepreneurs! All the resources in the world, including land, lumber, minerals, food, labor, and tools will create nothing without the entrepreneur. Those innovative minds create many of the luxuries that we enjoy today; without them, we’d be without everything!

So what exactly does an entrepreneur do?

An entrepreneur, by simple definition, takes the initiative in combining resources like land, labor, tools, and … Read More